For dairy farmers in the Northeast, profitability depends on factors outside their control. Milk prices fluctuate while production costs continue to rise. When milk prices fall below the cost of production, the financial pressure can be considerable and, ultimately, create the conditions that lead to dairy farm exits.
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Tax Talks
Trump Accounts: A New Savings Option for Children
Trump Accounts officially kicked off July 4, 2026, offering a new way to save for a child’s future. A Trump Account is a traditional IRA with specific rules that enable families to start saving and investing for a child early with greater flexibility than a standard retirement account. Any child under age 18 with a Social Security number is eligible for a Trump Account.
July 28, 2026
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Tax Talks
Handling State Tax Refunds from Business Tax Credits
With many taxpayers having filed their 2023 taxes, refunds are appearing in their bank accounts. There may be a question of what to do with these funds. Particularly for those in states that had an expansion of refundable credits generated from farm businesses.
May 29, 2024
Tax Talks
Life Insurance Redemptions Falling Under IRS Scrutiny
In the context of farming business structures, acquiring a life insurance policy is a prevalent practice. Here are two common scenarios and an update on an ongoing Supreme Court case involving the IRS concerning the valuation of businesses when insurance payouts are implicated and whether such proceeds are deemed liabilities or not.
April 11, 2024
Tax Talks
What you Need to Know about Beneficial Ownership Information Reporting for your Business
Starting January 1, 2024, most United States (U.S.) entities must report information about the beneficial owners of their businesses to strengthen the integrity of the U.S. financial system by making it harder for illicit actors to use shell companies to launder their money or hide assets. This blog article explores the key elements of the BOI reporting rule and what actions your business needs to take.
January 18, 2024
Tax Talks
New York Farm Overtime Credit – What you need to know Part II
Today, we continue the conversation about the New York Farm Overtime Credit by looking at helpful tips and potential pitfalls employers need to understand as they get ready for January 1, 2024.
December 29, 2023
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