Farm Leadership
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House Passes HR 5771 Tax Extender Bill
The House of Representatives voted last night to approve a one-year retroactive extension of most the tax extender provisions by a vote of 378-46. The bill now heads to the Senate where indications are it will be approved. Among the tax extenders of particular interest for agribusiness that would be renewed through the end of […]
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USDA Extends Application Deadline for Dairy Margin Protection Program to Dec. 19
The Dairy Margin Protection program established by the 2014 Farm Bill application deadline will be extended until December 19 according to a release by the USDA. The previous deadline was December 5th. We wrote about the program’s details here in an earlier post. The online tools provided by the FSA are located here. Additional online […]
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Irrigation Systems – Is that 7 or 15 Years?
We got the following question: “Can you blog about how irrigation systems and their components might be expensed or depreciated if purchased in 2014?” Irrigation systems can be depreciated over either a 7 or 15 year period. The key rule regarding whether it is 7 or 15 years is based on whether the system is […]
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“Hot Goods” lawsuits update
We have posted about the recent hot goods court case from Oregon over the last year, which can be found here and here. There have been a couple of updates we wanted to share. As we noted in the earlier posts, the U.S. Department of Labor claimed that Pan-American Berry Growers and B&G Ditchen paid […]
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Is an One-Year Extension of Section 179 all we get?!
The House has proposed H.R. 5771 – Tax Increase Prevention Act of 2014 to extend all expiring tax provisions for one year through December 31, 2014. This would include keeping Section 179 at $500,000 for 2014 and 50% bonus depreciation through December 31, 2014. It appears that this bill may be an all or nothing […]
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A LLC is a Company not a Corporation
The form 1099 filing season is coming up next month and the IRS just released CCA 201447025 dealing with whether a business needs to issue a 1099 to a LLC. A common misconception that we see very often is the assumption that a limited liability company (LLC) is a corporation. We even see this terminology […]
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A Little Recognition
Our blog got voted one of the 50 best accounting blogs for 2014 by Accounting Degree Review. It is always nice to get some recognition, however, what is more important is that there are 49 other accounting related blogs listed that may be of interest to our readers. I would suggest looking through the list […]
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$14,000 per Donee, not per Donor!
We received the following question (and many others of a similar nature): “My husband tore out an article you wrote for the Farm Journal advising that it was possible to gift $ 400,000 in value per year. How is this possible when the gift tax exemption is $ 14,000? Assuming husband and wife each gifted […]
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Monsanto Wheat Settlement Update
I posted last week on how the Monsanto GMO wheat settlement for PNW wheat growers might average about 2 cents a bushel. That assumed a payout for all soft white wheat sold in the PNW for that time period. The actual amounts are actually higher based on the date of wheat sales. For sales between […]
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Take Advantage of Low Rates!
The IRS just released their applicable federal rates for December 2014. For loans less than 3 years, the rate is .34%; 3 to 9 years, it is 1.70%; and for over 9 years, it is 2.70%. These very low rates provide a very good opportunity to transfer additional wealth to your children or grandchildren without […]