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APH Yield Exclusion to be Available on Certain 2015 Spring Crops
The RMA announced today that the APH yield exclusion will be available for most 2015 spring crops. The APH yield exclusion allows farmers to exclude their own yields anytime the county or contiguous counties have a current yield that is less than 50% of the 10 year county yield. For example, assume a Texas wheat farmer farms […]
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Will ACA Require You To Include Health Insurance as Wages
Updated information on 11/9: http://www.farmcpatoday.com/2014/11/09/dol-plays-hardball Many farmers provide health insurance for their employees. In years past; whether the employer offered a qualified group plan or simply paid for the employee’s health insurance, the payment of the premium was deductible by the farmer and non-taxable to the employee. However, beginning January 1, 2014, an employee is only […]
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Base Reallocation Q & A
We have gotten numerous questions regarding the base reallocation election available to owners and we are summarizing these in a Q & A format: Q. Can I increase my base acres? A. No. You cannot increase or decrease your base acres. Those total acres are set; however, you are allowed to reallocate those acres from […]
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Join Andy Biebl, Lance Woodbury and Myself
DTN/Progressive Farmer puts on an Ag Summit in Chicago every year in December. This year on Sunday December 7 from 1 pm to 5 pm, Andy Biebl, Lance Woodbury and myself will be doing a joint presentation on Farm Retirement and Transition Planning. Some of the key topics that Andy and I will be presenting […]
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Complacency about Fraud Exacts a Heavy Cost
The Association of Certified Fraud Examiners (ACFE) has produced a new infographic, “The Cost of Complacency”, warning about the costs to organizations of being overly complacent about financial fraud. The data was compiled by the ACFE for its 2014 Report to the Nations on Occupational Fraud and Abuse. Here are a few highlights from the […]
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Less Than Two Full Days to Get Your Return Filed
I think I must have have gotten 10 or more tax returns wrapped up and out the door today but I know I still have at least 20 or more to get finished by Wednesday at 5 PM (actually earlier for me: I am headed to Southern California to play in my two oldest sons […]
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Tax Court Tells IRS “Update Your Regulations”
In an US Tax Court case released on October 9, 2014, the Court essentially told the IRS to update their income tax regulations to reflect changes made to the US Income Tax Code almost 20 years before. If a service business (such as an accounting firm, law practice, medical practice, etc.) incorporates its business, it is […]
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Morehouse Appeal is Released – Taxpayer Victory
The Eighth Circuit just released today the long-awaited appeals of the Rollin Morehouse Tax Court case that we have posted on previously. In the original Morehouse decision. the Tax Court found that essentially all CRP payments received, whether by a farmer or simply a landlord would be subject to self-employment tax. In today’s Eighth Circuit […]
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How Might CBO Estimates Change
The Congressional Budget Office (CBO) did an updated scoring of the new farm bill back in April of this year. It breaks down the major outlays for all related agricultural farm bill spending including ARC and PLC for all of the major covered commodities. I am assuming that CBO has run numerous calculations at various low […]
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Time Running Out on Late Portability Elections
We now have a new provision (although it has been around for a few years) that allows the unused portion of the first spouse’s estate to be “ported” over to the surviving spouse. We call this portability. There was a lot of confusion surrounding how to report this when the first spouse did not have […]
