100 W. Washington Street, Suite 1401
Hagerstown, MD 21740
FOR IMMEDIATE RELEASE
Danielle Weaver, Director
TAX REFORM FOR FARMERS AND RANCHERS
HAGERSTOWN, MD (November 5, 2018) –
Washington County Government
recently received information from the
IRS Legislative Affairs Division - Congressional Affairs Program
regarding changes to the Tax Cuts and Jobs Act (commonly known as tax reform), which will directly affect farmers and ranchers.
Highlights of the changes are listed below:
Net operating losses can now be carried forward indefinitely.
Taxpayers other than corporations may be
entitled to a deduction
of up to 20 percent of their qualified business income.
More farm corporations and partnerships (average gross receipts of $25 million or less) can now use the cash basis of accounting for tax purposes.
Full details of the
Tax Tips can be accessed below and are posted on
: Newly revised publication helps taxpayers understand changes to backup withholding
: Here’s how tax reform affects farmers and ranchers
Tax reform changes to depreciation deduction affect farmers’ bottom line
For questions or additional information, please contact Joan Proctor, district liaison, at 919-850-1164.
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