Ohio Farm Bureau hosts statewide CAUV update webinar
The Statewide CAUV Update Webinar explained more about the recent changes in CAUV and what could be next for the program. Watch the recording.
Read MoreThe Internal Revenue Service has started a pilot program for auditing expenses farmers claim on Form 1040, Schedule F, which is used to report farm income and expenditures.
The IRS said the pilot auditing program, which runs from April 2017 to April 2018, is in reaction to concerns that taxpayers may be deducting expenses on the wrong form, deducting expenses that actually belong to another taxpayer or deducting hobby losses. Only 50 audits are being conducted through the pilot program. After it is completed, guidance may be incorporated into the Internal Revenue Manual.
“We wanted our members to be aware of this pilot audit program,” said Irene Messmer, OFBF’s chief financial officer. “It’s important to be exact when completing Form 1040, Schedule F and supplying the necessary documents to support deductions.”
The IRS said that in the pilot program, taxpayers are being asked to provide documentation to show they qualify for the questioned expenses. In general, a taxpayer may deduct reasonable, ordinary, necessary and business-related expenses on Schedule F. Occasionally, the items being verified appear to be verifiable deductions, but they should not be on a Schedule F. For example, they are not deductible on the Schedule F if they are related to the taxpayer’s full-time, off-the-farm job, Schedule A or a corporate return. These cases may also have start-up costs or a hobby loss where enjoyment of the property is the main focus of the farming activity.
Specifically, the pilot program is asking auditors to closely examine the following areas: custom hiring, gasoline, oil and fuel expenses, mortgage interest, repairs and maintenance and supplies.
The Statewide CAUV Update Webinar explained more about the recent changes in CAUV and what could be next for the program. Watch the recording.
Read MoreThe guide includes a farm driver checklist, overview of state and federal regulations and exemptions, CDL qualifications and more.
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Scholarships are available to students pursuing degrees in agriculture-related fields or that support the agriculture industry.
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Read MoreAgriPOWER Class XIV spent a few days in March in Medina and Wayne counties learning more about northern Ohio agriculture from leaders in Ohio Farm Bureau.
Read MoreLeading Ohio Farm Bureau’s 2024 YAP State Committee are Luke and Kayla Durbin of Coshocton County, Tim and Sarah Terrill of Montgomery County and Carly Fitz of Perry County.
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Read MoreOhio Farm Bureau’s farmer leaders plus members of the media and select Farm Bureau staff are at the nation’s capital March. 12-14, 2024 for the annual County Presidents Trip to Washington, D.C.
Read MoreThe SEC voted on its final climate disclosure rule and removed the Scope 3 reporting requirement, which would have required public companies to report the greenhouse gas emissions of their supply chain.
Read MoreThis position is created for an active Young Ag Professional member who has a passion for fundraising and is interested in further developing their leadership skills. Apply by May 3.
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