Last Friday I appeared on the Farm Journal Signal to Noise discussing the Biden Tax Plan and the SBA just issued new guidance on how to calculate gross receipts.
We are starting to see more chatter about assessing a capital gains tax at death (or during life).
The Employee Retention Credit is worth up to $14,000 per employee retained in the first two quarters of 2021. But it is complicated and CLA answers many of your questions.
Chris Hesse and I do a deep dive into PPP loans for farmers.
Farmers are allowed to carryback a net operating loss either two or five years. But timeout. Congress and President Biden would like to go back to the old rules a year after the change.
Can you deduct the PPP loan interest that the SBA sends to the bank on your behalf. We are not sure and need guidance from the IRS.
The ability to use either 2019 or 2020 wages may help farmers who originally got a loan based on commodity wages.
The SBA has given some guidance on PPP loans for farmers, but we still don't know all of the rules. This post tries to review what we know and don't know.