Clarification on September 26 Date
In my post yesterday, I indicated that you need to update your farm structure by next Friday September 26, 2014 to ensure that your ARC or PLC decision for this year would be the one you wanted, not necessarily the one you got stuck with. We have gotten a few questions on this and after reading my post again, I can see why it might be a bit confusing. The ARC/PLC decision will not have to be made until late in 2014 or most likely sometime in 2015.
The September 26, 2014 date refers to the timing of your updated farm information that will be used in making the ARC/PLC decision. If you do not get it right and you have just one landlord that will not sign off on the election, then you and all of the other landlords (assuming crop share) will not get a payment for 2014 and will be locked into 2015-2018.
Paul Neiffer, CPA
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.
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