Most of you know that Kristy Maitre retired from Iowa State University last Friday. We are sorry to see her go, but are grateful for her service and wish her the best with her new adventures! In the meantime, we are committed to continuing to provide you with timely updates as important tax developments unfold. And we promise not to spam you! Thanks for reading and be sure to let us know if you have updates from the field.

Here are a few highlights from this week:

JCT Bluebook is Out!

The Joint Committee on Taxation released its Bluebook for the Tax Cuts & Jobs Act today. This 457-page document provides a technical explanation of all of the provisions in the new tax law. It does not integrate regulations, but focuses on explaining the law as it was intended to be. It's a great resource to check out!

Second Round of MFP Payments Have Been Authorized

USDA announced this week that they will be making the second round of market facilitation program payments to farmers whose prices have been depressed because of the trade war with China. This blog reviews the process and tax consequences of these payments.

Remember the Cooperative DPAD Transition Rule

This blog reviews the special transition rule that applies to farmers who receive payments from cooperatives that were on a 2017-2018 fiscal year. The payments are eligible for any pass-through 199 DPAD, but are not eligible for 199A.

IRS Publications Can Have Errors (Especially this Year)

Remember as new IRS publications are released that we cannot rely on them as authority. While they are often useful, they may come with errors, particularly as an overworked publications group is tasked with renovating so much. Be aware, for example, that one section of the new Publication 225 states that the recovery period for any farm machinery or equipment is now five years. As most of you are aware, this new rule applies only to new machinery and equipment (and not to grain bins, cotton gins, fences, or other land improvements). Be careful out there!

Iowa Department of Revenue Webinar January 29

The Iowa Department of Revenue has agreed to present a free webinar to our tax professionals on January 29 to review Iowa updates for filing season. Stay turned for further details!

It was GREAT seeing so many of you at tax school. We appreciate you all and wish you a wonderful holiday season!

Kristine