Items by Laura Powers | KFBM Area Extension Specialist
What Should My CPA Know That I Am Not Telling Them?
By Laura Powers | KFBM Area Extension Specialist
Published on Jan. 31, 2025
As a new year begins, we cannot fully close out the previous year until income tax returns have been filed and paid. I’m not sure which meeting is looked upon less favorably… a visit to the tax office or a visit to the dentist. No offense to the dental profession intended.
Avoid Costly Fines: What You Need to Know About New Beneficial Ownership Reporting Rules
By Laura Powers | KFBM Area Extension Specialist and Suzy Martin | KFBM Area Extension Specialist
Published on Aug. 29, 2024
In 2021, Congress passed the Corporate Transparency Act, requiring certain entities to report information on their owners and those who have a certain level of control over the entity, referred to as Beneficial Ownership Information (BOI). This law became effective January 1, 2024.
H-2A Guest Worker Program for Agricultural Employers
By Laura Powers | KFBM Area Extension Specialist
Published on Apr. 28, 2023
The H-2A Visa program is a popular program for farmers seeking to hire temporary, seasonal workers. The original H-2 visa program was established with the Immigration and Nationality Act of 1952 for general nonimmigrant, temporary foreign workers. The 1952 act was later amended by the Immigration Reform and Control Act of 1986.
Agricultural Sales Tax Exemption Now Streamlined
By Laura Powers | KFBM Area Extension Specialist
Published on May. 31, 2022
On March 20, 2022, Governor Andy Beshear signed Senate Bill 121 enacting a streamlined process for eligible farmers to receive a sales tax exemption on eligible purchases. As this bill was given “emergency” status, the bill became effective upon the Governor’s signature.
Proposed Gift and Estate Tax Changes
By Laura Powers | KFBM Area Extension Specialist
Published on May. 28, 2021
You may have been reading in the news lately about proposed changes to various tax laws and their impact on farmers.