Ag Docket Blog
Note: This case was reversed on appeal on 11/25/2020.
A bankruptcy court recently ruled in a Chapter 12 case that federal and state taxing authorities do not have the right to offset a refund with tax debt stripped of its priority by 11 U.S.C. § 1232. This was a court’s first opportunity to rule on this question since the passage of the Family Farmer Bankruptcy Clarification Act of 2017. The case was In re DeVries, No.19-00181 (Bankr. N.D. Iowa April 28, 2020).
The Iowa Supreme Court recently issued a decision in a key case involving competing claims by a secured lender and a grain elevator over the costs of storing and drying the grain. The April 17, 2020, case--MidWestOne Bank v. Heartland Co-op, No. 19-1302 (Iowa 2020)--has caused grain warehouses and lenders to take a closer look at their business practices.
Late Friday, April 17, U.S. Secretary of Agriculture Sonny Perdue announced the creation of the Coronavirus Food Assistance Program (CFAP).
Update: On June 29, IRS stated via FAQ that taxpayers will have until July 15, 2020, to file a Form 1139 or Form 1045 that otherwise would be due June 30. This is because of the general extension relief provided by Notice 2020-26.
Update:On April 24, Congress replenished PPP funds and made farmers eligible for EIDLs.
On April 9, 2020, IRS issued Notice 2020-23, which significantly expands the deadline relief for filings and payments earlier provided through Notices 2020-18 and 2020-20.
Update: On April 24, Congress replenished the PPP fund. Additional guidance was also provided: Congress Authorizes More Funds for PPP and EIDL and Says Farms Can Apply
Update: On April 9, 2020, IRS issued Rev. Proc. 2020-24, providing guidance to taxpayers with net operating losses that are carried back under the CARES Act.
Update: On April 10, IRS launched a new tool to help non-filers provide information so they can receive Economic Impact Payments.
The Senate has been discussing provisions contained in what's being called the Coronavirus Aid, Relief, and Economic Security (CARES) Act or Phase 3 Coronavirus legislation. The proposal would include $2 trillion of spending. Full text of the legislation has not been publicly released, but Chairman Grassley from the Senate Finance Committee has released a summary of provisions under consideration.
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