In a previous Tax Talks blog article, we talked about energy credits. An energy credit not discussed is the Production Tax Credit (PTC) under Internal Revenue Code (IRC) section 45Z. This credit incentivizes the domestic production of sustainable transportation fuels, such as those that may be generated by an on-farm biomass digester, offering a per gallon tax credit for qualified fuels produced by the taxpayer and sold to an unrelated person.
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In December 2023, we shared to important Tax Talks blog articles on the New York Employer Overtime Credit. The time to apply for an advance of the credit is fast approaching with NYS Ag and Markets opening the application on July 1, 2024.
July 2, 2024
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Pasture, Rangeland, and Forage (PRF) is a highly subsidized risk management plan geared toward hay producers or those producing hay for grass fed cattle. Did you know that snowfall creates the water table for the following growing season. If there is less snowfall than the past 50+ years’ average, there will be less water, and your PRF policy could pay you an indemnity.
November 14, 2022
‘Tis the season to give thanks!
As we approach Thanksgiving and the holiday season, we asked some of our teammates to reflect on what they’re grateful for. I think you’ll notice some common themes, from family, friends and coworkers to the great agricultural community we serve every day. Read on for their responses.
November 08, 2022
Pick-your-own apple orchards are familiar with wasted apples. Customers may take a bite of a few apples while picking or toss a few on the ground during their stay. While crop insurance doesn’t cover these unfortunate losses, it can help with apple quality before the masses visit the orchard.
October 31, 2022
The Employee Retention Credit (ERC) is a refundable tax credit that taxpayers could obtain by meeting a quantitative test for either a decline in revenues, or because their business was shut down wholly or partially due to a governmental order. This shutdown test includes “supply chain disruptions.” Today’s Tax Talk considers how the IRS views a supply chain disruption.
October 25, 2022