BLOOMINGTON, ILL – October 19, 2021 – In response to the new federal administration’s developing tax plan, which poses significant impacts on farmers, Illinois Soybean Association (ISA) checkoff program has partnered with K-Coe Isom, the leading national business advisory and accounting firm for food and ag businesses, to provide “Tax Expertise on Demand Through K-Coe Isom,” a project developed to support Illinois farmers who will be affected by the tax changes coming this fall.
“ISA strives to help farmers be profitable, and with the new tax plan approaching this fall, farmers are faced with potentially losing their financial stability if they’re not prepared,” says ISA CEO, John Lumpe. “This project was born to help prepare our farmers with strategies that will minimize financial risk ahead of the coming tax changes. It’s an invaluable service to them, and one we believe is a great reinvestment of their checkoff dollars.”
The project, launching mid-October, will provide free tax education and consulting services to Illinois farmers now, through December 31. These free services include a tax hotline and 30-minute consultations with a K-Coe Isom tax expert, as well as on demand webinars with updated information on the evolving tax plan.
To take advantage of these free resources, farmers can dial the tax hotline at 1-888-768-0056 which provides the opportunity to have a brief discussion with an expert, and to ask questions about the tax legislation. Through the hotline, callers can schedule a free 30-minute tax consultation with a professional who specializes in a specific area (i.e. estate planning, trust work, farm programs, farm tax, etc.), to go deeper in analysis and discussion of tax legislation impacts and guidance for the caller.
For more information on these services and resources, visit ilsoy.org/tax-resources.
The Illinois Soybean Association (ISA) and its affiliates do not provide tax, legal or accounting advice. The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional. You should contact your own attorney, accountant, or other financial professional for advice regarding your particular situation.
The Illinois Soybean Association (ISA) checkoff and membership programs represent more than 43,000 soybean farmers in Illinois. The checkoff funds market development and utilization efforts while the membership program supports the government relations interests of Illinois soybean farmers at the local, state, and national level, through the Illinois Soybean Growers (ISG). ISA upholds the interests of Illinois soybean producers through promotion, advocacy, and education with the vision of becoming a market leader in sustainable soybean production and profitability. For more information, visit the website www.ilsoy.org.
###
