Wisconsin farmers and their accountants may have difficulty meeting the farmers’ March 1 deadline under the new tax laws.
WICPA member Kari Apel, CPA, CEO of Apel Associates Inc. in Prairie du Sac, said that until her firm receives the information from the state and federal governments, their tax accountants wouldn’t be able to finish processing returns.
Eau Claire CPA Patrick Sturz, WICPA member and principal accountant with CliftonLarsonAllen, said new tax laws are making the tax return processing time longer. One of the major changes affecting farmers is the qualified business income deduction, taken after their gross income adjustment as opposed to before—boosting their income enough that they may not qualify for Affordable Care Act health care.
Wisconsin farmers and their accountants could face a tough tax season filing their first returns under the new laws.