Introduction As the 2024 tax season comes to an end, there is an important reminder for farmers about their tax obligations. For those opting out of making estimated tax payments in January, it’s crucial to be aware of the upcoming…
October is here, and with it comes the realization that the end of the year is just around the corner. For many farmers and business owners, this season brings a critical focus: tax planning. With only a few months left…
In the world of business, having clients sign an engagement letter is a common practice. But what exactly is an engagement letter, and what does it contain? Let’s delve into the details and understand how these letters benefit both you…
The Dreaded Question: Where Has the Summer Gone? As we move through the final stretch of summer, the inevitable question arises: “Where has the summer gone?” While we’re busy enjoying the last sun-soaked days, it’s important to remember a critical…
Request W-9 Forms By having current W-9 forms on file for the businesses and individuals you will be paying, you will be able to quickly identify who you may need to receive a 1099 form. Current W-9 forms will also…
There are 2 farm programs open currently: Pandemic Assistance Revenue Program (PARP) and Emergency Relief Program Phase 2 (ERP2). Both must be applied for at FSA by June 2nd. To be able to determine if you qualify, as well as…
Attention Farmers! The time is here, and the Beginning Farmer Tax Credit application is now available. If you are a beginning farmer renting from or crop sharing with someone this might be for you. Don’t wait to check it out,…
If you have a Schedule F (Farm) on your tax return, please review the important information below regarding updates to the Paycheck Protection Program. If you would like BakerStarrett’s assistance applying for a PPP (this is a billable service), please…
This year has been just full of craziness! For many of our clients, current craziness includes the recent derecho (a new vocab. word for me!). The storm has caused significant damage and business interruption, so we have a bit of…
As the coronavirus continues to affect our country, state and communities – Iowa continues to enact varying levels of relief for farmers and businesses that are facing uncertain times. If you’ve been impacted by this recent outbreak, there are a…