The USDA’s Emergency Commodity Assistance Program (ECAP) opened applications on March 19, 2025, providing $10 billion in economic assistance to farmers. This initiative is part of a broader $31 billion package approved by Congress in December 2024, aimed at supporting farmers affected by natural disasters in 2023 and 2024. The USDA plans to release initial payments, covering 85% of the total, with supplemental payments expected in the summer.
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FinCEN Updates Beneficial Ownership Reporting Requirements
As of March 21, 2025, the Financial Crimes Enforcement Network (FinCEN) has announced significant changes narrowing the scope of the reporting requirements for beneficial ownership information (BOI) under the Corporate Transparency Act. This update, consistent with the U.S. Department of the Treasury's recent announcement, aims to simplify the process for U.S. companies and individuals.
March 25, 2025
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Tax Talks
Claiming Federal Fuel Tax Credits in 2024: What Farmers Need to Know
Before filing your taxes for 2024, take a look to see if your farm operation can claim the Credit for Federal Tax Paid on Fuels. Today's blog covers the requirements, including a new Fuel Tax Credit Statement checklist which needs submitted as well.
February 27, 2025
Financial Management
Vermont Child Care Credit – What You Need to Know
Beginning July 1, 2024, Vermont employers and self-employed individuals will begin making contributions composed of a 0.44% payroll tax on wages and a 0.11% self-employment income tax to the Vermont Department of Taxes for deposit into the Child Care Contribution (CCC) Special Fund.
July 18, 2024
Tax Talks
Handling State Tax Refunds from Business Tax Credits
With many taxpayers having filed their 2023 taxes, refunds are appearing in their bank accounts. There may be a question of what to do with these funds. Particularly for those in states that had an expansion of refundable credits generated from farm businesses.
May 29, 2024
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