Ag Docket Blog

July 10, 2022 | Kristine A. Tidgren

On June 30, 2022, the Iowa Supreme Court, in a 4-3 decision, overruled 18-year-old precedent to find that Iowa’s right to farm statute, Iowa Code § 657.11, does not violate the inalienable rights clause of the Iowa Constitution. This decision generally restores statutory immunity from nuisance lawsuits seeking special damages for many animal feeding operations.

President Biden signed the Extending Government Funding and Delivering Emergency Assistance Act (P.L. 117-43) into law on September 30, 2021. It authorized $10 billion to assist agricultural producers impacted by wildfires, droughts, hurricanes, winter storms, and other eligible disasters experienced during calendar years 2020 and 2021. The USDA has determined that the money will be funding two new programs, the Emergency Livestock Relief Program (ELRP) and the Emergency Relief Program (ERP).

March 24, 2022 | Kristine A. Tidgren

On March 22, 2022, the Director of the Iowa Department of Revenue joined the IRS in granting estimated tax penalty relief to qualifying farmers who did not file their 2021 returns and pay their taxes by March 1, 2022. In Order 2022-1, Iowa waives the underpayment of estimated tax penalty for any qualifying farmer who files their 2021 Iowa income tax return and remits payment by May 2, 2022.

On March 3, IRS announced that it would be providing limited penalty relief for qualified farmers required to file Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations.

March 3, 2022 | Kristine A. Tidgren

On March 1, 2022, Governor Kim Reynolds signed HF 2317 into law. The new tax law will reduce individual and corporate income tax rates, provide exemptions from Iowa tax for certain forms of retirement income--including retired farmer rental income--and scale back certain tax credits. 

January 10, 2022 | Kristine A. Tidgren

Potential tax changes dominated most 2021 tax discussions. Proposals such as the American Families Plan sought to significantly increase the capital gains tax rate and require recognition of capital gain at death or at gift.  A later House of Representatives proposal sought to increase the capital gains tax rate and cut the estate and gift tax exemption in half in 2022.

January 10, 2022 | Kristine A. Tidgren

IRS announced January 10 that it will begin accepting and processing 2021 tax year returns for individuals beginning January 24, 2022.

January 3, 2022 | Kristine A. Tidgren

Like 2020 before it, 2021 was no ordinary year. As we leave the year behind, we review key tax considerations arising from 2021’s unique circumstances and look ahead to the 2022 tax filing season. This post reviews the tax treatment of common COVID-19 benefits distributed in 2021. With high crop yields and robust commodity prices, many farmers closed 2021 with more income than they expected.

December 31, 2021 | Kristine A. Tidgren

With high crop yields and robust commodity prices, many farmers are closing 2021 with more income than they expected. Likewise, input costs for 2022 are on track to reach record highs. In light of these trends, many farmers may have sought to even out income by deferring income from 2021 into 2022, by prepaying expenses in 2021, or by purchasing depreciable property.

December 29, 2021 | Kristine A. Tidgren

Many farmers regularly and generously give to their churches or other charitable organizations. This article reviews the rules for gifting a raised commodity directly to the charity, instead of selling the grain or livestock and then donating the proceeds. This strategy can allow some farmers to recognize both income tax and self-employment tax savings.

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