Farm CPA Today!

A blog for farmers & others involved in the agricultural industry.

CLA Emergency

Another Strike Against PLC

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September 19th, 2014

One of the arguments for using PLC instead of ARC is that PLC has unlimited payments (until you hit the overall payment limit of $125,000 per individual).  However, one of the drawbacks to using PLC is your payment yield will not likely reflect your actual yields for 2014-2018.  The payment yield for PLC purposes is […]

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68 Days and Counting

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September 17th, 2014

I am a member of the Emerald Club through National Car Rental.   It appears that so far this year I have been in a rental car with that company for 68 days.  As a direct result of that (and other related days away from home) my wife has talked me into taking her on a […]

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Clarification on September 26 Date

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September 16th, 2014

In my post yesterday, I indicated that you need to update your farm structure by next Friday September 26, 2014 to ensure that your ARC or PLC decision for this year would be the one you wanted, not necessarily the one you got stuck with.  We have gotten a few questions on this and after […]

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Update Your “Farms” by Sepember 26

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September 15th, 2014

I previously wrote on this subject recently, but want to reinforce that you need to take action before September 26, 2014 in order to make sure you do not end up losing any PLC/ARC benefits for this year.  The election for ARC or PLC is done on a farm-by-farm basis which includes the operator (the […]

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Dairy Margin Protection Program Update

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September 14th, 2014

I spent Friday in Denver (I found wearing shorts to Denver this time of year may not be a good idea since it was “cold”) getting training on the new Dairy Margin Protection program.  The various state universities involved in the online tools development have done a very good job of providing good information that […]

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Have Funds to Cover Your Check

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September 12th, 2014

The US Tax Court released a case yesterday that Joe Kristan from the Tax Update Blog did a great job of recapping so I will not go into too much detail since he covers the facts. However, the key point from this case is as follows: If you issue a bonus check at year-end that the […]

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How Do We Plan For Section 179 in 2014

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September 11th, 2014

We have done several posts this year on what Section 179 might be for 2014.  Currently, Section 179 is limited to $25,000 and it starts to phase-out once the farmer spends $200,000 on farm equipment and is eliminated once the farmer goes over $225,000.  For 2014, there is no bonus depreciation, whereas last year farmers […]

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Will Tax Inversion Debate Yield Permanent Section 179

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September 10th, 2014

Congress is currently debating some type of tax inversion bill to make it more expensive to change a company’s tax domicile from the US to overseas.  This post will not discuss the merits of those proposals, but just let you know there is some discussion that along with the tax inversion changes that Congress will […]

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If Landlords Can’t Agree, get new FSN by September 26, 2014

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September 8th, 2014

One of the requirements of the new farm bill is that all parties involved in each Farm Serial Number (FSN) must agree on whether to elect PLC or ARC.  If the parties cannot agree then no 2014 payment is allowed and the farm is automatically enrolled in PLC for 2015 through 2018. If you have […]

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Be Careful What You Wish For

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September 5th, 2014

As part of the new farm bill passed earlier this year is a provision that allows farmers to elect to adjust their APH for any years where the county yield (including contiguous counties) is less than 50% of a ten-year average.  These rules were supposed to be put in place in time for the 2015 crop year.  The USDA […]

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