Agribusiness Blog

AUGUST 11, 2022

This post will do a little deeper dive into the Inflation Reduction Act of 2022 (IRA) that will likely become law this week. This post deals with the changes related to American Rescue Plan Act of 2021 provision to provide assistance to socially disadvantaged farmers. Eliminate Loan Forgiveness for Socially Disadvantaged Farmers The American Rescue Plan passed in 2021 had a provision to provide loan forgiveness for socially disadvantaged farmers plus an extra 20% to help pay for income taxes.

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EOS

AUGUST 10, 2022

Used in complex, integrated pest management is the best strategy to protect crops. IMP provides safer and more efficient solutions to address pest infestations.

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Agribusiness Blog

AUGUST 7, 2022

For many years the IRS in Publication 225 (The Farmers Tax Guide) had indicated that farmers could not elect to defer crop insurance proceeds to the following year for revenue protection (RP) policies. We had mentioned this in a few other blog posts and in our farm tax update seminars. It appears that the IRS has now gotten the message and updated this publication.

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Agribusiness Blog

AUGUST 8, 2022

A scaled down version of the Build Back Better agenda of last summer passed the Senate Sunday and is now back in the House of Representatives for expected passage late this week. It then moves to the President’s desk for signature. The smaller bill is only 10% of the original bill the Biden Administration sought in 2021. Resolution of disagreement with Senators Manchin and Sinema led to the passage of the bill, with some late revisions required by Sinema.

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Agribusiness Blog

AUGUST 9, 2022

As part of the final amendments to the Inflation Reduction Act of 2022 (IRA), Senator Thune had proposed extending the limit on the State and Local Tax Deduction (SALT) for one year. However, Senator Warner was able to eliminate this proposal and replace it with a two-year extension of the Excess Business Loss (EBL) provisions. The EBL only allows farmers and other taxpayers to offset farm or business losses against $250,000 of other income ($500,000 for married couples).

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