Ag Docket Blog
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 April 2, IRS issued guidance as to the CAA expansion for quarters 1 and 2 of 2021.
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. The information in this presentation is up to date through February 10, 2021. A copy of the slides may be downloaded below.
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.
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.
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