Farm CPA Today!

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

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ARC-IC Calculations Apply to All Elected Farms in the State

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October 23rd, 2014

Most producers who elect ARC will do at the County level (ARC-CO).  However, many producers with yields substantially in excess of county levels will elect ARC at the Individual Crop level (ARC-IC).  All of these elections are on a farm-by-farm basis and on a covered crop-by-covered crop basis except ARC-IC which requires all covered crops […]

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If You Want Crop Insurance Subsidies, Be In Conservation Compliance

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October 22nd, 2014

For farmers to continue to receive premium subsidies for crop insurance, they must be in conservation compliance with the local FSA office.  In order to be in compliance, the producer must file form AD-1026 with the FSA.  If you already participate in any of the farm programs, you are in compliance. However, if you have never […]

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APH Yield Exclusion to be Available on Certain 2015 Spring Crops

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October 21st, 2014

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

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October 20th, 2014

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 non-taxable on health insurance benefits […]

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Base Reallocation Q & A

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October 19th, 2014

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

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October 15th, 2014

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

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October 14th, 2014

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

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October 13th, 2014

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”

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October 10th, 2014

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

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October 10th, 2014

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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    If you have higher yields or go all corn for the 2014 crop year consider ARC-IC. It may more than offset base acre penalty 4 hours ago

    Presenting two farm bill seminars today. Dayton and Walla Walla 1 day ago

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    Getting ready to go to LA to defend my son and I APU Alumni golf tournament victory last year. I may have to carry him again 1 week ago

    Everybody worried about bubble in land market. They should worry about stock market bubble 1 week ago

    77 degrees on October 8. Perfect. 2 weeks ago

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    Just saw a bighorn sheep eating grass in the bank next to the freeway. Less than 30' from my car. 1 month ago

    After 82 days in a rental car my wife has talked me into a cruise. We leave Thursday for Miami. Can't wait 1 month ago

    Will final ear weights set a new record. If so final corn yield will be going higher (unless we get an early hard freeze) 1 month ago