COVID-19 regulatory and tax updates
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Unpriced Trumps Inventory
Even though a farmer may not have grain in “inventory” they will still qualify for sold inventory if the price has not been set.
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8 Hour Webinar On Cares Act and FSA Planning
Chris Hesse and I will be doing a full day webinar for the Oregon Society of CPAs on Monday June 22. We review the topics and how to sign up for it.
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Be Careful on Your Inventory Counts
CFAP payments are mostly paid based on inventory on hand. We review what this means for grain and livestock.
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Why Commodity Wages Can’t be Forgiven
We review why commodity wages will not qualify for PPP forgiveness.
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Which is Better – CFAP or MFP
We compare expected payments under CFAP versus MFP. For row crop farmers you will likely see a much lower payment from CFAP than MFP.
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We Have CFAP (Finally)
USDA finally released the details on CFAP. We go over the details and provide some examples.
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The Interplay of Wage and FTE Reduction
We review how a PPP loan forgiveness may be reduced if wages are reduced or FTEs are too low. It is complicated.
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Loan Forgiveness Worksheets Are Available
Treasury released the Loan Forgiveness Application on Friday. We go over some of the pertinent details.
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May 7 is Now May 14
The Treasury Department just announced a delay to May 14 for anyone to pay back a PPP loan without penalty.
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A Little (very little) Clarity on PPP Forgiveness
The Treasury Department provided some guidance on PPP forgiveness. It likely does not apply to many farm operations.