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WASHINGTON, Feb. 20, 2014 –USDA today released the preliminary 2012 Census of Agriculture results. Key findings include an increase in the value of agricultural products sold in the United States totaling $394.6 billion in 2012, up 33 percent ($97.4 billion) from 2007. The number of farms and land in farms were down slightly, but held steady. Additionally, agriculture is becoming more diverse.
Dozens of Republican senators on Tuesday called on the White House to approve the Keystone XL pipeline as foes vowed to risk arrest at protests against the controversial project.
The Obama administration on Monday announced it is delaying the employer mandate under ObamaCare until 2016 for some small businesses. This delay in the mandate — the second so far — would only apply to businesses with between 50 and 99 employees, who would have until January 2016 to decide whether to offer insurance to their employees or pay a penalty. Businesses would also be barred from cutting their workers in order to fall under the threshold. The employer mandate, a cornerstone of the healthcare law, was set to take effect in January, but the administration announced in July that companies would have until January of 2015 to comply.
Section 179 of the Internal Revenue Code allows your customers to expense a portion of equipment purchases (new or used) in any given year. This essentially allows customers to accelerate depreciation of the equipment and the related tax savings. In 2013, this deduction could be used by any customer making purchases of equipment (or other property that must be depreciated) that totaled $2,000,000 or less in that year. If your customer was in this category, $500,000 of these purchases could be deducted under Section 179.
A letter has been sent from the Coalition to the Hill in response to the tax reform drafts released last fall by Finance Chairman Max Baucus and the ongoing push for reform by the Ways and Means Committee. The letter was sent to the Chairmen and Ranking Members of both tax-writing committees with copies to all Members of the House and Senate.
Last month, I promised an update on the progress of the Governance/Structure Task Group. However, this month, I need to briefly change the focus of this column in order to provide timely information on a couple of upcoming opportunities.
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