If Landlords Can’t Agree, get new FSN by September 26, 2014
One of the requirements of the new farm bill is that all parties involved in each Farm Serial Number (FSN) must agree on whether to elect PLC or ARC. If the parties cannot agree then no 2014 payment is allowed and the farm is automatically enrolled in PLC for 2015 through 2018.
If you have multiple landlords and want to make sure that this issue does not arise, you should consider revising your current FSN to set up new FSN for each land lord that you operate with. This prevents one landlord holding you hostage to a PLC election when everyone else wants to elect ARC or vice versus. If this applies to your situation, run, do not walk down to the local FSA office since they will be swamped as September 26 approaches which is the current deadline.
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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