More about Paul Neiffer
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Blog Posts by Paul Neiffer:
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Are You Ready for Your $1 Excise Tax Filing Requirement!
Many farmers have taken advantage of a self-insured medical reimbursement plans or other similar plans. In many cases, a farmer is able to deduct medical expenses that they might otherwise not deduct due to the 10% of AGI limitations or they do not itemize their deductions. As part of the Affordable Health Care Act (ObamaCare), […]
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Day 1 at Traverse City
I am in Traverse City yesterday and today putting on a joint farm tax update for about 65 CPAs with three other CPAs from around the country. Yesterday was an update on farm income tax planning and whenever I give a presentation like this I always worry about running out of things to say. As usual, […]
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ACRE Produces Higher Payouts Than New Farm Bill Proposals
Gary Schnitkey of the University of Illinois just released an excellent analysis of the projected crop payments under the old ACRE program or the proposed Senate ARC or House RLC or House PLC programs. As most know, under the old Farm Bill, a farmer could elect to participate in the ACRE program in return for […]
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Prevent Planting Qualifies as “Crop Insurance”
We got the following question from one of our readers: “Are payments for prevented planting deferrable into the following year for income tax?” Most farmers are aware that crop insurance proceeds can be defer to the following year if you meet the following basic qualifications: You use the cash method of accounting; You receive proceeds […]
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How Do We Treat The Grain Gifted?
Following up on our post regarding gifts of commodities to children and grandchildren, we had a reader ask the following question: “In your example of Eric gifting to his grandson, does the grandson have to report this gift as income in either case (gifting in the current crop year or the following year)?” In general, […]
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FICA Wage Base is Going Up (and Up and Up)!
In the annual report by the Social Security Administration Chief Actuary is an estimate of the top Wage Base for 2014 through 2022. For 2013, the Wage Base is $113,700. The 6.2% FICA tax applies on all earnings up to this amount. Once you reach the threshold amount, the remaining earnings are subject to the Medicare […]
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Update on Commodity Gifts
We got a couple of comments/questions regarding our previous post on commodity gifts. First, “For a cash basis farm taxpayer, I was under the impression that care must be taken to assure that crop is gifted after the year in which the crop was grown. Otherwise, costs to create the crop need to be backed […]
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The Advantages of Commodity Contributions
We had a reader ask the following question: “Please comment on the tax ramifications of gifting farm commodities to a charitable foundation.” Many farmers have charitable intent, but in many cases their standard deduction ends up greater than their itemized deductions including their charitable donations. In these situations, the farmer can get an extra advantage […]
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Update on 2012 Crop Insurance Losses
Farm Doc Daily from the University of Illinois just release an extremely good article updating the total net crop losses incurred during 2012. As most of us are aware, 2012 resulted in the highest amount of indemnity payments ever paid under the crop insurance system at slightly more than $17 billion. 2010 was in second […]
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Pay Your Kids!
One of my favorite memories of my childhood is riding the combine with my dad every harvest season. A very early slides shows me sitting on my father’s lap sound asleep on his 1950 era Massey Ferguson combine. This combine only lasted one harvest season since it was not a Hillside model. He upgraded to an […]