Business Tax Issues

Understanding Farm Tax Reporting: A Guide for Tax Professionals

As a tax professional, it\’s crucial to have a clear understanding of the various forms that farm taxpayers use to report their farming income and expenses. The tax code provides specific guidelines and requirements for farmers to accurately report their financial activity related to their farming operations. Let\’s take a closer look at the key forms that taxpayers typically use for farm tax reporting purposes.

Ordinary and Necessary Expenses

This video blog includes a high-level discussion of basic principles governing the deductibility of expenses. It also discusses some nuances of deducting interest and tracking these deductions so a small business owner can report them accurately on a tax return.

S Corp and Partnership Due Date Reminder

The deadline for calendar year-end S corp (Form 1120-S) and partnership (Form 1065) tax returns falls on the same day in 2023 for the 2022 tax year: March 15. With the deadline fast approaching and some businesses not having all documents or statements ready for return preparation, it may be necessary to file an extension.

Time Is Running Out To Reduce 2022 Tax Burden Using PTE Payments

For pass-through entities based in states other than New York and California, there is still time to reduce their S corporation shareholders’ and partners’ 2022 tax burdens through the PTE…

What Does “Like-Kind” Really Mean Anyway?

This question was recently raised in the University of Illinois Tax School Facebook Group and addressed in the September 29, 2022, agriculture update webinar entitled New Twists on Tax Strategies…

Rules for Churches and 501(c)(3) Organizations

The November 8 general election has been a keen focus for many organizations trying to be heard above the cacophony of political voices. Although exempt organizations have a special place…