WAWG
By Paul Nieffer
Farm CPA Today
The SBA issued some additional Interim Final Rules earlier this week and most of it dealt with self-employed taxpayers. We were hoping that gross receipts would qualify. For an Uber driver it might if they only received a Form 1099 from Uber and have little or no expenses.
For the typical SE farmer, it remains based on net farm income. However, in the guidance it continues to refer to Schedule C taxpayers and not Schedule F. Farmers tend to have a lot more equipment gains reported on Form 4797 that is not reported on Schedule F. Therefore, we may see additional guidance from SBA or perhaps the USDA will come out with guidance for farmers. Read the rest of the article here.