Farm Financial Standards Council Financial Guidelines
I have been associated with the Farm Financial Standards Council (FFSC) for several years now and I had the privilege of being the president for the last fiscal year and now am the Past President for the organization (I think that is the best position to be on a non-profit board). FFSC provides two sets of guidelines:
- Financial guidelines that provide guidance on how to account for farm activities including various ratios that can help farmers more profitably run their farm.
- Management Accounting Guidelines help farmers set up managerial accounting that can help them more accurately understand their costs and how to account for them.
FFSC has over 100 members and they come from all industry groups related to farming including several producers. New members are always welcome and it is very easy to get involved with the council. Our annual meeting will be held the last week in July in beautiful upstate New York and I am personally inviting anyone who would like to attend to plan on coming. There is no pre-requisite for coming to the meeting and you will enjoy the group and learn quite a bit too.
I hope everyone had a Happy New Year (since I am a Washington Husky, I am a bit sad, but perhaps not as sad as THE Ohio State University).
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.
have question if farmer gifts commodity to wife does the se tax flow with the gift??