As the agribusiness CPA and business adviser for CliftonLarsonAllen, Paul Neiffer specializes in income taxation and accounting services specific to the farm community. This includes succession planning issues and opportunities related to taxes and compliance.
Neiffer writes a monthly tax column for Top Producer and blogs at www.AgWeb.com. He was raised on a dryland wheat and pea farm in Washington and still enjoys driving the combine during harvest.
Written by Paul:
Farm Journal Magazine 5/8/2015
Now that most farmers have filed their income tax return, it’s time to start on your estate tax and succession planning for the remainder of the year. There are several steps you can take to make this process smoother and more efficient than waiting until the last few days of the year.
Top Producer Magazine 4/1/2015
For many years, most states required that any trust had to terminate after a certain number of years. These rules usually were based on the life expectancy of the youngest beneficiary plus a certain term of years.
Top Producer Magazine 1/28/2015
Now that the federal tax extender bill finally has passed, we turn to the possible effects of tax reform on farmers this year. The expiration of the tax extender bill on Dec. 31, 2014, gives lawmakers a clean slate for tax reform in 2015.
Top Producer Magazine 1/7/2015
Over the past few months, I’ve presented information to attendees at the Farm Journal Legacy Project Conference as well as Legacy Project workshops. In doing so, I continue to hear several estate planning myths, the most common of which are highlighted here.
Top Producer Magazine 12/26/2014
Producers own various farm and non-farm assets. Some are terrific holdings for heirs and shouldn’t be sold. Others are bad for heirs, meaning it usually makes sense to get rid of them.
Farm Journal Magazine 11/8/2014
Just like a house, a succession plan requires a sturdy foundation to remain structurally sound for multiple generations. To succeed, your plan requires a floor, walls and roof built on the foundation.