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April 18 (or 19), 2016 is Due Date for 2015 tax returns
The normal due date for federal individual, partnerships and trust income tax returns is April 15 of each year. However, when the due date falls on a Saturday, Sunday or federal holiday, the due date becomes the next normal business day. Next year April 15 falls on a Friday and there are no federal holidays […]
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What Runs Through the Estate!
I got an email from a reader that other day and I will paraphrase it as follows: “My sisters and I sold some farmland in 20XX. This land had been in several trusts. A trust that was formed in 19XX when our grandfather passed away owned a portion of the land. Another two trusts; one for […]
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Crop and Livestock Producers are Opposites
The Kansas City Fed just released their latest Ag Credit Survey and it certainly highlights the contrast between financial conditions for crop and livestock producers. In their second chart of the report, it recapped the percentage of producers who indicate a significant improvement, modest improvement, no change, modest deterioration or significant detonation in conditions from […]
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Where’s Waldo (Paul)?
My children used to like to take a look at the books featuring “Where’s Waldo?”. My four boys would race to see who could find him first (they usually beat mom and dad to it too). Once I started doing more traveling, many of my staff will now ask “Where’s Waldo/Paul?”. So this post will […]
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“Cost don’t Matter, Except When it Does”
I seem to get an email on at least a monthly basis asking what “my cost basis is” when the person inherits property, usually farm land. The email usually goes into great detail about the cost basis of the property when it was originally acquired by their parents or grandparents and usually has very little […]
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Another Personal Invitation
The Farm Financial Standards Council was formed several years ago to help the farming industry adopt accounting standards for farmers, ranchers, bankers, accountants and others to better present and use financial accounting records in their operations. It is a purely a non-profit organization composed of unpaid volunteers and they provide a very valuable service to […]
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NSAC Cyber Security Webcast
As a quick follow up to a recent post ( Think You Are Too Small to Be a Target of Cyber Crime? Think Again.), on June 2nd Mark Eich from CliftonLarsonAllen will be presenting a Cyber Security webcast for the National Society of Accountant’s for Cooperatives (NSAC). While this group is geared towards Cooperatives, the […]
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Don’t Get Too Greedy!
The US Tax Court released the Costello case yesterday and it is a great example of how much tax you may have to pay when you either get “too greedy” or don’t follow the tax rules or both. David and Barbara Costello purchased a large farm (according to the Tax Court 73.6 acres is a […]
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2015 AICPA Ag Conference
As chairman of the 2015 AICPA Ag Conference, I would like to personally invite all of our readers to this event. It will be held on Monday July 13, 2015 to Wednesday, July 15, 2015 in Indianapolis, Indiana. On Monday, Chris Hesse and myself will do an all-day optional workshop on farm taxation . This session will […]
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Dairy Margin Protection Program Analysis
The USDA has a Dairy Margin Protection Program (MPP) website that provides updated information. This information includes historical data along with a monthly update on monthly margin (All-Milk Price less calculated feed costs). As expected, the margin for 2014 was substantially in excess of the highest margin ($8) that could be accessed by dairy producers. […]
