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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Hedging Versus Speculation
We got the following question from a reader today: “I was wondering how to handle the purchase of corn options on your tax return?” The answer is one of those “It depends” type answer. If the farmer is purchasing an option for speculation, i.e. he purchases a corn call option, then he falls under the […]
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Many States Are Delaying Farmer Filing Deadline
As discussed in a couple of other posts, the IRS has extended the farmer filing deadline from March 1, 2013 to April 15, 2013 for those farmers who “miss” the March 1 deadline. We are starting to see various states follow suit as follows: Indiana Iowa Minnesota Nebraska West Virginia Some states base their filing deadline […]
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The Board is Not What it Used to Be!
Today was the first day of the Top Producer Conference. The first session was very interesting. Dr. Tom Deans, author of Every Family’s Business gave a talk on how many farmers really should be looking at “selling” the farm instead of “gifting” the farm. Too many times, the gift of the farm ends up creating […]
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File Your Return After March 1 Not Before!
Even though the IRS granted relief for farmers to file their tax return by April 15 of this year, there is a “gotcha” in the details. If you file your return on or before March 1, 2013, you must also payyour tax on or before March 1. If you file on March 1 and then […]
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Top Producer Conference
Yesterday I attended the Tomorrow Top Producer conference in Chicago. The main Top Producer gets started today and runs through Friday. Some of the observations from yesterday are: Younger producers are very worried about the availability of land to farm. With cash rents rapidly increasing and land prices exploding, they worry about their ability to […]
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AMT Causes a Few More Capital Gains Tax Rates!
We had a reader send in the following question: “Do long term capital gains count in determining AMT? And thus potentially increasing 15(20) percent effective rate?” We wrote a post a couple of weeks ago about there being ten different long-term capital gains tax rates beginning in 2013. Well, we can probably at least two […]
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Why Imputed Interest Matters For 2013 (And Beyond)
Any time a farmer loans money to a corporation that they own (or vice versus), the income tax laws require these loans to bear interest. If the loans do not bear interest, then the law requires the farmer to calculate an “imputed” interest amount based upon the applicable federal rates published by the IRS each […]
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It May Pay to Fill Out Your Ag Census Online
Every five years the Department of Agriculture sends out a very detailed census form for farmers to prepare and send back. We have already discussed this form with several farmers and as usual it can be very hard to follow the paper form. We have found preparing the form online can save some time and […]
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Are Taxes Progressive in the US?
Every once in a while we read an article on either how progressive or non-progressive our tax system is in the US. We ran across this article while browsing the Internet and the first thing that struck me is how the word progressive is denoted in these articles as being equal to percentage. In the article, […]
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KC Fed Reports Drought-Reduced Income Boost Farm Loans
The Kansas City Federal Reserve Bank just released their third quarter Agricultural Credit Conditions report. The report indicated that the drought caused lower farm income for the quarter which caused farmers to increase their farm operating loans. Capital spending plummeted in the quarter. This could have been caused by the drought or perhaps the lower […]