News

Tax reform in some form predicted

Paul NeifferAn agribusiness CPA says he doubts there will be tax reform in 2015.

Paul Neiffer, with Clifton Larson Allen, says federal tax reform is most likely in 2017 especially if the GOP remains in control of the House and Senate, “What will happen, most likely, is some of the provisions that farmers have counted on in the last 10, 15, 20, 30 years such as being able to defer grain sales, perhaps pre-paid farm expenses, and the big one is the cash method of accounting – those are going to be on the table.”

If Congress gets the top rate down to the 25% range for corporations and business income he says a lot of those provisions that farmers have counted on may not be there…But, he says, there could be an upside, “Conversely, some of the benefits are that I think we would have Section 179 at the one-million-dollar level, index to inflation, and it would be permanent. We wouldn’t have what I call the Chinese Fire Drill every year, or, every other year.”

Neiffer spoke to ag lenders at the emerging issues forum at the University of Missouri in Columbia, part of the Ag Lenders School.

AUDIO:  Interview with Paul Neiffer (4:00 mp3):

Add Comment

Your email address will not be published.


 

Stay Up to Date

Subscribe for our newsletter today and receive relevant news straight to your inbox!