For some farm families, ownership and operations are split between the two spouses. This separation can create a tax-planning opportunity that may lower how much is paid in self-employment taxes while maintaining the same overall household income.  If one spouse has full ownership of farmland and leases it to the farming operation, the rent may...read more

A year ago, the One Big Beautiful Bill Act reshaped the tax planning landscape for families and businesses alike. If you haven’t revisited your plan since the initial rollout, here are some key tax law changes to review.  529 Plans: Qualified Expenses Are Now Expanded  If your 529 plan strategy hasn’t changed since last year, it’s worth a second look. The annual tax-free K-12...read more

The passage of the One Big Beautiful Bill Act created Trump Accounts, and with the Trump Account App now making its debut, questions are pouring in. At LattaHarris, we have the answers for you. What is the Trump Account? A Trump Account is a new type of tax-deferred investment account that’s only intended for children...read more

A new tax year always brings a fresh wave of updates, and 2026 is no exception. Effective January 1st, 2026, the IRS has rolled out significant adjustments specifically targeting employer-provided meals. While the standard 50% deduction for general business meals remains intact under Internal Revenue Code (IRC) Section 274(n), a separate rule under Section 274(o) has officially eliminated deductions...read more

With 2026 in full swing, it’s time to make sure you understand the tax law changes introduced by the One Big Beautiful Bill Act (OBBBA) last summer that take effect this year. At LattaHarris, we’ve been proactively monitoring these changes and how they can impact our clients. Donating grain to charities has historically been more tax advantageous than donating cash. However, OBBBA made the tax advantages greater, and we want to make sure our clients understand...read more

Our Tax Manager, Toni Dietz, recently attended the AAI Agribiz Showcase & Conference and the ISU Farm Transitions Conference, events that offered valuable insights into the latest agricultural innovations and provided essential continuing education for certified crop advisors. These conferences highlighted critical strategies for transitioning family farms and funding retirement, topics that remain a top...read more

We had our Chief Client Officer & Principal, Mackenzie Sprain talk with North Dakota Stockmen’s Association about positioning your operation with nine tax planning tips for 2026. Read the article below!