Income Tax Problems In 2020?
By Charles Brown
Wallaces Farmer
Payments from the Market Facilitation Program, Coronavirus Food Assistance Program, Paycheck Protection Program, crop insurance, etc., have pumped close to $40 billion into the U.S. farm economy in 2020. If you are thinking of deferring any of these government payments, only crop insurance may offer the possibility of deferral. In February, USDA was predicting a reduction in U.S. farm income, but now it’s predicting growth in farm income, up to $115 billion.