Should Gifting Be Part Of Your Succession/Transition Plan?

By |2020-01-16T15:29:45-06:00October 5th, 2019|Accounting, Advisory, Agriculture, Gifts, Preparation, Succession Planning, Tax, Tax Reform, Tax Services, Value|

There has been a lot of commotion in the gifting arena recently. Gifting is something to consider when moving farm assets from one generation to another. Particularly land if the intention is to keep it in the farming operation indefinitely. Timing may be of the essence when it comes to gifting decisions and getting [...]

Highly Appreciated Assets: Should You Keep it, Sell it, or Die with it?

By |2019-12-09T13:21:19-06:00January 9th, 2019|Accounting, Agriculture, Estate Planning, Executor, IRS, Preparation, Tax, Tax Reform, Value|

Keep it, sell it, or die with it may seem like strange choices, but with highly appreciated assets, those may be the very choices that need to be considered.  Examples of highly appreciated assets include real estate and stock investments which have gone up significantly in value.   Let’s look at an example.  To Sell [...]

Filing Date Options for Farm Returns

By |2019-01-25T11:28:34-06:00December 23rd, 2018|Accounting, Agriculture, Change, Compliance, IRS, Preparation, Tax, Tax Reform|

It’s a  mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will  explain why filing by March 1, [...]

Tax Bill Allows for Deduction equal to 20% of Qualified Business Income

By |2018-11-16T15:42:30-06:00November 16th, 2018|Agriculture, Change, Compliance, Deductions, IRS, Tax, Tax Reform|

   In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]

Iowa 179 Problems Grow Larger with No Like-Kind Exchange for Equipment and Livestock

By |2018-07-12T09:08:38-05:00July 3rd, 2018|Agriculture, Change, Deductions, IRS, Tax, Tax Reform|

Susan K. Voss, CPA, has over 30 years of public accounting experience, and she specializes in farm operations, agri-business, and individuals and their closely-held businesses. In continuation of Susan's last article, let’s review another key IRC Section 179 issue impacting Iowa’s agricultural community. Thank you Kristine A. Tidgren from the Center for Agricultural Law and Taxation [...]

Iowa Has a Section 179 Problem

By |2018-05-31T07:29:56-05:00April 8th, 2018|Accounting, Agriculture, Deductions, IRS, PATH, Tax, Tax Reform|

The tax filing season is well underway with deadlines coming and going and increased timing pressures. With the season comes look-backs and look-forwards. One of the biggest tax items affecting nearly every farm operation in 2018 and beyond is the IRC Section 179 Expense. The federal government has been generous with this deduction; however, Iowa [...]

14 Things Famers and Agri-business Need to Know About Tax Reform

By |2018-02-27T14:20:06-06:00February 9th, 2018|Agriculture, Tax Reform|

The passing of the Tax Cuts and Jobs Act is one of the most significant changes to tax reform in decades. Here’s a highlight of some of the major items in the bill that may impact you, your farming operation and/or agri-business. Tax Cuts and Jobs Act Highlights for Farming and Agri-business The highest tax [...]

11 Ag Programs that will Strengthen Your Bottom Line

By |2017-10-13T15:36:17-05:00August 24th, 2017|Agriculture, Deductions, Saving|

Susan Voss, CPA, the head of our Agriculture team, provides the next installment in her series on helping farm families understand and respond to changes in agribusiness.   As we continue to march through this period of low commodity prices and high input costs, we must continue looking for opportunities to strengthen our bottom lines.  [...]

Take Advantage of Tax Code Provisions for Casualty Losses and Involuntary Conversions

By |2017-07-16T14:44:18-05:00June 15th, 2017|Agriculture, Deductions, Exempt|

Susan Voss, CPA, TD&T’s Agriculture Industry Leader, provides the next installment in her series on helping farm families understand and respond to changes in agribusiness. Overview Here in the Midwest, we encounter events that change our operation’s plan on a fairly regular basis.  The wildfires that recently occurred in Kansas are a good example of [...]

Iowa Farm Economy – How Things Shape Up for 2017

By |2017-04-24T09:26:29-05:00March 1st, 2017|Agriculture, Economy, Lease|

Susan Voss, CPA, one of the leaders of TD&T's Ag team, discusses the current Ag market and our economy. Along with an update on our status, she also provides some critical information regarding leases and how it could relate to your taxes. In previous newsletters, I have focused on how we can make it [...]

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