March, 2012

Intended Corn Plantings Up Over 7 Million Acres in 2 Years

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March 30th, 2012

I was reviewing the intended corn acre plantings just issued by the USDA and some of the numbers that jump out at me are: Total intended corn acre plantings of 95.9 million acres for 2012.  This is up almost 4 million acres over 2011 and up over 7 million acres from 2010.  This is the […]


Number of Farms Get Smaller, But They Produce More

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March 27th, 2012

Most of you are aware that the number of farms in the US continues to get smaller, but they produce more and more.  In the dairy sector, one report from the Idaho Dairymen’s Association indicated in 2008, there were over 800 dairies in the state of Idaho.  Just three years later, this number had dropped […]


Reprieve for Farmers Filing Late Due to MF Global

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March 23rd, 2012

Most farmers file by March 1 of each year to escape having to pay estimated tax payments in January.  This year, many farmers received their Form 1099 from MF Global very late and in many cases after March 1. The IRS just announced penalty relief for any farmers who had to file their return after […]


If It Walks Like a Duck, Quacks Like a Duck, It is Probably a Duck

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March 21st, 2012

A recent Court Case reminded me that sometimes taxpayers and their advisors can sometimes go too far in trying to create favorable tax situations.  For many years now, taxpayers have taking advantage of using cost segregation studies to allocate part of the construction or purchase cost of buildings to items more closely related to equipment […]


One Month to Go!

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March 18th, 2012

Today is Sunday March 18, 2012 and tax due day this year is Tuesday, April 17, 2012.  There is slightly more than 4 weeks of tax season left for all of my CPA friends out there.  For our office, it has been a little bit stressful this year since converted to different tax software, but […]


Top Estate Planning Mistakes Farmers Make – Conclusion

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March 14th, 2012

We just finished a three part series on the top estate planning mistakes farmers make and we had some readers ask which one was most important? This is strictly my opinion, but I think the first one listed “procrastination” is the worst mistake farmers and probably all business owners make. Many farmers will never have […]


Top Estate Planning Mistakes Farmers Make – Part 3

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March 12th, 2012

We conclude our series on the top estate planning mistakes farmers make today with: Treat all the kids the same – In our seminars on this subject, the question of how to treat farm and non-farm kids can be the most vexing issues for farmers.  Many farmers who control the farm and only pass down […]


Top Estate Planning Mistakes Farmers Make – Part 2

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March 9th, 2012

Continuing our post from yesterday: I am worth less than $5 million, so who cares? – Well, for one thing your spouse might care.  We have a new estate planning opportunity called portability which allows the unused estate exemption to be transferred to the surviving spouse.  So let’s assume you pass away in 2011 worth […]


Top Estate Planning Mistakes Farmers Make – Part1

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March 8th, 2012

We have had several requests to recap Nick Houle’s presentation on the Top Estate Planning Mistakes that Farmers Make presented at the Commodity Classic last week.  There are several of them, so I am going to break them down into three or four on a daily basis over the next week or so.  The first three […]


You Have 15 Months to Make Portablity Election!

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March 6th, 2012

One of the new features of the federal estate laws passed back in December, 2010 is the concept of portability.  Under the old law, if a husband passed away with an estate of $500,000 and the lifetime exclusion was $3.5 million (the 2009 rules), the $3 million excess that was not used at his death […]


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