Where’s Paul?

This time of year until about mid-February is very hectic for me with seminars and conferences that I attend and getting tax returns ready to be filed.  It seems that tax season starts earlier every year and that is perhaps the way it will always be (maybe with tax reform we will get some reprieve (NOT)).

Here is my schedule for the next few weeks with links if available:

  • On Wednesday of this week, I will be speaking in Bettendorf, Iowa at the Ag Finance Boot Camp.  I just recently became the past president of the Farm Financial Standards Council and this is my fourth year of being involved in putting on the boot camp.  It is designed to help farmers better understand their finances.  Here is a link to the boot camp.
  • Next Monday, I am in Cape Girardeau, Missouri at Southeast Missouri State University putting on a seminar on tax and entity planning.  It is sponsored by both FCS Financial and Progressive Farm Credit Services.
  • I then quickly drive up to Columbia, Missouri (there is no easy way to get there) to speak at the Commercial Farmer Symposium sponsored by FCS Financial.
  • After that, I have to drive back to St. Louis and catch a flight to Chicago for the Top Producer Conference.  I will be speaking there on both Wednesday and Thursday.
  • Thursday night, I fly to Minneapolis to give a seminar for United Prairie Bank in Owatonna on an Ag Policy Update.  I then fly home Friday night and try to get some tax returns finished.

Some of staff in the office teasingly say Where’s Paul/Waldo and I know that I was in a rental car last year for 102 days.  I tell my wife I will travel less this year but I don’t think she believes me either.

On a personal note, my wife and I purchased 186 acres near Dayton, Washington.  It has a house, barn, shed, bunk house, guest house and a cottage along with a pond and about 1,500 feet of Touchet River frontage.  If you are ever in our neck of the woods, let me know since we have plenty of room for you.  For those interested in seeing what it looks like, here is a link.  The plan is to grow some lavender on five acres and cattle on the other 20 acres of pasture and I already bought a tractor, a pick-up, an ATV and an UTV (this can get costly fast).

  • Principal
  • CliftonLarsonAllen
  • Yakima, Washington
  • 509-823-2920

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 partner with CliftonLarsonAllen in Yakima, 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. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

Comments

To take Section 179, you would want to be as active as possible. I would suggest using a crop share arrangement.

after 40 years of farming, have decided to lease. (cash/flexible/ or share) want to be active in managing and using 179. Would like to see options for taxes. Thank you David Miller

I have a question for Paul. My dad and I have a LLC for the farm,50-50. I should buy him out but I don’t have the 50 thousand dollars that was agreed on, he is 75. We kept the land out of the LLC and I own about 600 acres. My 2 kids are 23 and 25 and they farm with me. My immediate concern is when my wife and I go on vacation we have nothing in place if something were to happen to both of us. I don’t want to divide the land between both kids because the farm needs it to operate. While I can’t afford to do anything elaborate right now I am looking for the best way to address the property situation for now if something were to happen.

Thanks

Eric Svec
231-409-3308
svecfarms@aol.com

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