Ask the Taxman

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  • With farmland, a conservation easement requires permanently restricting future use via a recorded easement to only farming. Andy Biebl gives an example of what to consider if the land is along a shoreline. (DTN photo by Elaine Shein)
    by Andy Biebl , DTN Tax Columnist

    A Maryland farm family learned a harsh lesson on how a farmer can be defined differently for different provisions in tax court.

  • Unsold grain can be donated to a charity, but farmers should be aware of the best way to do it to avoid taxes. (DTN file photo)
    by Andy Biebl , DTN Tax Columnist

    Here are some of the things to consider if you want to avoid tripping over the rules on what to do when donating assets to charity.

  • A hog producer conducting a series of tests involving new feed supplements to improve pig weight gain and health is just one example of a farming activity that might qualify for a research and development tax credit under Section 41 of the tax code. (DTN file photo)
    by Andy Biebl , DTN Tax Columnist

    If you're conducting scientific testing on your livestock or seed production operation using a process of experimentation to develop new or improved performance or reliability, you might qualify for a research and development tax credit under Section 41 of...

  • If enactment of federal tax reform does occur, it seems more likely the changes will be effective in 2018 rather than retroactively in 2017, says DTN Tax Columnist Andy Biebl. (DTN file photo)
    by Andy Biebl , DTN Tax Columnist

    Whether the Republicans can accomplish federal tax reform is still an open question. As the process plays out in Congress, DTN Tax Columnist Andy Biebl offers some points to consider if passage looks likely.

  • Never assume anything from the IRS is correct, says DTN Tax Columnist Andy Biebl. He advises people to see their tax professional if any assessment is sent their way by the IRS. (DTN file photo by Nick Scalise)
    by Andy Biebl , DTN Tax Columnist

    DTN Tax Columnist Andy Biebl shares some recent experiences that have lessons for taxpayers and also gives his thoughts on upcoming tax legislation.

  • Under the cash method of accounting, income is only taxed when converted to cash. (DTN file photo)
    by Andy Biebl , DTN Tax Columnist

    Congress has given some unique privileges in the tax code to farmers. The most important is undoubtedly the ability to use the cash method of accounting.

  • An LLC taxed as a partnership qualifies for a step up in basis on shares when a partner dies, but the same is not true when an LLC is taxed as an S corporation. (DTN file photo)
    by Andy Biebl , DTN Tax Columnist

    Readers ask DTN's in-house CPA about tax treatment of land inside an LLC, how to handle employees' housing benefits, and how long to hold real estate before a like-kind exchange.

  • In addition to the holidays, December is also the beginning of tax preparation season for farmers. (Photo by Matt J, CC BY-SA 3.0)
    by Andy Biebl , DTN Tax Columnist

    Want the best results from your December meeting with your tax adviser? A little extra effort can yield big savings.

  • Minority shares in family business typically are worth about 30% to 40% less than a majority interest, but IRS regulations could end that practice. (DTN photo illustration by Nick Scalise)
    by Andy Biebl , DTN Tax Columnist

    IRS wants to end the practice of discounting minority shares in family businesses, arguing it has helped wealthy families sidestep the $5.45-million-per-person estate tax exemption.

  • Transfer on death deeds, now available in more than two dozen states, can keep property out of probate. (DTN photo by Jim Patrico)
    by Andy Biebl , DTN Tax Columnist

    CPA Andy Biebl answers readers' questions about transfer-on-death deeds and using tax-free exchanges to avoid some states' pricey income and capital gains taxes.

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