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Politics : Politics for Pros- moderated
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To: LindyBill who wrote (419947)4/4/2011 6:22:00 PM
From: Ish  Read Replies (1) of 793866
 
<<Ryan's 2012 Budget: The Backlash Begins>>

This is about farmers so I know they need to be screwed.

Up until last year farmers added up their checks on grain sold to the co-ops as income. Pretty simple, you got say $130k so that is what you reported to the IRS. Now the IRS has the elevators reporting gross grain sales. Say the gross is $145. Now the farmer gets an IRS notice that he owes taxes on $15k. He thinks he's made a mistake and pays them. Hell, they have a copy of the 1099 from the elevator.

Thing is that $15k was expenses paid to the elevator that were hidden charges and no place to show them on the tax return.
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