Farm Operations
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My Weekend of Riding/Driving Combines
I spent the weekend riding/driving combines. This is my idea of a good time.
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Cybercrime Still a Hot Topic
Cybercrime continues to be a problem with all businesses including farmers. We discuss some of the ways to minimize the problem.
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Watch How You Account for Your “Entity”
The Tax Court issued a ruling yesterday involving a Texas Corporation and the two brothers who owned it. It did not go well for the taxpayers.
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Is Full Overtime Pay Headed Your Way?
California requires time and a half overtime once a farm worker exceeds 10 hours in a day or 60 hours in a wage. Governor Jerry Brown just passed a law changing this to 8 hours or 40 hours per week on a phased in basis beginning in 2019. Is it coming to the state that you operate in?
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Poll Data Favorable to Farmers
A recent poll indicates the public views farmers very favorably. This can be different from our perception.
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IRS to Respond to Questions on Corporate Spin-Offs
If multiple parties are farming in a corporation, it may make sense to split it up at some time if the parties don’t get along. The IRS will now rule on whether this meets certain tax requirements.
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Hard Red Winter Wheat LDPs Hitting 40 Cents Per Bushel
I was checking the USDA Daily LDP Rate website today and Hard Red Wheat has hit at least 40 cents per bushel in many states (primarily Colorado, Kansas and Oklahoma). Almost all other major wheat-growing states have some type of LDP for Hard Red Winter Wheat. All other classes of winter wheat appear to well […]
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US Better Get Started With Tax Reform
The EU filed a claim for $14.5 billion of back taxes from Apple. This has Congress and the IRS unhappy. This may help lead to major tax reform in 2017.
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IRS Provides Guidance on Late Bonus Depreciation & Section 179 Elections
Many farmers have fiscal year-end corporations and partnerships. For those returns filed with a year-end ending in 2015, the IRS provided guidance today on how to handle bonus depreciation taken or not taken on the return.
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USDA to Buy 11 Million Pounds of Cheese and Extend Dairy MPP Deadline
The USDA announced yesterday that it will buy 11 million pounds of cheese for approximately $20 million to help dairy farmers combat a cheese glut. The 2014 Farm Bill had authorized the USDA to purchase certain dairy products when margins got low. Currently, the margins are not quite to that level, however, the USDA has certain flexibility regarding what they can do to help.