Farm Trends
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Are You Relying on DPAD Passthrough?
Cooperatives are passing through less DPAD this year to producers. If you use the passthrough as part of your year end strategy, make sure you know what to expect.
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The Latest Ag Bank Report from the KC Fed
The KC Fed releases various reports each year on Ag lending. We review the latest report.
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The FarmCPA Podcast
I recently started a Podcast called the FarmCPA Podcast with Top Producer. We are still getting some of the kinks ironed out but I hope you will subscribe to the podcast.
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Blog, Blog, Blog
Our latest Ag Insights video is an interview of me on how the blog got started. I hope everyone will watch it.
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What Can Farmers Expect?
The passage of the CARES Act contains some benefits to farmers. We review some of them in this post.
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1245 Not 1231
When a farmer sells equipment, it can either be taxed as ordinary or capital gains income. We review the calculations.
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Communicate, Communicate, Communicate!
I was in Omaha yesterday with Dick Wittman and a local attorney doing a seminar for the Legacy Project on succession planning. One member of the audience mentioned that he felt like we had poured 100,000 bushels of corn into a 20,000 bushel grain bin. I know we covered a lot of material, but the […]
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Portability Revisited
With the “permanent” changes in the estate tax laws from about 2 years ago, we now have a permanent provision called portability. This allows for the unused portion of someone’s estate to be “ported” over to the surviving spouse to be used on their final estate tax return. Example: John Bean passes away worth $1 […]
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Trusts Can Get You in Trouble
In a Tax Court filing from last week (Estate of Elwood H. Olsen, TC Memo 2014-58), we find how much tax can be owed if taxpayers do not administer trusts correctly. In the case, Mr. Olsen passed away in 2008 at the age of 92. In 1994, Mr. Olsen and his wife Grace each formed […]
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Leave a Legacy (#44)
I had the privilege about two weeks ago to make a quick trip to the Kansas City area to do taping for Leave a Legacy. Leave a Legacy is a Farm Journal Media presentation focused on succession planning for farmers and is headed by Kevin Spafford. About three years ago, I had taped an inside episode […]