NEWS
USDA Redefines "Wealthy" Farms
Marcia Zarley Taylor DTN Executive Editor
Fri Jul 17, 2015 07:34 AM CDT

INDIANAPOLIS (DTN) -- Tax preparers have always felt uncomfortable policing their clients' farm program eligibility. Now certification under the 2014 farm bill is only continuing to add to their heart burn.

USDA's current definition of Adjusted Gross Income (AGI) could deny farm families from receiving government payments if they operate as either an S corporation or Limited Liability Corporation (LLC) taxed as a partnership. That rule could also throw a wrench into many garden-variety farm estate plans, speakers told 200 professionals gathered in Indianapolis this week for an American Institute of CPAs conference. The message didn't go over well.

Under ...

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