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Cash and Tax Planning for 2018

  • September 21, 2018
  • Dwight Raab, Bradley Zwilling, and Brandy Krapf

As harvest 2018 consumes most of your attention take some time to review your accounting records in anticipation of planning for the end of the year. Some in Illinois experienced…
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2017 Year End Tax Planning Ideas

  • December 27, 2017
  • Dwight Raab

With the recent passage of the Tax Cuts and Jobs Act (Congress passed on 12/20; President signed on 12/22) there are significant changes to the deductible amount of state income,…
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The Deferred Tax Monster

  • May 19, 2017
  • Brandy Krapf, Dwight Raab, Bradley Zwilling and Bailey Fletcher

Because agriculture producers can use cash accounting for federal and state income tax purposes, there is a recognizable difference between taxable farm income and accrual farm income. These differences can…
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Small Farms and the ACA

  • September 12, 2014
  • Marc Lovell

Under the rules of the Affordable Care Act (ACA), farm employers are generally subject to the employer mandate if, under special rules for counting employees, there are 50 or more…
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Trends in Illinois Farmland Parcel Size

  • August 15, 2013
  • Bruce J. Sherrick and Erik Hanson

The recent upswing in U.S. farmland prices is well-documented, with recent posts describing the USDA's estimate of annual valuation change, and comparisons to other asset classes. The other key dimension…
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Are CRP Payments Subject to SE Tax?

  • August 7, 2013
  • Marc Lovell

Farmers receiving payments from the Conservation Reserve Program (CRP) have frequently been unsure how to categorize these payments for self-employment (SE) tax purposes. Generally, income that the farmer receives from…
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Current Estate Law

  • March 20, 2013
  • Gary Hoff

There have been questions raised regarding how to plan an estate with the new law enacted as a part of the American Taxpayer Relief Act of 2012 (ATRA). There has…
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