What Does Proposed Tax Reform Mean for Farmers and Ranchers?

On Pasture has no position on the current tax reform legislation, nor are the editors experts in tax law, the proposed legislation, or how it might affect different people and businesses. Taxes are a complex ecosystem of rules and regulations and it always helps to have more information about how different changes will alter the financial environment farmers and ranchers work in. We're providing the information provided to us by K•Coe Isom so that you can add it to what you already know about the proposed changes. This national, agricultural accounting firm finds some benefit to agriculture in the proposal and also points out some areas of concern that we thought you'd like to know more about. So, here you go! K·Coe Isom, a national agricultural accounting and consulting firm, had a mixed review of the House tax reform legislation and cautioned that the legislation could actually raise effective tax rates on many farmers and ranchers. “We applaud Speaker Ryan and Chairman Brady for moving forward with tax reform but encourage them to modify the legislation to make sure it works for agriculture,” said Jeff Wald, CEO of K·Coe Isom. “The eventual phase-out of the estate tax will be welcome news for farms and ranches that would otherwise be subject to this tax. We also applaud the bill for not limiting farmers’ ability to use the cash method of accounting.” Wald continued, “We are worried, however that provisions in the House tax bill could hamper growth

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