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Video instructions and help with filling out and completing Revenue Form K 4

Instructions and Help about Revenue Form K 4

Good morning and welcome to your farm and home show my name is joanna coles and this morning we're visiting with kevin lyons he's the monroe county extension agent for agriculture and natural resources good morning kevin good morning joanna now kevin we get calls at the extension office all the time about farm tax exemption and those type of things but we have something new this year to tell people we do there's a new law that just kind of went into effect i think july 1st of 2022 it was passed about a year ago but it's just like most laws it takes a little lag time for it to take effect but it will take full effect uh january 1st 2022 and it's where farmers and ag producers need to have an ag exemption number in order to always get that sales tax exemption on their purchases that qualify for that all right so in years past they would fill out a form and take that to their retailer but now they have to actually send in a form to the department of revenue right yes they have to uh kind of the initiative has kind of been passed over to the farmer and taken some of the load off for the businesses and the vendors it brings on a little bit more of accountability keeps things streamlined there's been a little bit of issue maybe in the past where there's some confusion on what was exempt and what wasn't exempt and maybe some things got counted it shouldn't have been so they're trying to straighten that up just a little bit is the is the main goal of this uh but it also puts the onus on the farmer to take care of that so they need to be aware that that's coming and that's what we're trying to do is just make people aware that that is a change and they will have to get ready for that change now the form they have to fill out and send to the department of revenue it's not complicated it's not complicated at all it's just uh you know most farmers and we included who don't like paperwork or record keeping all the time that's not all farmers but the majority of farmers will will think it's a it's a big deal but it's not a very simple form you will send that into the department of revenue we were trying to get people to do that before the end of the year because it's kind of like going into the clerk's office and paying your truck taxes in march that last day is hectic so they're trying to avoid that get people to do it a little bit earlier so they'll be ready and what was that exemption but the form is really simple there's just basic information on it but if you have a partnership or an llc or something like that ...

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