What is a document retention policy?
A document retention policy is a plan outlining (1) what sorts of documents the operation will keep, (2) how they will be stored, and (3) how and when they will be destroyed.
Why is a document retention policy important?
Documents can ...Read More
The Tax Cuts and Jobs Act (the “Act”) made effective on December 22, 2017 repealed the old section 199 of the Internal Revenue Code of 1986 (the “Code”) which used to provide for an income tax deduction equal to approximately 9 percent of the ...Read More
The Tax Cuts and Job Act of 2017 is the most dramatic change to the U.S. Tax Code since 1986. This wide-reaching, complex tax reform passed in such a hurry at the end of 2017 that many business owners, including farmers, are still trying ...Read More
As commerce is becoming more and more dependent upon technology, many companies are considering ways to move from paper-based transactions to transactions conducted solely by electronic means. If you operate or do business with such a company, one important thing to be aware of ...Read More
Section 1031 Like Kind Exchanges are named for Section 1031 of the Internal Revenue Code. Section 1031 states: “No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment if such ...Read More
Many businesses, including many farm businesses, organize and operate their businesses through separate business entities (e.g., corporations or limited liability companies). When properly structured, these entities can provide numerous management, succession, and liability protection benefits for farmers and other business owners.
But merely creating a ...Read More