Ag Docket Blog
After several years of litigation flowing from dicamba drift damage to cotton, soybeans, and other crops,[i] Monsanto (owned by parent company Bayer) agreed to enter into a Soybean Producers Master Settlement Agreement.
As President Biden wrapped up his first 100 days, he rolled out the last of three proposals forming the backbone of his tax and spending policies, the “Build Back Better” plan. With his COVID-19 relief plan—the American Rescue Plan—signed into law, his focus now turns to the latter two proposals, a physical infrastructure plan and a “human infrastructure” plan.
On March 29, 2021, the Iowa Department of Revenue announced a filing and payment extension for individual taxpayers, from April 30, 2021, to June 1, 2021. In the same notice, IDOR provided instructions for reporting unemployment compensation on 2020 returns.
Update: Sign-up for this program opened April 5. https://www.farmers.gov/cfap/apply
By a vote of 92-7, the Senate today passed HR 1799, the PPP Extension Act of 2021. The House had passed this bill on March 16, 2021, by a vote of 415 to 13.
It’s been difficult enough to keep up with federal tax changes this year, let alone worry about how Iowa is treating these changes. Confusion has been complicated by the fact that many software companies have not adjusted their products to comply with Iowa law.
On March 17, 2021, IRS issued the following news release:
President Biden signed the American Rescue Plan Act of 2021 (ARPA), H.R. 1319, into law on March 11, 2021. The $1.9 trillion package includes money for states and localities, schools, socially disadvantaged farmers, public health, small business relief, and much more.
Note: This post has been updated to include new guidance and forms published March 12 and March 18 at the bottom.
Between the pandemic, a trade war, and assorted natural disasters, agricultural producers, like most other businesses, faced a difficult 2020. As many farmers file 2020 income tax returns, they and their tax professionals are sorting through unusual sources of income, analyzing whether new COVID-19 tax benefits apply, and determining how to report these items on their income tax returns.
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