Category Archives: Tax Issues

Have You Issued Required 1099 Forms?

Posted on by

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

Posted on by

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?

Posted on by

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

Posted on by

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 →