Most farmers and ranchers have a decent understanding of tax depreciation. When a business purchases assets, the business entity is allowed to write off the value of the asset purchased over the life of...
The Delaware Statutory Trusts (DST) is a newer investment vehicle that allows real estate property owners, including farmers and ag landowners, to purchase tenants in common ownership in passive investment...
A common issue among landowners, both large and small, is vandalism occurring on the property. One of the most interesting stories regarding vandalism is a Florida farm-owner we know woke up in the middle...
One of the most common questions I receive as a tax professional is “What type of business entity should I choose?” Most new business owners are overwhelmed at this decision and do not fully understand...
Many taxpayers are surprised to find out that the IRS taxes hobby income. We all have hobbies. Yours might be painting, making unique juices, or growing flowers. Hobbies are an activity, or “side hustle”...
Late in the afternoon on Friday, March 27th, the United States House of Representatives passed the $2 trillion federal relief package called Coronavirus Aid, Relief, and Economic Security Act ("CARES")....
The decision to retire is often met with either enthusiasm or fear. Some farmers are counting down the days until retirement, and others are scared to retire because they aren’t sure what they will do...
The tax consequences of selling a farm or agribusiness should be at the top of the mind of every landowner. For many life-long farmers, selling their farm or business is one of the most difficult decisions...
On December 19, 2019, Treasury released the final regulations for the much-discussed Opportunity Zone program. Overall, these final regulations did a great job of answering most of the open farming & agribusiness...
This is the second of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for year-end 2019. Part I, published on AgFuse in November of 2019, focused on planning...
This is the first of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for farmers and agriculture businesses for year-end 2019. Part I focuses on when a farming...
Conservation easements have grown in popularity in recent years, partly due to the impactful tax benefits available to the donor. A conservation easement is a restriction on the use of land, voluntarily...
Farmers and Agribusiness Companies are granted certain tax breaks and industry-specific deductions from the IRS. The service understands both the complexities and constraints of farmers as well as their...
A 1031 Exchange is a tax-deferred swap program in which farmers and others in the agriculture industry can participate. Farmland, vacant land, and certain agriculture assets are considered real estate assets...
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