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Business Tax Issues

Practical discussion of business tax planning, compliance, and emerging issues.

How To Handle Pre-paid Farm Expenses When a Farmer Dies

How To Handle Pre-paid Farm Expenses When a Farmer Dies

If the death of a taxpayer brings many complications associated with the decedent’s estate, the executors of deceased farmers must contend with a bumper crop of tax issues. While income…
Answers to Important PTE Tax Questions

Answers to Important PTE Tax Questions

Our Multistate PTE Taxes & Resident Credits webinar on August 8 garnered significant engagement and interest. Throughout and following the presentation, attendees enthusiastically submitted questions related to PTE taxation. Given the time constraints of the webinar, it was impossible to address every question in real-time. Therefore, in this post, we will identify and provide answers to the questions posed by attendees concerning PTE tax and its treatment.
Are Pass-Through Entity Taxes Worth The Hype?

Are Pass-Through Entity Taxes Worth The Hype?

With five years of PTET now under our belts, and the vast majority of states with a personal income tax having enacted a PTET, it’s a good time to ask the question: Are the PTETs living up to their hype?
Advantages & Disadvantages of Making §761(a) Election

Advantages & Disadvantages of Making §761(a) Election

This week’s blog is adapted from 2022 University of Illinois Federal Tax Workbook, Volume B, Chapter 3: Partnership Basics, which lists the advantages and disadvantages of making a §761(a) election so tax professionals can weigh each before advising their clients.
Navigating Meals and Entertainment Expenses

Navigating Meals and Entertainment Expenses

As tax practitioners, we know that meals and entertainment expenses can have a significant impact on the profitability of contracts and projects. These expenses often require careful scrutiny due to the unique and varied rules for deductibility that apply to them. In this blog post, we\’ll explore the rules and regulations surrounding meals and entertainment expenses.
Deducting Residual (Excess) Soil Fertility – Does the Concept Apply to Pasture/Rangeland?

Deducting Residual (Excess) Soil Fertility – Does the Concept Apply to Pasture/Rangeland?

In certain parts of the Midwest, above average soil fertility on farmland is also eligible for expense deductions.  The concept is known as “residual soil fertility” and it can be available to farmland buyers that didn’t farm the acquired property within the immediately prior crop year.