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A colleague posted the other day about including the value of employer provided meals when calculating overtime compensation. Employers often provide delicious edibles to promote healthy eating, improve morale, and foster collaboration over lunch. Emp…

Earlier today, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced that all legally married same-sex couples, regardless of where they live, will be recognized for federal tax purposes, including income, estate, and gift …

The IRS issued final regulations on the 3.8% Net Investment Income Tax on November 26, 2013. The 3.8% Net Investment Income Tax was enacted as part of the Health Care and Education Reconciliation Act of 2010 and the Patient Protection and Affordable Car…

The Internal Revenue Service announced in October 2013 the annual inflation adjustments for a variety of tax provisions including tax rates, standard deductions, limitations for itemized deductions, and exclusion amounts. Fortunately for children and gra…

Recently enacted Wisconsin legislation contained a number of significant changes to our state's corporation franchise and income tax laws that may affect your business's tax liability. For instance, among other important changes, net business loss, carry…

Did you pay more tax on the income generated by your business or investments in 2013 than in years past? With the 2013 tax year in the books, we are getting our first look at the impacts of the American Taxpayer Relief Act of 2012 and the 3.8% net invest…

A federal jury in Las Vegas found a former NFL punter, Joseph Prokop, and two Las Vegas businessmen guilty of defrauding the IRS and aiding in the preparation of false tax returns. The three men used two Nevada companies named the "National Audit Defense…

Over the past few years, we have all become accustomed to tax deductions, credits, and reduced rates expiring. We have also become accustomed to our elected officials debating until the very last minute about whether to extend sunsetting tax provisions. …

Taxpayer Bill of Rights - On Tuesday, the Internal Revenue Service (IRS) unveiled the new and improved "Taxpayers' Bill of Rights." Unbeknownst to most taxpayers, the Internal Revenue Code actually sets forth rights of taxpayers (who knew!). The IRS tout…

This is your reminder that your Foreign Bank and Financial Accounts Reports (FBARs) are due on June 30th. If you have a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fun…

I received a telephone call from a prospective client yesterday. Let's call her Suzie. Suzie called me asking for guidance on how to handle a phone call she received from the IRS. The caller stated on Suzie's voicemail that Suzie had 2 hours to return th…

I can't help but write a puff piece about the recent lawsuit filed in a Denver District Court earlier this week. In the lawsuit, the attorney is asking the court to block marijuana taxes in Colorado, claiming the state's tax system violates the Fifth Ame…

Are you using the right business entity for your farm or other agribusiness?  I have worked with too many clients who have paid additional tax dollars or have been unable to achieve their succession planning goals due to their entity structure.  Learn fr…

On January 18, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released guidance on the accounting implications of the Tax Cuts & Jobs Act (the “Act”…

Yesterday, the IRS issued Notice 2018-54 and an accompanying news release stating that proposed regulations will be issued addressing the deductibility of state and local tax payments for federal income tax proposes. As many of you know, the Tax Cuts …

White House Director of Legislative Affairs Marc Short told reporters last week that the Trump Administration has been working with the House Ways and Means Committee Chairman Kevin Brady and the Senate Finance Committee on a second tax cuts proposal tha…

A huge number of baby boomers have created or continued successful family owned farms. As they approach retirement the future of those farms hinges on their ability to successfully transition to a next generation. Less than 30 percent of family farms suc…

Hosting an event is a great way to build community morale, gain exposure for the host and possibly even make a little money. Farms can make excellent venues for hosting all types of events. The farmer hosting an event should make it his or her goal th…