Ag Docket Blog
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.
Update: On the evening of December 27, 2020, President Trump signed the Consolidated Appropriations Act into law.
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. Because of these disasters, most farmers received some unexpected payments in 2020.
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. It also approved Syngenta’s application for a label amendment to extend the December 20, 2020, expiration date for dicamba-based Tavium.
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. Depending upon the outcome, the 2020 election could significantly alter the landscape again.
Late Thursday, October 8, the Small Business Administration issued a new Form 3508S forgiveness application and instructions promising simplified forgiveness for Paycheck Pro
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. This post provides an overview of some of the tax issues associated with the destruction, clean-up, and rebuilding.
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