Ag General
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IRS Lists County Affected by Drought
The IRS released Notice 2019-54 that lists the counties affected by drought that will allow ranchers another year to defer their gain from selling livestock due to drought.
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Map of ARC v. PLC
The Agricultural Economic Insights blog provides very interesting maps of how ARC compared to PLC for 2014-2018. The results were about as expected, but many regions had some surprises.
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One Year Lag in ARC Olympic Average Revenue
The new Farm Bill calculates guarantees in arrears which makes it easier to calculate but the final number may be lower for many counties. We go over the details.
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Don’t Be in A Hurry on ARC/PLC decision
Most farmers prefer PLC for 2019 sign-up, however, it makes sense this year to wait. You have plenty of time to make your final decision.
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Why is a GP not an Entity?
MFP round #2 has a higher payment limit than the first round. However, many farms will not qualify for the maximum payments. We explain why.
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Date of Disaster is Key
Many farmers will start to receive disaster aid payments this month. Some will be able to defer that income until 2020, but not all.
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One Method of Calculating MFP
We calculated estimated MFP payments for counties in Iowa to see where there were material differences. We came up with 7 counties materially lower than the final USDA #s and provide one reason why this may be what happened.
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A Potpourri of Items
Today’s post is potpourri of items that have come up over the last few weeks.
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MFP Update
USDA announced details on the Market Facilitation Program payments today. We recap the major provisions.
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Farm Lease Accounting
Major changes are coming to accounting for operating leases. It has likely been postponed for a year, but it would be wise to know the changes and get started now.