It?s been a hot topic since the Biden Administration took over in January, Estate taxes & the Stepped-Up Basis. The administration?s plan to target billionaire company owners and the taxes they try and avoid also threatened to swallow up the family farmer. For now, the stepped-up basis is off the negotiating table, but what if that changes again? As Congress inches closer to approving spending bills, spending bills that must be offset by some form of income; what are farmers going to need to know as the year draws ever closer to a close?
Dustin Sherer is the Director of Congressional Relations for the American Farm Bureau Federation. He recently addressed a Farm Foundation webinar about what farmers and ranchers can do to prepare for any radical changes. First, he looks at how Congress intends to pay for the ?Build Back Better Act.?
The house and the Senate still seem to be at odds with the price tag, and that is something that needs to be worked out. However, Sherer says that he is afraid stepped-up basis could come back to the negotiating table.
Erick Gullicksrud is VP of Tax and Accounting with Compeer Financial, and he talks about what he is seeing a few farmers and ranchers doing to prepare.
Getting the advice of accountants and attorneys is a great place to start as you prepare for all possible contingencies.
