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There's no way to put a pretty face on tax reforms under discussion in the Senate Finance Committee this week. The suggestions are not yet included in any legislation, but are early drafts of what could become the first major overhaul of the tax code since the 1980s. While packaged as tax simplification and a fairer corporate tax rate for big business, congressional tax committees would need to offset those shifts with tax increases elsewhere. Small business owners may find themselves footing the bill for such reforms.
Major rule changes on accrual accounting and depreciation in the Senate proposal would be particularly "nasty" for larger-scale livestock operations, say CPA firms that specialize in agriculture. And even garden-variety crop producers and landowners with highly appreciated farmland could face the loss of some of their most beneficial tax advantages.