ERP2 & PARP
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…
Category Agriculture
Beginning Farmer Tax Credit
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,…
PPP and Farmers with a Schedule F
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…
Farm & Business Grants/Relief Programs
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…
Iowa Farm & Business Grants/Relief Programs
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…
Agricultural businesses are now eligible to apply for the SBA EIDL Loans
If you own an agricultural business that has been impacted by the COVID-19 pandemic, consider applying for the EIDL (Economic Injury Disaster Loan and Advance). The SBA opened up a special application period for agricultural businesses on May 4th, 2020.…
Beginning Farmer Tax Credit
Are you a retired or a retiring farmer who is renting or crop sharing with a beginning farmer? If so, this blog is for you! The 2020 application for the Beginning Farmer Tax Credit has been released and applications are…
A “Rocky” Reform
It shouldn’t come as a coincidence that the recent Farm Tax Update class that @timlbaker and I attended was located in the Rocky Mountains as it is safe to say the Tax Cuts and Jobs Act (i.e. Tax Reform) has…
Per Diem Rate for Truckers
Notice 2018-77 just released the new 2018-2019 special per diem rates for those in the transportation industry. The new meal and incidental expenses (M&IE) rates for truckers is $66 per day. This is up from 2017 where the rate was…
Payroll 101
If your business has employees, you’ll have to do payroll. There’s no way to avoid it, but what really is payroll? There are 4 basic components to payroll: Paying employees compensating employees for the work they do Withholding and paying…