Verify AGI Now
Producers who will receive some type of program payment for the 2014 crop year (ARC or PLC) will need to verify their Adjusted Gross Income (AGI) with FSA before they will be eligible for a payment. Even though the payment will not be received until after October 1, 2015, the verification of income is based upon the crop year (2014) not the year of payment.
You will need to average our AGI for 2010 – 2012. If this average is over $900,000, then no payment will be allowed for your portion. If under $900,000 full payment is allowed. If you know you will receive a payment this year, go ahead and prepare your Form 941, sign it and take it your local FSA office.
If you wait too long, it may delay your payment.
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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