Michigan Farmland and Forest Preservation Programs Offer Tax Benefits

Alex Wilson

The State of Michigan has developed several programs that aim to protect and control the use of farmland and forest property. They seek to safeguard open area lands from being turned into commercial or industrial property. This article will outline three programs: The Farmland and Open Space Preservation Program (formerly PA-116), the Co... Do You Qualify?

The H-2A Program: Considerations in Hiring Temporary, Nonimmigrant Foreign Workers

Jennifer Tobias

With immigration laws and illegal aliens becoming a political and media headline lately, it is important for agricultural employers to know what is available to them to gain access to foreign labor. The H-2A temporary agricultural labor certification program has become an increasingly popular option for U.S. employers to fill temporary or s... Learn More

A Business Owner’s Key to Success: Focusing on the Big Picture

David W. Schaeffer

Why do so many businesses continuously struggle to make ends meet, while others appear to thrive year after year? Why do some business owners seem to have an unlimited amount of time to take family vacations and play active roles in their communities, while others work an excessive amount of hours and are seemingly chained to their business? On... Learn the Keys to Success

Understanding the Domestic Production Activities Deduction

Steven Treece

The domestic production activities deduction, also known as “DPAD” or “Section 199 deduction,” is meant to encourage domestic production. This potentially valuable tax break can be used by many types of businesses, from manufacturing to farming. Understanding the acronyms Before trying to calculate the DPAD, it helps to understa... Learn More

Get Ready for FASB’s New Lease Accounting Requirements

Jacob R. Sopczynski

Winter is coming, and so are changes to accounting standards. Changes in revenue recognition were introduced recently and now changes are coming for lease accounting. Although FASB’s Accounting Standards Update of Topic 842 isn’t effective for nonpublic entities until years beginning after December 15, 2019 (years beginning January, 1, ... Learn More

Accelerated Filing Deadline for 2016 Form W-2 and Form 1099

Yeo & Yeo CPAs & Business Consultants

Employers and small businesses will soon face a new filing deadline for Form W-2 reporting wages and Form 1099-MISC reporting non-employee compensation. This new deadline was enacted by the PATH Act of 2015 to help the IRS verify the legitimacy of tax refunds before issuing them. Beginning with the 2016 forms (those filed in 2017),... Learn More

Uncertainty for Valuation Discounts on Transfers of Family-Controlled Entities

A.J. Licht

Imagine working a lifetime in hopes of one day passing on the many fruits of your labor to those who you love, but in the blink of an eye as much as 40 percent of it is taken away in the form of estate taxes. While there are many strategies to help protect your estate or at the very least mitigate the effects of the high estate tax rates... Act Now

Succession Planning for Farm Families

Alex Wilson

Ninety-seven percent of all farms in the United States are family-owned, but the vast majority of those operations do not have a succession plan in place. In today’s agribusiness environment, it is crucial to be proactive in terms of planning, because nothing is guaranteed. Succession planning can be a very emotional process for all th... Learn How You Can Plan