September, 2010

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    September 29th, 2010


    The 3.8% Sales Tax on Home Sales (Hoax)

    I have received multiple e-mails in the last month or so about the Obama 3.8% sales tax on the sale of your home starting in 2013.  There is no federal sales tax on any home sale in today’s tax law. However, there is a provision in the Health Care Act passed earlier in the year […]

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    September 29th, 2010


    Some CPA Humor

    I know some farmers probably feel that CPA do not have any humor, but I think we enjoy jokes about our profession a lot.   So, in that spirit, I am listing some humor below. Trick or Treat The doorbell rings, and a farmer answers it.  Here stands this plain, but well dressed kid, saying “Trick […]

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    September 28th, 2010


    Floods Destroy Over $3 Billion in Pakistani Crops

    The recent deadly floods in Pakistanhave destroy $3.27 billion of rice, cotton and sugar production according to is Farm Minster Naza Muhammad Gondal.  The country lost about 2.4 million metric tons of rice (about 80 million bushels) and 10.4 million metric tons of sugar can.   The country may also need to import almost 3 million […]

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    September 28th, 2010


    IRS Issues 5th Update of Extreme Drought Areas for Extended Livestock Replacment Period

    The IRS has released the fifth annual list (published each September) of counties or parishes in which exceptional, extreme, or severe drought has been reported during the preceding 12 months.  This list can be used instead of the U.S. Drought Monitor maps to determine whether an extended replacement period applies for livestock sold because of […]

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    September 25th, 2010


    New Tax Goodies – Updated

    A very observant reader spotted an error in my last post on the new tax goodies.  In the reporting section for real estate rentals, the form 1099 reporting is for services provided to the real estate investor for items such as repairs, accounting, etc.  The payer of the rents was already required to report this […]

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    September 24th, 2010


    New Tax Goodies

    The Small Business Jobs Act of 2010 was just recently passed by both the House and Senate and President Obama will sign it when he gets back from China.  This Act has several tax “goodies” for farmers and it also has some not so good “goodies”.  A recap is as follows: Section 179 Expensing  – […]

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    September 23rd, 2010


    Wall Street is Following Ag

    When farm commodity prices are increasing, the coverage of Ag tends increase by the Wall Street press.  In today’s Wall Street Journal, there were two articles related to Ag commodities. In the Ahead of the Tape article, there was a discussion on how the price of cotton going over $1 per pound for only the […]

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    September 22nd, 2010


    Farm Tax Resources

    A reader asked me for any books that I would recommend regarding farm taxes.  As a CPA, there are several courses around the US that I can attend to get my continuing education and these courses do provide workbooks for us as CPAs.  However, they are not designed for reading by a farmer since they […]

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    September 21st, 2010


    This Land of Ag Diversification

    I spent this weekend and Monday traveling to Boise from Yakima and back again.  On the trip down to Boise, I drove through the irrigation section of the Columbia Basin.  This area grows a wide variety of crops such as onions, potatoes, wheat, corn, peas, beans, hay and lots of vegetable seed crops.  After that, […]

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    September 17th, 2010


    Begin to Lock in 2011 and 2012 profits?

    As corn starts to exceed $5 in price and pricing can be locked in 2011 or even 2012 crops, have you checked your budgets for those years.  If you have and are able to lock in your major input prices such as fertilizer and diesel, you should be looking at making $250 per acre or […]

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