Financial Impairment Webinar for Producers
On July 30, 2019, in conjunction with the I-29 Moo University, Donald Swanson and Kristine Tidgren presented a webinar addressing timely issues for farmers facing financial challenges. Watch a replay.
Check Out our July Podcasts
On July 10, Kristine provided a tax law update, including a review of:
- Taxpayer First Act of 2019, H.R. 3151, signed into law July 1, 2019
- TD 9861, Allowing Truncated SSNs on W-2s
- And much more...
On July 19, Kitt recorded an ag law edition, including a review of:
- Two recent Iowa Court of Appeals cases and
- The Iowa Property Assessment Appeal Board
Iowa Ag Law Update
It’s been a long-debated issue, but Congress has now passed a bill to increase the debt limit for Chapter 12 bankruptcy eligibility. On August 1, 2019, the Senate passed the Family Farmer Relief Act of 2019, a brief bill significantly increasing the amount of debt a farmer may have to be considered a “family farmer” eligible for Chapter 12 bankruptcy protection. The bill increases the debt limit to $10,000,000 from the $4,411,400 million current limit (indexed for inflation on April 1, 2019, from the statutory figure of $3,237,000). 11 U.S.C. § 101(18). The Senate action followed House passage of the bill, H.R. 2336, on July 25, 2019. The bill now awaits the President’s signature.
Continue reading about this bill.
On July 25, 2019, USDA published details as to how payments will be made under the 2019 Market Facilitation Program (MFP). First announced May 23, 2019, the 2019 MFP will include up to $14.5 billion in direct payments to producers. Payment details are now posted on the MFP page of the USDA website. Signups for this program began Monday, July 29, and will end December 6, 2019.
MFP payments will be issued in up to three separate rounds. The first 2019 MFP payment, which will be made in mid-to-late August, will comprise the higher of: (1) 50 percent of a producer’s calculated payment or (2) $15 per acre. Whether the second and third rounds of payments will be made will depend upon market conditions and trade opportunities. If authorized, the second round of payments will be made in November, and the third in early January.
Continue reading about the 2019 MFP payments.
IRS unveiled many new draft forms this month. Although these forms are not final, several are worth reviewing.
Good-bye Postcard. Although opinions about tax reform vary among tax practitioners, there is one 2018 change that was nearly universally chided. The 2018 Form 1040—while created to showcase a new, “simplified” approach to individual income tax returns—actually led to more attachments, a more cumbersome review process, and numerous tax practitioner complaints.
It appears IRS listened (and likely had its own struggles with the form), revealing this month a draft 2019 Form 1040 restoring many features from the past. Even so, the draft is a composite of old and new. We’ll still have numbered schedules and the two pages don’t quite fill the page.
Continue reading about these draft form changes.
Donate to CALT
As you know, our work at the Center is dependent on the fees generated by seminar registrations and gifts. If you would like to donate to further the Center's efforts, please contact our Program Administrator, Tiffany Kayser at email@example.com or (515) 294-5217. You can also give online with a credit card. We thank you for your generous support.
Watch Replay of Ag Business, Tax, and Transition Planning Seminar
We had a great two days in Ames July 18-19 for our annual Summer Seminar. Thanks to all who attended and a special thanks to our wonderful speakers. This was the first seminar we professionally videotaped for playback. TaxPlace members can watch the seminar and all future videotaped CALT seminars at their convenience (no CPE credit). To see a few highlights from the seminar, watch this!
Registration is Open for Annual September Seminars
It's going to be a great two days in Ankeny, and registration is now open.
Our September 23, Agricultural Law Seminar will include a number of great speakers discussing topics of relevance to all practitioners who work with agricultural or rural clients.
Our September 24 Agricultural Tax Workshop will feature guest speakers discussing timely agricultural tax issues. Participants will receive the 2019 Agricultural Tax Issues Workbook.
The live webinar of this seminar will include a video stream of the speakers, in addition to slides. For more information or to register, access our detailed seminar information, including topics and speakers.
Save the Dates!
We are excited for our upcoming 46th Annual Federal Income Tax Schools, held at seven locations throughout Iowa! The Ames session includes a live webinar that will be videostreamed. Registration will be available shortly. 2019 dates and locations are as follows:
- October 31-November 1: Maquoketa
- November 7-8: Mason City
- November 11-12: Fairfield
- November 14-15: Atlantic
- November 25-26: Waterloo
- December 9-10: Ames (and live webinar)
Can't wait to see you there!
The Center for Agricultural Law and Taxation does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. The Center's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.