OMAHA, Neb. (RFD-TV) — The Internal Revenue Service (IRS) announced its decision this week to extend relief for ranchers impacted by drought, giving producers more time to replace livestock and defer taxes on gains from forced sales due to dry conditions.
Farm CPA Paul Neiffer joined us on Friday’s Market Day Report to break down what this extension means for affected ranchers.
In an interview with RFD-TV News, Neiffer explained the details of the IRS extension, including the amount of income from forced livestock sales that can be deferred under the provision and which producers are eligible. He also offered guidance on whether deferring taxes is the right decision for individual operations facing drought-related herd reductions.
Neiffer emphasized that producers should consult their tax advisors to make the best choice for their business as they navigate the financial challenges brought on by extreme weather.
For more information about the IRS drought-relief extension and eligibility guidelines, visit IRS.gov or contact your local Farm Service Agency office.
A spicy sauce made with chili sauce and crushed red pepper flakes gives these Spicy Beef Back Ribs amazing flavor.
The key to success when cooking ribs is the low temperature and several hours of cooking time. However, this beef primal cut also contains popular tender, juicy cuts of meat like Ribeye Roast and Ribeye Steaks.
The Round Primal is home to lean, inexpensive cuts from the rump and hind legs. The muscles in this area are used for movement, so the beef is leaner and less tender. These cuts are often sold as roasts, steaks for marinating, or even Ground Beef.
One skillet, five ingredients and a few minutes are all you need to get this spiced up hash on the table!
The Sirloin is home to popular fabricated cuts but is first separated into the Top Sirloin Butt and Bottom Sirloin Butt. In the Top Sirloin, you’ll find steaks great for grilling, while the Bottom Sirloin provides cuts like Tri-Tip and Sirloin Bavette, which are good for roasting or grilling.
The brisket comes from the cattle’s breast, so it can be tougher because it is used for movement. An ideal cut for cooking low and slow on the barbecue or in a slow-cooker.
You’re gonna need a bigger pita. Season thin-sliced Sirloin with lemon pepper and skillet-cook, then pile it into hummus-filled pita pockets and top with your favorite veggies.
So, what’s the path forward for “The One, Big, Beautiful Bill” tax legislation? That’s the topic of today’s
Firm to Farm blog post by RFD-TV legal and tax expert Roger McEowen with Kansas’ Washburn School of Law.
“It’s been a very interesting year!”
