Farm CPA Today!

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

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Enrollment for Dairy Margin Management Program Begins September 2

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August 28th, 2014

The USDA announced today that the new Dairy Margin Management Program (MPP) will be open for enrollment starting next Tuesday, September 2, 2014.  Enrollment will end November 28, 2014 and dairy farmers will be able to retroactively enroll back to September 1 for 2014 and enroll for all of 2015.  The elections are separate for 2014 […]

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IRS Releases 2012 Income Data

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August 28th, 2014

The IRS recently posted to their website the income statistics for 2012.  These statistics break down income into their major components such as wages, interest, business income, etc.  Farmers who file Schedule F are also listed.  Farmers who file as a partnership or S corporation along with related wages would be lumped in with those […]

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How $563 Cost a Taxpayer $6,320

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August 26th, 2014

In an US Tax Court case released today, a taxpayer (who was not a farmer thankfully) had a very small issue with the IRS.  The couple earned well in excess of $200,000 during 2009 and deducted $11,000 for an IRA for him and his spouse.  Since the spouse was covered by a pension plan, this […]

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Trends in Crop Revenues

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August 26th, 2014

The USDA released updated estimates of net farm income for 2014 today and I thought I would reproduce the chart of estimated crop revenues from 2010 to 2014 below: As you can see, 2012 was the high-water mark for almost all crops over the last five years (2014 is an estimate).  Only fruits and vegetables had […]

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Watch Out for Timing of Hedging Loss

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August 26th, 2014

I hesitate to write this post since I know that most of our farmers who hedge (including their tax advisors) may be technically reporting their hedging loss in the wrong year.  In most cases this will not be true, but there are cases where it may happen and if an IRS auditor who knows hedge […]

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How to Sell Your Land and Pay No Tax – MAYBE

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August 25th, 2014

I had a reader ask me questions regarding the taxation of an installment sale of farmland.  I helped him out and thought it would be a good idea to do another post on how you may be able to sell farm land (or other capital gain assets) in certain situations and pay no federal income […]

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FBS Conference – Hedging Accounting and Taxation

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August 24th, 2014

I will be presenting at the FBS Systems Annual Conference in Moline, Illinois on Tuesday August 26, 2014.  This is a full day workshop in conjunction with Norm Brown (owner of FBS Systems) on hedging accounting and taxation based upon the standards issued by the Farm Financial Standards Council. This workshop will review the standards, […]

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One-Third of Americans Lack Retirement Savings

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August 22nd, 2014

I came across this article recently and it highlighted a retirement savings issue many people face, especially those that are self-employed. “Many U.S. households are not adequately prepared for retirement, according to a new report from the Federal Reserve that found 31 percent of non-retired respondents indicating they have no retirement savings or pension, including 19 […]

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Mid West Crop Tour – Final Conclusions

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August 22nd, 2014

I was hoping to write this post last night, but dinner, presentations and then chatting with all of the scouts meant I did not get back to my hotel room until almost Midnight. My key theme for this crop tour is “Can the Great Eastern Crop Lift Up the Not-So Great Western Crop”?  Our tour […]

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More than 100 but Less than 500

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August 20th, 2014

When a farmer or taxpayer owns an S corporation that incurs a loss, the farmer must show that they have materially participated in the companies operations in order to deduct the loss.  The slam dunk test is that the owner works for more than 500 hours.  If the owner works for less than 100 hours, then […]

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