Ag Docket Blog
With the initial filing deadlines behind us for filing our federal income tax returns, I turn today to a common question we receive at the Center. Has anything changed with respect to reporting CRP income? Briefly, the answer is "no," but a summary of the current status of this issue may be useful.
Background
When the IRS issued guidance for the employee retention credit (ERC), it instructed taxpayers to reduce the wage expense on their business tax returns at the time they claimed the credit. See IRS Notice 2021-20.
On December 21, 2024, Congress enacted the American Relief Act of 2025, P.L. 118-158, which averted a government shutdown and extended the Farm Bill for the second time in two years. The Act also allocated $10 billion in funding to provide economic assistance to farmers because of expected economic losses incurred in growing 2024 commodities.
To help you stay abreast of the ever-changing status of the Corporate Transparency Act's beneficial ownership information reporting requirements, we're providing a timeline. Stay tuned for further updates!
March 21, 2025
In recent months, I have received many questions from farmers and their advisors about the so-called “residual fertility” deduction. Although farmers have been taking a limited deduction for the residual fertilizer purchased along with their farmland for many years, a push to extend and expand this practice beyond the traditional approach has been growing.
On January 15, 2025, USDA issued long-awaited technical guidance to allow farmers to quantify the greenhouse gas emissions associated with corn, soybeans, and sorghum grown using climate smart agriculture (CSA) practices.
Update! On January 23, 2025, the US Supreme Court granted the application to stay the injunction while the case proceeds through its appeal. Stay tuned.
The 2018 Farm Bill (Agricultural Improvement Act of 2018) has been temporarily revived. On December 21, 2024, Congress enacted the American Relief Act of 2025, P.L. 118-158, which averted a government shutdown and extended the Farm Bill for the second time in two years.
12/31/2024 Update:
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