Taxes
The integration of artificial intelligence into financial systems is ushering in a more sophisticated era of tax management — one where software handles the heavy lifting.
With the federal estate tax exemption at historically high levels, most family farms are no longer at risk of paying federal estate tax. Shift your focus to income tax planning and preserving the step-up in basis at death.
People often think they can figure out their estate plan later – when they are older, richer, sicker, free from debt and the list goes on. Expert Polly Dobbs says you should have a plan in place that fits today’s circumstances.
Taxes shouldn’t drive a farm’s succession and estate plan, says Polly Dobbs, an estate planning and wealth transfer specialist. She shares what farmers need to know about changes made in the One Big Beautiful Bill.
Paul Neiffer reviews the newly signed bill, and explains why he gives this bill a grade of B+ for most farmers.
The Senate and House each have their own Committee proposals for President Trump’s Big Beautiful Bill. There are some key differences in each that could impact farmers and ranchers.
While the 1,000-page bill includes spending increases for agriculture-facing programs by $56.6 billion over the next decade, there’s one major priority that didn’t make it into the House’s version.
What’s the long-term difference between starting a retirement plan at age 20 versus 40? Farm CPA Paul Neiffer crunches the numbers.
The massive bill faced two major hurdles, passing out of both the House Agriculture and House Ways and Means Committees. While the legislation is filled with positive tax provisions for farmers, potential cuts to SNAP are creating controversy.
Three key provisions in the 2017 Tax Cuts and Jobs Act are set to expire in December. Planning now can help farmers prepare financially if the provisions aren’t extended, says CPA Paul Neiffer.
Speaker Mike Johnson (R-La.), commits to fast-tracking Trump’s legislative agenda by May, which is perhaps the biggest bill in American history. There will be unprecedented spending cuts to help pay for it all, along with newly proposed tariffs on imported goods.
With 30 tax provisions set to expire at the end of 2025, four experts explain how and when you could be affected.
Working on a succession plan for your operation? Here are a few key points to keep in mind.
“The current lifetime estate and gift tax exemption is $13.61 million and will be cut in half beginning in 2026.”
Dr. Vince Malanga shares insights on the U.S. economic outlook, and what areas demand the most attention.
Farm attorney Matt Folz shares the pros and cons of creating a charitable remainder trust.
The practices used during the 2024 growing season will have a direct impact on the ability to take advantage of these incentives. Mitchell Hora of Continuum Ag shares what you need to know.
Beginning Jan. 1, 2024, you will be required to report online to the Financial Crimes Enforcement Network (FINCen) any entity that is required to be filed with your state.
President Joe Biden’s tax plan has both good and bad news for farmers, says Paul Neiffer, a CPA and principal with CLA and author of the “Farm CPA” blog.
Deferred grain contracts are helpful tax planning tools. Unfortunately, farmers often skip a vital step.
There’s no one better to provide a realistic and informative take on tax planning than Paul Neiffer, principal with CLA and author of “The Farm CPA” blog.
This year, more than ever, requires you to spend time with your tax adviser to pin down the right amount of taxable income to report. Good luck.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn’t automatic.
A resolution introduced Tuesday would support the “preservation” of the rule and “oppose efforts to impose new taxes on family farms or small businesses.”
With Republicans now in control of the House, Rep. RandyFeenstra (R-Iowa) said he wants to introduce legislation shielding the stepped-up basis and like-kind exchanges.
The end of the year is closing in. Have you considered new prepaid expense moves? According to Paul Neiffer, farm CPA at CLA Connect, you should.
Even if upcoming tax reform eliminates the federal estate tax, many states will continue to keep an estate tax as part of their tax regime.