S.D. Stockgrowers reminds ranchers to seek tax advice on disaster income
The South Dakota Stockgrowers Association encourages ranch families to seek professional accounting advice regarding the tax implications of funds received in the aftermath of the Atlas Blizzard.
“We understand that the contributions from the Rancher Relief Fund and other disaster recovery programs likely need to be reported as income for tax purposes, and we know that the USDA disaster programs will also have tax implications,” said Bob Fortune, President of the SD Stockgrowers Association. “If people have questions about how these recovery and disaster programs impact their taxes, we strongly encourage them to find a qualified tax professional.”
Donations totaling nearly $5.5 million dollars allowed the Rancher Relief Fund to distribute support to over 600 individual ranch families reporting over 40,000 head of livestock lost in the storm. USDA disaster support began distribution in mid-April and also provided much needed relief to ranches struggling to rebuild herds, fences and barns.
“We are grateful for all the help that our ranch families received in the last year as they recovered from such a devastating natural disaster. We want to make sure that every family has accurate and professional advice about the tax implications. Please make sure you ask for help if you’re unsure how these recovery programs will impact your taxes.”