The Center for Agricultural and Rural Development recently posted this policy brief discussing the possible implications of the Growing Climate Solutions Act of 2021 on the carbon market for agriculture:
Update: On June 16, 2021, Governor Reynolds signed this bill into law.
After several years of litigation flowing from dicamba drift damage to cotton, soybeans, and other crops,[i] Monsanto (owned by parent company Bayer) agreed to enter into a Soybean Producers Master Settlement Agreement.
As President Biden wrapped up his first 100 days, he rolled out the last of three proposals forming the backbone of his tax and spending policies, the “Build Back Better” plan.
On March 29, 2021, the Iowa Department of Revenue announced a filing and payment extension for individual taxpayers, from April 30, 2021, to June 1, 2021.
Update: Sign-up for this program opened April 5. https://www.farmers.gov/cfap/apply
By a vote of 92-7, the Senate today passed HR 1799, the PPP Extension Act of 2021. The House had passed this bill on March 16, 2021, by a vote of 415 to 13.
It’s been difficult enough to keep up with federal tax changes this year, let alone worry about how Iowa is treating these changes.
On March 17, 2021, IRS issued the following news release:
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.
