|
US inflation soars in March as war on Iran drives economy into uncertainty The GuardianUS inflation tripled last month on record spike in gas prices CNNHere's how a month of Iran war has affected costs in March WTAETrump faces surging inflation report, fueled by Iran conflict The Washington PostBad Inflation Reports Are Often Like Cockroaches Bloomberg.com
|
|
A Strait of Hormuz "toll" would pose major economic and geopolitical risks, experts say CBS NewsIran's proposal to collect tolls in the Strait of Hormuz violates trade norms AP NewsAfter the war, how open will the Strait of Hormuz be? The EconomistShips still aren't going through the Strait of Hormuz. Here's what it will take to get things going again CNN
|
|
Many farmers are facing a critical retirement decision. The traditions of yesterday are often changing, and their children may no longer want to follow in their parents' footsteps. The challenges are many. However, there are options available.
In 1971, I began my farming career at the tender age of 9 in the Skagit Valley, 60 miles north of Seattle. Crop farming was my gig; rouging spinach, sorting tulips, picking strawberries, raspberries and cucumbers alongside the migrant workers from Mexico. When I was old enough, I was driving picking machines with a dozen kids lying on boards over a conveyor belt, or driving an open tractor pulling a green pea combine while traveling about 1 mile in four hours.
SEE MORE Keeping Property in the Family with LLCs and Partnerships
Today, at the age of 59, I realize that I've been preparing this article for 50 years. During 12-hour shifts on the open tractor, it rained, often. My family could not afford proper rain gear, so a plastic lawn bag with holes punched out for my head and arms provided quite well. Working six of these shifts every seven days gives a teenager time to reflect. That's when I decided farming was very hard and I wanted an easy office job someday!
Challenges for Farmers Today
A huge debt of gratitude is owed to the men and women who feed the world. You face unprecedented challenges:
Mother NatureInconsistent commodity prices
Lack of access to labor
Global competition with lower costs of operations
Lack of resources to compete with larger corporate farming technology
Next-generation (family) choosing a different career path
You are at an age where you need to slow down or retire completely
Potential income tax law changes
Inheritance and estat
|
|
There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen consequences could increase their operating expenses in two ways. Here's what to expect — and how to prepare.
SEE MORE Audit-Proof Your Small Business
The Inflation Reduction Act is essentially a climate change law with some health care benefits. While the new legislation doesn't include any direct tax increases on small and midsize businesses, some of its provisions have the potential to raise costs for these companies significantly.
First Reason Why Cost of Business Could Be Going Up
For one, your chances of being audited may be going up. The new bill substantially expands the Internal Revenue Service's budget: More than half of the $80 billion increase in the IRS budget over 10 years will be used to beef up enforcement through new technology and new hires. That means more audits for companies that are the least able to financially manage them. I worry for businesses that gross $5 million or less since they usually don't have excess funds to pay a lawyer $50,000 to fight the IRS if their matter proceeds to court.
In a letter to the Senate, the agency's commissioner said, "These resources are absolutely not about increasing audit scrutiny on small businesses or middle-income Americans." Even so, with the hire of new auditors, it's likely that people with little or
|
|
