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).
On August 25, 2020, Governor Reynolds announced that she was allocating $100 million of Iowa CARES Act relief funds to new agricultural programs created to offset the impact of COVID-19 on farmers and renewable fuel businesses. Several of these programs are administered by the Iowa Economic Development Authority (IEDA) and the others are administered by the Iowa Department of Agriculture and Land Stewardship (IDALS). The requirements of these programs, as well as the rapidly approaching application deadlines, are detailed below.
A recent case from the Iowa Court of Appeals illustrates how redemption works after a farm foreclosure and warns debtors that they must strictly follow the letter of the law to redeem their land.
Update: On August 28, 2020, IRS issued guidance on this new program. Read about it here.
As of September 2, no progress has been made on a stimulus package. Congress returns from the Labor Day Recess on September 8.
Despite the recess for COVID-19, the Iowa Legislature passed many laws this term, many of them effective July 1, 2020. Below is summary of the new Iowa laws impacting agricultural producers and rural landowners.
Called the 2020 Omnibus Bill, HF 2641 makes a number of changes to Iowa tax law. Signed into law by the Governor on June 29, 2020, the primary intent of the bill was to streamline the administration of Iowa’s tax laws and coordinate their interaction with federal law.
On June 23, 2020, IRS issued Notice 2020-51, providing guidance for the waiver of 2020 required minimum distributions (RMD) made possible by the CARES Act. The guidance also provides sample plan amendments.
Update: On July 4, 2020, President Trump signed S.4116 into law. This new law allows new PPP loans to be made through August 8, 2020.
On Friday, June 19, IRS issued Notice 2020-50, expanding the definition of “qualified individuals” eligible for coronavirus-related distributions from eligible retirement accounts.
On June 19, 2020, the Iowa Supreme Court ruled that the Iowa Department of Revenue rationally interpreted Iowa Code § 422.7(21)(a) to prevent a typical cash rental landlord from taking the Iowa capital gain deduction.
On June 16, the Small Business Administration and the Treasury issued guidance on forgiveness, as it applies to the self-employed, in light of the Paycheck Protection Flexibility Act enacted June 5.
