taxes

In 2021, Congress passed the Corporate Transparency Act, requiring businesses to report the identity of their owners.  The goal, prevent crimes by knowing the identity of corporation owners. That means many small businesses like farms and ranches are required to comply with this   Under the Act, companies with 20 or fewer employees are required to report information about their beneficial owners,

WA state ranks near the bottom as far as how 'tax friendly' it is towards businesses

More than 50% of Americans think having an estate planning is at least somewhat important, but only 33% have a will or living trust.  According to AARP’s Sen Voskuhl, estate planning is even more important for farmers as it decides the future of the farm.  Without a goo...

Tax season is officially here.  The IRS and state departments of revenue started processing tax returns last week.  Robin Maxey, with the Oregon Department of Revenue said it's best to file electronically.   “More Than 90% of taxpayers file their return electronically.  It creates a more accurate r...

As the debate over a capital gains tax in Washington continues, it’s looking more and more likely that the farming community will be subject to those taxes, despite earlier assurances that they wouldn’t be.  At issue is the constitutionality of the capital gains tax passed by lawmakers in April 2021, that looks to issue a 7% tax on all transactions of $250,000 or great.  The issue is curren... Rea

Increasing profits is the goal of every farmer out there, but typically to increase profits, you’ll need to increase yields, or make cuts somewhere in the operation.  Or, you can structure your Farm Organization To Increase Profit.  That was the ...

Dan Newhouse, chair of the Congressional Western Caucus, took to the House floor last week to call on the Biden Administration to do more to help producers. Newhouse noted farmers across the PNW work hard to feed to country and the world, adding many across the U ...

March 1st is a big day for the farming community when it comes to taxes. Agricultural Tax Professor Roger McEowen said your documents should be completed, so now is a good time to review your documents to make sure everything is correct. "Did you properly claim all of the farm related deductions you are entitled to and can substantiate ...

During the 2022 Cattle Industry Convention and NCBA Trade Show, the executive committee of the National Cattlemen’s Beef Association approved the organization’s 2022 policy priorities. The priorities include an emphasis on strengthening the economic, environmental and social sustainability of the cattle industry. The pol ...

An agricultural group has put its name on a lawsuit opposing the new capital gains income tax in Washington. The Washington Cattlemen’s Association and the Building Industry Association of Washington filed a second amicus brief Monday opposing the state’s tax on capital gains. The Was ...