Ag Docket

President Biden signed the American Rescue Plan Act of 2021 (ARPA), H.R. 1319, into law on March 11, 2021.

Note: This post has been updated to include new guidance and forms published March 12 and March 18 at the bottom.

Between the pandemic, a trade war, and assorted natural disasters, agricultural producers, like most other businesses, faced a difficult 2020.

With tax software missing key updates and some important questions remaining unanswered, some farmers who did not pay estimated tax by January 15 may not be in a position to file their returns by March 1.

It’s almost March 1, which means that many farm leases around Iowa are beginning anew.[i] This key date is a good time to remind landlords of several available options to reduce the risks associated with nonpayment.

Update: On March 11, the American Rescue Plan Act was signed into law. The new law extends the ERC through December 31, 2021, with some modifications to quarters 3 and 4.

On February 10, I had the opportunity to speak at the Illinois Soybean Association's 2021 Soybean Summit regarding recent updates to the Paycheck Protection Program and the tax law.

On February 4, 2021, the Iowa Department of Revenue issued guidance on its nonconformity with the Consolidated Appropriations Act of 2021.

Note: On January 19, the PPP was opened to all lenders. SBA released guidance regarding how to calculate revenue reduction and loan amounts for a Second Draw PPP loan.

On Monday, December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA).

On November 18, 2020, IRS issued Rev. Rul.

It has certainly been a year of challenges. COVID-19 triggered widespread economic harm, a once-in-a-lifetime derecho flattened fields and pummeled grain bins, and drought compounded the damage.

As October comes to an end, it may be helpful to review the Iowa Department of Revenue’s tax filing deadlines during this crazy year. A recent news release from IDOR details this information.

On October 27, 2020, the EPA announced that it had approved the applications of Bayer and BASF for new registrations of dicamba-based XtendiMax and Engenia for over-the-top use on dicamba-tolerant cotton and soybeans.

With the election just around the corner, American tax policy faces uncertainty. The Tax Cuts and Jobs Act of 2017 ushered in the most significant changes to the tax code in 30 years.

Late Thursday, October 8, the Small Business Administration issued a new Form 3508S forgiveness application and instructions promising simplified forgiveness for Paycheck Protection Program loans in the amount of $50,000 or less.

Update: On October 6, Clinton County was added to the list.

On September 1, individual assistance was extended to:

Many are reeling from the damage caused by the derecho which tore through the Midwest on August 10, 2020. Farmers lost grain bins, outbuildings, crops, and much more. Clean up is ongoing with hundreds of trees uprooted and strewn across lawns.

The period for making Paycheck Protection Program loans through the CARES Act ended August 8. The program enabled 5.2 million loans, with $525 billion in proceeds disbursed to U.S. small businesses.

On August 28, 2020, IRS issued Notice 2020-65, 2.5 pages of guidance related to the President’s August 8 payroll tax deferral Memorandum (Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster).