The Tax Cuts and Jobs Act of 2017 (TCJA) impacted the short- and long-term tax and operational strategies for corn growers in Minnesota and beyond. With tax season upon us, the National Corn Growers Association worked with consulting firm K-Coe Isom to prepare some guidance for tax reporting this year:
The memo is based off common questions K·Coe Isom has received and tax returns that they have been preparing for agribusiness clients. It summarizes some of the key tax code changes included in the TCJA that impact farmers, and highlights questions and issues farmers may wish to discuss with their CPA.
DISCLAIMER: Every farming operation and business is different and the tax code is very complex. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. This material outlines questions and recommendations that you may wish to raise with your CPA. This material does not constitute legal or tax advice relating to your specific operation. Before preparing your tax return or making decisions based on the attached memo, you should consult your own tax, legal and accounting advisors.