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S Corporation Due Dates
In my post from Monday regarding the new dates for corporations and partnerships income tax returns, I failed to mention that S corporations will now have the same due date as partnership returns or March 15 for a calendar year return. C corporations will be a month later (except for those pesky June 30 year-ends […]
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Day 1 of the NSAC Annual Meeting
I am attending the annual National Society of Accountants (NSAC) annual meeting in Denver. For those of you who work with cooperatives who are not members of the NSAC, I would strongly encourage you to become a member. There are numerous education opportunities, resources, and great networking opportunities available. Also, if anyone of you reading […]
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The June 30 C Corporation Due Date
Yesterday we reported on the changes to due dates for partnerships and C corporations. One of the oddities was that June 30 fiscal year C corporations would keep their current due date of September 15 until 2025 while other entities got an extra month. I think I have now figured out this oddity. The fiscal […]
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Tax Return Due Date Changes and Other Items
When Congress passed a short-term highway funding bill last week and President Obama signed it on Friday, there were various tax provisions included in the bill. One that will affect most of our farmers relates to the new due dates for various tax forms. The major changes are as follows: Partnership tax returns will now […]
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Cash Basis Farmers Allowed to Deduct All Costs!
The Tax Court released the Agro-Jal Farming Enterprises case yesterday and the court ruled that cash basis farmers are essentially allowed to deduct all costs related to the business of farming. The taxpayer was a farmer in Santa Maria, California who grew various vegetables. As part of the harvesting process, the crops would be placed directly […]
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Farm Financial Standard Annual Conference
Today begins the annual Farm Financial Standards Council annual conference in warm Kennewick, Washington (we are supposed to be 104 on Friday). The Council primary goals are to provide guidance to agriculture producers on preparing accrual based financial statements. The meeting gets started today with committee meetings. Tomorrow’s schedule has speakers on succession planning and […]
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Organic, Conventional or GMO
The Federal Reserve of Kansas City just had their annual Ag Symposium about two weeks ago. One of the presentations was by Jill McCluskey, a professor at Washington State University on the demographic trends and consumer preferences regarding food. The highlights of her presentation were as follows: Processed and fast food is the old trend – Farmers’ […]
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For the Craft Beer Lovers
The Financial Times had an article last week regarding the rise in Hop prices for craft breweries partly due to the heat in the Pacific Northwest. About 90% or more of hops grown in the US is located within 30 miles of Yakima, Washington. I have spent many years in Yakima and when hop harvest […]
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WA State Piece Rate Workers Must Be Compensated for Breaks
The WA Supreme Court decided on July 16, 2015 in Demetrio v. Sakuma Bros. Farms, Inc. that employers must pay piece rate workers for rest periods “separate and apart from the piece rate.” Farm workers paid by the task are entitled to rest-break pay above the negotiated piece rate. This ruling is the result of a […]
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Me and the Case IH 9230
My cousins farm in Walla Walla County and this year they had purchased a two year-old Case IH 9230. This is a Class 9 combine and the only one bigger from Case IH is the new 9240. Wheat harvest is about two weeks early this year and normally I would operate the combine for a couple days in early […]
