WASHINGTON, D.C. (RFD NEWS) — The Fifth Circuit Court has overturned a prior Tax Court decision regarding self-employment tax for limited partners, raising questions about how farmers may be affected by the ruling. Farm CPA Paul Neiffer joined us on Friday’s Market Day Report for insights.
In his interview with RFD NEWS, Neiffer provided details on the case and explained its implications. He also discussed how farmers should approach the ruling if they had assumed they were not required to pay self-employment tax and whether congressional action might follow.
Related Stories
Experts estimate the flooding from Hurricane Helene caused more than $1.3 billion in damage to Tennessee agriculture.
Both Congressional Ag Committees took up the bill over the summer, but there’s no word on when the Senate could move forward; it does expire on September 30.
As the Trump Administration seeks out new global trade partnerships, Congress is considering more support for farmers, which comes as the Federal Reserve warns that farmers need a safety net.
Ag Secretary Brooke Rollins will travel to Europe and Asia to seek new trade partnerships for U.S. crops after China reduced imports due to tariffs.
The $221 million will help farmers and ranchers cover losses from Hurricane Helene that USDA programs didn’t cover. They’ll focus on infrastructure, markets, timber, and future economic losses.
Tom Peterson with the New Mexico Cattle Growers Association says taxpayers are “unfortunate casualties” of this overlay now that the Mexican wolf population is stable under ESA guidelines.
Co-Bank Lead Dairy Economist, Corey Geiger, joined us on Friday’s Market Day Report for a further look at the drop in replacement heifers and the trend’s longterm impact on dairy producers and cattle prices.
The agriculture workforce’s struggles with labor issues in recent years have opened the door to more automation and integration of artificial intelligence (AI).
