Category Archives: Tax Issues

Questions from Tiffany’s Desk: Should we be worried about estate taxes?

Question:  This one actually came from conversations with my own family, during which several family members raised concerns about having to pay federal estate taxes after the older generation of the family passed away and the farm was left to the younger generation.  Realizing how many misconceptions there are about the current status of the federal estate tax, I thought a blog post offering some basic information might be helpful. Answer:  For the vast majority of farm and ranch families (estimated at 98%), the federal estate tax will… Read More →

February 5, 2016 Weekly Round Up

Yesterday I enjoyed the chance to attend and present the keynote address at the High Plains Irrigation Conference in Amarillo.  Thanks to Dr. Dana Porter for the invitation and welcome to those of you new to the blog from the conference. It was a rather slow week in the agricultural law realm, but here are a few stories in the news recently. * Oil and Gas Leasing Program Set for College Station.  Shannon Ferrell and I will be putting on a FREE oil and gas leasing workshop in College… Read More →

January 22, 2016 Weekly Round Up

We’ve survived another week!  This was not a particularly busy week for ag law, with the exception of the WOTUS issue, where the drama moved to the White House and only continues.  Check it out. * US Congress Passes Joint Resolution to Nullify EPA’s New WOTUS Rule, Obama Vetoes.  The House and Senate passed a Joint Resolution stating that the EPA/Corps of Engineers new regulation defining “waters of the United States” “shall have no force or effect.”  This would essentially maintain the status quo regarding the WOTUS definition… Read More →

September and October Round Up (Part 2)

Today we continue our recap of important ag law stories that made the news in September and October.  If you missed Part 1 of this series, click here. Court of appeals affirms dismissal of nuisance suit against oil and gas company.  Landowners who filed a nuisance suit against Marathon Oil for odors, fumes, and dust related to oil production near their home were defeated in the San Antonio Court of Appeals earlier this month.  The Court held that the plaintiffs failed to prove causation between Marathon’s oil and gas production… Read More →

Have You Issued Required 1099 Forms?

Now that we’ve settled into the New Year (despite my continuing to write 2014 on everything!), I thought it would be a good time to remind you about the issuance of required 1099 forms.  I recently wrote an article for Progressive Cattleman magazine describing when ranchers need to provide 1099 forms for services provided.    Please note that forms are due to recipients by January 31, 2015. As the article explains in detail, forms should be sent to (a) any individual, LLC, partnership, or trust; (b) to whom… Read More →

October 17, 2014 Weekly Round Up

Thank you all for your kind words after my big announcement last week.  I am happy to report that I am settled into my new office in Amarillo and back at it.  Yesterday, I had the chance to present on water law for the Big County Master Naturalists group in Abilene via webcam.  Welcome to those of you visiting the blog from that event! Here are some of the ag law stories in the news this week. Video Addresses Proposed Water Pipeline Project.  The Texas Tribune put together a… Read More →

Questions from Tiffany’s Desk: Are Life Insurance Proceeds Part of Taxible Estate?

Question:  If I have a $1 million life insurance policy, are the proceeds of that policy considered as part of my gross taxable estate for determining federal estate taxes at my death? Answer:  As is the answer for most legal questions, it depends.  This is an issue that many people are unaware of and that may have significant estate planning implications.  In light of that, a detailed discussion is necessary. Why Should We Care? The reason that the answer to this question is so important is that people… Read More →

When Farmers and Ranchers Need To Issue a 1099 Form

Recently at the Texas A&M University Beef Cattle Short Course, accountant Jared Hartman with the firm Seidel, Schroeder & Co. discussed the requirements for 1099 forms.  The discussion caused some surprise among the audience of cattle producers about when this form is required.  In light of that, I did some research on the subject and wanted to share. When Are 1099 Forms Necessary? Under IRS regulations, a 1099 form should be issued to certain non-employees who perform services and are paid over $600 in a calendar year. This requirement can be broken… Read More →