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ruling didn t allow farmers to use negative numbers for the years when they lost money. Now they can.
"It's definitely good for the farmers, said Craig Giese, a CPA with the accounting firm of Braun, Dehnert, Clarke & Co. Giese is also a farmer and president of the Northumberland-Lancaster County Farm Bureau.
I don t see where it can hurt you at all. It can only help," he said. Anyone who incomeaveraged in 1998 and 1999 needs to take another look to see if this will help them.
Depending on a farm operation s size and how much money it lost in any given year, refiling income taxes could lead to major savings for some farmers, Giese said.
"For example, in one tax newsletter we received, the writers came up with some numbers that totaled $1,500 in tax savings for one year. It all depends on what a farmer's loss number is. If it's $10,000 and they are in the 15 percent bracket, then bingo, that s $1,500 they could get back."
The new IRS ruling "is the kind of regulatory relief Farm Bureau lobbies for," said Bruce L. Hiatt, president of the Virginia Farm Bureau Federation. "It was clearly the intent of Congress to help farmers get through times when they lost money, not just when their income was down from a previous year.
"This is a welcome change and will help many of our smaller producers hang in there while they are experiencing tough economic times."
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