IRS

Over the weekend, Representative Dan Newhouse, Chair of the Western Caucus, delivered the Republican address. The Central Washington farmer used the time to focus on how the GOP believes the policies of President Biden and his party hurt rural America ...

The Internal Revenue Service released its final rule on how farm income from cooperatives will be handled for tax purposes. The Hagstrom Report says the regulation has been a source of dispute since Congress passed the 2017 Tax and Jobs Act ...

The American Farm Bureau Federation recently sent a letter to Congress asking them to ensure farmers won’t pay taxes on forgiven Paycheck Protection Program loans. AFBF Senior Congressional Relations Director Pat Wolff said an IRS regulation means small businesses and farms would face a tax burden for using PPP funds. ...

Tax season brings an especially important reminder to the farm: preparing for the future through estate planning.  Sean Voskuhl said as farmers prepare taxes, it’s a good time to start a conversation about the future.   “Tax season is a good time, because you’re already compiling assets, making important business decisions, and preparing for the year on the farm. 57% of U.S. adults don’t h... Read

The Washington State Dairy Federation is reminding farmers and other ag business owners that they must now use a new I-9 form from the IRS when hiring new employees.   The new form has minor changes to language and has shifted some of the required information around.  ...

Last week, the Senate moved to reverse the Supreme Court and make it easier for farmers to save their farms through bankruptcy without the IRS interfering.  The Senate measure, which still needs House approval, clarifies Congress’ intent in 2005 law to let farmers reorganize their finances without the IRS being first in line to get paid.  Bill aut...

The Treasury Department recently proposed a rule change that would lower or even eliminate valuation discounts on family-owned entities.  The IRS hosted a forum to discuss the potential change last week.   At the forum, National Cattlemen’s Beef Association Vice President Kevin Kester said that will discourage families from expanding and passing the business on to the next generation, or even cont

Recently, the National Association of Conservation Districts reviewed a proposed rule from the IRS, called the Estate gift and Generations Skipping taxes: Restrictions on Liquidation of an Interest.  NACD President-Elect Brent VanDyke said the proposal would hurt America’s farms   “What it does, it reduces the funds farms have to invest on farm projects like conservation practices.  It compromises

Earlier this year, the IRS proposed changing how property and real estate can be gifted from one generation to the next through estate planning.  Many in the agriculture community say the proposal would hurt rural farmers, and their ability to help their children, or following generations.  Re...