Agribusiness BlogFarm CPA Today

December, 2009

  • Is Condo Storage for You

     Most farmers are of an independent nature, however, in one area they may want to consider partnering up on is grain storage.  The decision to build on-farm grain storage can be very complex.  Farms that are mid-size or smaller usually find it cheaper to continue to bring their grain to an elevator versus storing it on […]

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  • CRI Trumps APH

    Crop insurance has been available to farmers for many years.  Until recent years most of this insurance was based upon Actual Production History (APH).  Insurance products based upon Crop Revenue Insurance (CRI) have been introduced to enhance and/or replace APH. Marcia Taylor of DTN/Progressive farmer had a good blog on how one farmer in Ohio […]

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  • Good Farmland in Iowa Down 7% Year-over-Year

    The most recent AgLetter from the Federal Reserve Bank of Chicago indicated that good farm land in Iowa decreased about 7 percent from the third quarter of 2008.  The average decrease for the five state region was 4%.  The good news that the price of good farm land increased by 2% over the second quarter […]

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  • Milk @ $15 – Are You Taking Advantage of it!

      Chuck Schwartau of the University of Minnesota Extension Service has a great post of how the trend in milk prices has changed over the last several months.  It is no secret that dairy farmers having been hurting for close to a year now and a common statement was “If milk was at $15,00 per […]

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  • Merry Christmas

    MERRY CHRISTMAS and a HAPPY NEW YEAR! I can not believe that Christmas will be here tomorrow.  Between having two boys in high school, one in college and one that just graduated, it seems like I can still remember being bigger than they were.  That is no longer true.  We started this blog less than […]

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  • Monsanto = Monopoly?????

     I have read several articles about the Department of Justice possibly looking into anti-trust concerns regarding the concentration of seed genetic traits by Monsanto.  Many experts believe that Monsanto uses their supplier contracts with other seed companies to unlawfully constrain competition in the seed industry. Over the last 12 years, Monsanto has gone from having almost […]

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  • Estate Tax Whiplash!

    Thanks to Senate gridlock, taxpayers who are trying to do effective estate tax planning are in for a case of estate tax whiplash over the next few months.  The federal estate tax is due to disappear for one year starting in about two weeks, however, it may reappear unexpectedly and retroactively. When the Senate refused […]

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  • Don’t Forget the Domestic Production Deduction

    One of the deductions available to farmers that I see missed on tax returns (and I must admit I have missed it until I review the return) is the deduction for Domestic Production Activities.  This can be one of the most complicated tax deductions of all times for larger businesses, but for farmers who follow […]

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  • How Many Tons of Stuff do we Produce

    The USDA just recently produced their Crop Production report for 2009.  Being a stats nut, I always like to look through the report.  This time, I thought I would share with you the total amount of food that the US produces in metric tons.  Lots of food items are counted in bushels, bales, tons, etc. […]

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  • House Extends Current Estate Tax Rules to 2010 and Beyond

    The House on December 3, 2009 passed the Permanent Estate Tax Relief for Families, Farmers and Small Businesses Bill of 2009.  The Act would permanently extend the current exemption of estates of up to $3.5 million for a single taxpayer and $7.0 million for married couples.  For estates larger than there amounts, they would be […]

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  • 2009 Year End Tax Planning

    With the end of 2009 less than three weeks away (where does the time fly), I thought I would post a year-end tax planning update for farmers.  Most of this information applies to non-farmers also, but wanted to give you something to plan for.  Again, make sure to review this with your tax advisor before […]

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  • Corn Harvest is Not Done

    I was traveling over the last couple of days to the Mid-West.  I spent part of my time driving from Kansas City to Davenport, Iowa and then from there to Hannibal, Missouri and then back to Kansas City.  While on this trip, I noticed that there was still a lot of corn that was not […]

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  • IRS Cuts Mileage Deduction Rate for 2010

    The IRS just announced the mileage rates to be used for 2010 and most of them are lower than 2009 (even though gas is higher now than last year at the same time) For regular mileage, the reimbursement rate will be 50 cents per mile which is about 9% lower than last year’s rate of […]

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  • Corporate Farms in Africa

    In the latest issue of Business Week magazine is a very good article on the farm land rush that is occurring in Africa and other under-developed countries around the world. There are many issues surrounding these investments in third word farming enterprises.  Although it may provide jobs for these people, it also is disturbing the […]

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  • Stable Land Prices – Maybe, but How Long

    The University of Illinois had a recent October article on how land prices for Illinois had held steady from January 1, 2008 to January 1, 2009.  Prices for both years were slightly more than $4,500 per acre.  This contrasts with prior year increases. Between 2003 and 2008, the average price per acre grew by $2,120 or […]

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