February 02, 2023

ISA and KCoe Isom offer farmer support ahead of looming tax plan changes

BLOOMINGTON, Ill. — In response to the new federal administration’s developing tax plan, which poses significant impacts on farmers, Illinois Soybean Association checkoff program has partnered with KCoe Isom LLP, the leading national business advisory and accounting firm for food and ag businesses, to provide “Tax Expertise on Demand Through KCoe 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,” said 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 will provide free tax education and consulting services to Illinois farmers now through Dec. 31. These free services include a tax hotline and 30-minute consultations with a KCoe 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 — estate planning, trust work, farm programs, farm tax and so forth — 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.