In the months since we visited the scenarios of Robert and Charles—two fictional farmers who received farm debt relief under Section 22006 of the 2022 Inflation Reduction Act (IRA)—the Farm Service Agency (FSA) has announced two major changes in how recipients can choose to deal with their new windfall. Last year FSA repaid more than […]
Tax
Unintended Consequences: The Inflation Reduction Act of 2022’s Farm Debt Relief Causes Farmers Massive Tax Headaches
For a deeper analysis into this topic, see a version of this article written for tax professionals and other interested parties here. On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. Section 22006 of the IRA provided $3.1 billion for the United States Department of Agriculture (USDA) to provide relief […]
Article on Chapter 12 from Bloomberg
Joe was interviewed earlier this year for an article on Chapter 12, featured on the Bloomberg website. Here’s an excerpt: “While heartening to farmers, the bill’s prospects are unclear as standalone legislation. Similar bills over the past few years, also proposed in the Senate, have died in committee.” Read the full article here: https://www.bna.com/us-senate-bill-n73014453020/
How Recently Enacted Amendment to Clarify Chapter 12 Will Help Struggling Farmers – Ep. 208
Joe Peiffer recently chatted with Sam Gerdano of the American Bankruptcy Institute regarding the changes in Chapter 12 bankruptcies. Here’s their conversation: If you prefer to read along, the transcript is below: Welcome to another American Bankruptcy Institute podcast. I’m Sam Gerdano, ABI executive director. It’s fair to say that the current 115th Congress hasn’t […]
Joe Peiffer on the Big Show
Joe Peiffer recently chatted with Doug Cooper, one of the hosts of the Big Show on WMT and other midwest radio stations, about the changes in Chapter 12 bankruptcy laws and the current farm economy. Here are the first two segments of that interview (We will update this post when more segments have aired). If […]
Flaw in Tax Provision of Chapter 12 Fixed
President Trump delivered significant relief to beleaguered family farmers who need to sell farm assets to “right-size” their farm and incur taxes when he signed the Additional Supplemental Appropriations for Disaster Relief Requirements Act, 2017 on October 26, 2017. Tucked in the last six pages of the twenty-six-page bill is the Family Farmer Bankruptcy Clarification […]