Agribusiness BlogFarm CPA Today

Ask Paul

0019_Neiffer_Paul

I would like to get some interaction going with my audience.  I would appreciate any questions that you might have about farm taxation, operations or any other questions that you might have.

Please feel free to send me a quick or detailed e-mail to paul@hansenneiffer.com.  I will promise to try to get an answer to you with 48 hours.  Let me know if you do not mind me sharing your question and answer on the FarmCPAToday site and I will try to post these on at least a monthly basis.

, Ag General | 5 Comments »

  • Principal
  • CliftonLarsonAllen
  • Walla Walla, 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 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.

Comments

  • Hlopez
  • June 3, 2011

The new LLC will be owned by me and the current owner of the S Corp. We will both own 50% fo the LLC as members. We are going to cease the operations of S corp. The current onwer of the S corp wants/will transfer the equipment from the S Corp to the new LLC as paid-in capital, if that’s possible.

  • Hlopez
  • June 2, 2011

How to I transfer equipment (Tractor and Trailer) between two entities. Current Entity with ownership is an S-Corp. Would like to transfer equipment to new LLC.

  • Paul Neiffer
  • June 2, 2011

If the new LLC is going to be owned by the S corporation, then the transfer will not create any tax liabilities. It will be disregarded for tax purposes.

If the new LLC is going to be owned by you or another entity, then it is much trickier.

Let me know on this.

  • David Hagstrom
  • January 22, 2011

Paul
Today is the first time I have seen your website .
My question is this: I was told by my CPA that a check that I received from my farm casualty policy for damage caused by a hailstorm last summer is schedule F income. I maintain that it should not be subject to social security . Where can I report it so I do not have to pay self employment tax on the $13,000 , or can I defer it until I get the repairs to the buildings completed? David

  • Robert Mulliken
  • December 19, 2010

I am 28 and have a line of machinery paid for four rental houses and have prepaid all expenses for next year. I am married and would like to know if O died will my wife have to pay taxes when she sells the machinery since I have been depreciating it

Subscribe to Blog   

Get in-depth and timely insight on taxation, accounting, succession planning, and other issues specific to farmers and agribusiness processors. Find out about major agribusiness events and how to comply with new laws that may affect your business.