WWW.POTATOGROWER.COM 15
170758TriMfg12h.indd 1 2/16/18 2:27 PM
NET OPERATING
LOSSES
Net operating losses (NOLs) are now limited
to 80 percent of taxable income. The ability
for individuals and entities alike to carry back
these losses two years and forward 20 has
been repealed (non-farmers only). NOLs will
now only carry forward, indefinitely, for most entities. Farmers
will have the ability to carry back losses two years, reduced from
a five-year carryback.
Contact Wipfli CPAs and Consultants at www.wipfli.com.
ESTATE AND GIFT
The basic estate and gift tax exclusion from
income has increased from $5.6 million in
2017 to $11.2 million beginning in 2018.
This means that a married couple could pass
away with an estate worth anything less than
$22.4 million and pay no estate tax. That
same couple could gift that amount away
as well with no tax consequence. This is scheduled to revert
to $5.6 million (indexed for inflation) in 2026. The annual
gift exclusion (or the ability to gift an annual amount without
reducing an individual's lifetime exclusion) has increased from
$14,000 to $15,000.
