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Set a date with your tax advisor

Leaders within a national ag tax and business firm are strongly advising farmers to meet with their tax professionals before November to prepare for potential increases approved by Congress.

Brian Kuehl with KCOE ISOM says controversial provisions like stepped-up basis changes will likely be excluded.

“There’s a whole slew of Democrats from farm areas who have said they don’t want to see this come in so I’m cautiously optimistic it will stay out,” he says

Beth Swanson says however there are estate and gift tax changes that could impact farmers.

“Because the estate tax exemption is at a historically high amount, the worst-case scenario at this point is that you have conversations with your advisors and you make transfers that otherwise would have waited a little bit longer to make,” she says

Kuehl says there’s about a 75 percent chance Democrats can reach an agreement on tax provisions within the next 45 days.

Both spoke to farmers about potential tax changes and their impacts during a webinar Thursday hosted by the Illinois Soybean Association.