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Surprise! Surprise! – Check with FSA now on your ARC/PLC signup
A few producers in Southern Minnesota have brought this to our attention recently. Many who think they are signed up and are good to go for 2014 and 2015 ARC/PLC payments are not done. There is a final step that must be completed by September 30th. After you formally elect ARC/PLC coverage, the final step […]
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Don’t Forget Those Fuel Tax Credits
Most farmers obtain dyed diesel without having to paying federal and in most cases state excise taxes. However, there can be many other uses on the farm that will allow a farmer to claim a fuel tax credit on Form 4136. Some of these uses are: Any field use of gasoline powered tractors/combines, Any field […]
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When Does $115,875 Equal $125,000?
The 2014 Farm Bill allows for a maximum payment of $125,000 for ARC/PLC, however, it appears that any program payments are subject to sequestering which will cut scheduled payments by up to 7.3%. Sequestering is the reduction of program outlays (not just USDA) by an automatic percentage for each government fiscal year-end (ending September 30). […]
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If Crop Insurance Subsidy Disappears, Will Premiums Rise For All?
Congress continues to discuss reducing or eliminating the subsidies for crop insurance premiums for those producers whose adjusted gross income exceeds a certain level ($750,000 is a current number discussed). If these subsidies are eliminated for these farmers, it is likely that those farmers may stop participating in the RMA managed crop insurance system. Instead, […]
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8 Digits Does Not Make an EIN – Extends Gift Tax Statute
In a recent IRS Field Attorney Advice, we find out that messing up an employer identification number on a gift tax return can extend the gift tax statute of limitations. A person filing a proper gift tax return gives the IRS only three years to audit the return. However, if the information is not complete, the statute […]
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The New American Farmer?
A farmer friend of mine sent me the attached photo of him and his daughter riding the combine together. After seeing the photo, it brought back many fond memories of growing up on a farm that most non-farm children never get to enjoy such as: As a little boy, riding on the combine, Caterpillar D-4 […]
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Midwest Cropland Values Continue to Drop
The Chicago Federal Reserve released their latest AgLetter earlier this month and their survey of land values in Iowa, Illinois, Indiana, Wisconsin and Michigan found annual decreases in cropland values in Iowa and Illinois of about 6-7% and small increases Indiana and Michigan. Indiana values were actually up a bit from the first quarter and up […]
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IRS Delays New Inherited Property Reporting Requirements Until February 2016
On July 31, 2015, President Obama signed the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 which included a new provision requiring reporting of income tax basis of property inherited if the estate was required to file an estate tax return. This new provision applies to estates that occurred after July 31, 2015. […]
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Lightning Storms Can Delay Planes
I finished up with the Pro Farmer Midwest Crop Tour Thursday night, but ended up traveling to Kansas City early Friday morning for some meetings through Saturday. I flew home from Kansas City Saturday afternoon via Minneapolis. We were scheduled to fly out of Minneapolis Saturday at 8 pm and our plane was the last […]
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The Final Day of the Crop Tour
On Wednesday, the Pro Farmer had the very first sample that ever went over 300 bushels per acre. It was taken in NW Iowa and the record lasted for only one day. On our route through SW Minnesota, we made a stop and happened to hit a field that had 20″ rows. Our scouts went out […]
