Rules Should Reflect The Law
Mark Lange
What's the latest regarding audits for the income means tests?
USDA recently finalized a Memorandum of Understanding with the IRS to establish an electronic information exchange process for verifying compliance with the adjusted gross income provisions for commodity and conservation programs. The IRS electronic audit procedure reviews tax return data, performs a series of calculations and compares the results to the statutory income limitations. Every program participant must complete a Farm Service Agency consent form and return it to the IRS by June 15. Failure to do so will result in program payments suspension. Participants identified in the IRS audit as possibly having income that exceeds the applicable limits will have to provide third party verification or other information to confirm they are in compliance.
source : cottonfarming
Mark Lange
What's the latest regarding audits for the income means tests?
USDA recently finalized a Memorandum of Understanding with the IRS to establish an electronic information exchange process for verifying compliance with the adjusted gross income provisions for commodity and conservation programs. The IRS electronic audit procedure reviews tax return data, performs a series of calculations and compares the results to the statutory income limitations. Every program participant must complete a Farm Service Agency consent form and return it to the IRS by June 15. Failure to do so will result in program payments suspension. Participants identified in the IRS audit as possibly having income that exceeds the applicable limits will have to provide third party verification or other information to confirm they are in compliance.
source : cottonfarming
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