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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Mainstreet Index Still Remains Robust
Creighton University produces a monthly index called the Rural Mainsteet Index (RMI) indicating the overall economy for several rural states in the Midwest and Mountain states. The May Index was recently released and I thought this month I would recap the index for each of the states covered. Any value greater than 50 indicates economic […]
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Make Sure to Coordinate Estate Documents with Ag Laws
At the Northwest Ag Bankers conference yesterday Corey Brock a local attorney spoke on various issues related to estate and tax planning for farmers. In most parts of the Columbia Basin water project a farmer is limited to owning 960 acres. If you go over this limit certain penalties will apply including possible loss of […]
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Get Your Message Out!
I spent today in Spokane attending the Washington Bankers Association agriculture conference. I gave an update on the possible new farm bill provisions along with an update on the new tax laws. After I spoke (never a good thing to give the farm bill and tax update right after lunch) Alex McGregor of The McGregor […]
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Full Season vs. Early Season Corn
I spent most of today with Chris Barron at his farm (we thought we would be planting but with a temperature holding steady at 37 degrees not much planting is going on). Part of the time Chris and I were discussing the effect of planting full season corn in a late planting year and the […]
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From 80 to 45 in 40 miles
I have been traveling in the Midwest this week. The first two days I spent in Osage Beach, Missouri for some tax continuing education. The temperature topped out near 90 degrees yesterday and as I traveled to Cedar Rapids, Iowa it remained near 75 to 85 degrees the whole way. After arriving in Cedar Rapids, […]
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Don’t Forget Your Retirement Plan
I was talking with a new farm client the other day about his estate plan and what struck me the most was not how much farm land value he had accumulated but rather the amount he had tucked away into his retirement plans. This amount was over 6 figures and he had only been contributing […]
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How Does Delayed Planting Affect Your Margins?
My friend Chris Barron and I were discussing how delayed planting of corn this spring may affect farmer’s net profit margins. A reduction in yield and/or price can have a dramatic affect on overall profit margins since most of a farmer’s costs are what we call fixed. Cash rent, the seed that is in ground, the […]
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What About Those 1099s?!
Almost fully back from the rigors of Tax Season, it is now time to start posting on our more usual basis. We got the following question from one of our readers in response to our post on using deferred payment contracts. “What about the 1099 that you would receive from the elevator that would show […]
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Our Readers Catch Us!
In our post yesterday on the deferred payment contracts, we had indicated that there were six different combinations of income that could be reported using the three contracts shown. A couple of very observant readers had indicated we had missed one. The one missed was that all three contracts could be reported in 2013. Therefore, […]
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Deferred Payment Contracts (Again)
We seem to get several questions during tax season regarding how deferred payment contracts work for tax purposes. I thought we would do another post on the mechanics and show some examples. With a deferred payment contract, the farmer has sold their grain, but elected to defer receipt of the payment until a future date, […]