Tax - Lamson Dugan & Murray LLP

6 Oct, 2022

Are You Prepared to Face the IRS?

Staff2022-10-06T11:00:22-05:00October 6th, 2022|Latest News, Tax|

The recently passed “Inflation Reduction Act” contained a provision aimed substantially increasing the IRS’s enforcement capabilities. This increased the IRS budget by roughly $80 billion for the next 10 years. According to the Tax Foundation, $45.6 billion of that budget increase will go toward enforcement—a 69% increase. Additionally, according to the Tax Foundation, the IRS budget increase is projected to raise $203 billion in gross revenue and $123 billion in [...]

25 Jun, 2019

Nebraska Tax Sale Law and Recent Revisions: The Effect of Wisner v. Vandelay

Sean Minahan2019-06-26T12:34:49-05:00June 25th, 2019|Farm Management, Midwest Agricultural Law, Tax|

A surprising Nebraska Supreme Court opinion has spurred legislative changes to Nebraska's tax sale laws. Partner Katie French has summarized Nebraska's tax certificate law, the shocking case of Wisner v. Vandelay, and the legislature's necessary but little-too-late response. TAX CERTIFICATE LAW: In the case of delinquent real estate taxes, the county treasurer may sell real property for taxes. The treasurer provides the purchaser a tax certificate that represents a transfer [...]

4 Aug, 2014

Beginning Farmer Incentive Programs Part III: Federal Programs

Sean Minahan2018-04-23T18:22:20-05:00August 4th, 2014|Construction Contractor Advisor, Farm Management, Government Regulations, Midwest Agricultural Law, Tax|

The United States Department of Agriculture ("USDA") has created several incentive programs for landowners and beginning farmers to help move land ownership and farming operations from today's farmer to tomorrow's. Beginning Farmer or Rancher Land Contract Guarantee The USDA Beginning Farmer or Rancher Land Contract Guarantee Program encourages shifting land to beginning farmers through installment land contracts. This program is administered by the Farm Service Agency ("FSA") and offers two types of guarantees. [...]

30 Jul, 2014

Beginning Farmer Incentive Programs Part II: Nebraska

Sean Minahan2018-04-23T18:22:21-05:00July 30th, 2014|Construction Contractor Advisor, Farm Management, Government Regulations, Midwest Agricultural Law, Tax|

Like their Iowa counterparts, landowners and beginner farmers in Nebraska can take advantage of tax credits and loan programs implemented to assist the next generation of farmers. Nebraska Beginning Farmer Tax Credit The Nebraska Beginning Farmer Tax Credit Act provides an incentive for a farmer who is retiring or who wants to cut back on his or her operation to rent to a beginning farmer. A qualified beginning farmer or rancher [...]

23 Jul, 2014

Beginning Farmer Incentive Programs Pt. I: Iowa

Sean Minahan2018-04-23T18:22:21-05:00July 23rd, 2014|Construction Contractor Advisor, Farm Management, Government Regulations, Midwest Agricultural Law, Tax|

According to the U.S. Dept. of Agriculture Census of Agriculture, the average age of today's farmer has increased to 58 years of age. Concerns are increasing over who will step up as the next farming generation considering dramatic increases in land prices and the high cost of equipment and inputs make it difficult for new farmers to get a foothold. Recognizing the problem, state and federal governments have introduced incentives to [...]

13 Sep, 2013

CRP Payments Likely Subject to Self Employment Tax

Sean Minahan2018-04-23T18:22:21-05:00September 13th, 2013|Construction Contractor Advisor, Midwest Agricultural Law, Tax|

The following was posted by Dan Waters on the Midwest Business Law Journal on August 15, 2013. The Conservation Reserve Program (CRP) is a USDA land conservation program administered by the Farm Service Agency. In exchange for annual “rent” payments from the FSA, farmers enrolled in a CRP agree to remove select parcels of land from agricultural production and plant species in order to improve environmental health and quality. [...]