Agricultural Business Management News

By Megan Roberts, Extension educator Greetings from the Women in Ag Network. Over the winter, we took a hiatus from our newsletter and our Woman in Ag Feature. We had always planned to start back up in March, but in light of the major changes happening right now in the state, country, and world, it seemed extra important to connect and network with you all in a format that is still possible--online.  This month, we profile Rachel Gray in our Woman in Ag feature. Rachel is a beef rancher near Blackduck, MN and recently participated in the  Annie's Project  six-week agricultural risk management course hosted by Extension educator Heather Dufault. WAGN: Tell us a little about your background and farm. Rachel Gray Rachel: I grew up on a dairy farm in Blackduck, Minnesota.  I was always involved with the farm in some way. I was the calf feeder as a young child, and then I graduated to hay hauler and eventually tractor driver. Growing up I knew I wanted to be involved in agricul

By Rob Holcomb, EA, Extension Educator, Agricultural Business Management On Monday, March 23, 2020, the Minnesota Department of Revenue announced that taxpayers filing their annual Minnesota Individual Income Tax return for tax year 2019 now have until Wednesday, July 15, 2020, to file and make their payments without any penalties or interest.   This extension follows what the Internal Revenue Service announced on March 20.   Both the IRS and Revenue will accept federal and state 2019 individual income tax returns and payments through July 15, 2020, without assessing penalties or interest. Minnesota is allowing additional time for making 2019 state individual income tax filings and payments to July 15, 2020, without any penalty and interest being applied. This includes estimated tax payments for individual income taxes due for the 2019 tax year.   This grace period does not include estimated tax payments for individual income taxes due April 15, 2020, for the 2020 tax yea

by Rob Holcomb, EA, Extension Educator, Agricultural Business Management On Friday, March 20, 2020, the Internal Revenue Service (IRS) issued Notice 2020-18.   This notice restates and expands upon the relief provided in Notice 2020-17 (released March 18, 2020).   Notice 2020-17: This notice provides relief by postponing the due date for certain Federal income tax payments from April 15, 2020, until July 15, 2020.   Notice 2020-18: Due to the COVID-19 emergency, the due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020.   There is no need to file extension forms.   Basically, Notice 2020-17 extended the due date of payments.   Notice 2020-18 restated the extension of the deadline for tax payments AND extended the filing deadline.   I’m listing both notices to try and avoid confusion. There is no limitation on the amount of the payment that may be postponed. The reli