Ag Policy
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Interest Under USDA Prompt Payment Act Mean Only One Year!
We were informed of a farmer that had a several year delay in receiving his 2010-1012 FSA direct payments. Many farmers naturally assume that if the USDA is late in making payments to a farmer, interest will be paid from the original due date until the final payment date. This is true, however, only if that […]
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Senate “Pool” Process to Increase SE Taxes?
The Senate proposals on tax reform contain a new method of computing depreciation as discussed in our last post. With this new pooling process, it appears that in many cases, farmer’s self-employment taxes will be greater than under current law. For example, if a farmer purchased a new tractor in 2010 for $300,000 and fully […]
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Day 1 of the NW Co-op Council Meeting
The following post was written by David Enquist from our Moses Lake, Washington office. The original plan was for me to be in Portland yesterday with him, but I ended up in Michigan and then to top it off, the plane out of Detroit was a late plus a strong head-wind meant I missed the flight […]
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New Water Rules Coming?
We now have a new Food Safety Modernization Act which was primarily a response to the multiple break-outs of E Coli food poisoning over the last few years. The FDA is proposing many new Regulations in response to the new Act. Part of these regulations pertain to water sources used by farmers to irrigate their crops. […]
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Crop Insurance Deferral Options
It appears that at least $5 billion of crop insurance claims have been processed this year and with the approximate $1.20 drop in corn prices from the spring, it is likely that additional corn claims will be made. Unlike last year when almost all claims related to yield losses, this year, most of the claims […]
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For Our CPA Readers
The AICPA is presenting an Agriculture Conference next May in Austin, Texas. Here is a link to sign up for the conference. I am one of the committee members tasked with designing and putting on the conference and I believe that whether you have a tax or assurance background, there is something there for everyone with […]
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Day Two of Midwest Crop Tour
Today, we left Fishers, Indiana and headed due west and then north towards Kokomo. Most of the corn samples we took between Tipton (where we started our sampling) were very good. Most of the yields were in the 185 to 220 range. Soybean counts were above the three-year average. Our highest corn count in Indiana was […]
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California is Out of Controll!
Since I practice in the state of Washington, I end up doing a fair amount of California business and personal tax returns. This is one of my least favorite states to deal with and a recent court case winding its way through the system highlights this even more. In Swart Enterprises, Inc. v. Franchise Tax […]
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MidWest Crop Tour
Just letting everyone know that I am leaving bright and early tomorrow morning to fly to Cedar Rapids, Iowa. Chris Barron is picking me up at the airport and we are then headed to Columbus, Ohio. We will spend the night in Bloomington, Illinois (most likely) and then meet up with about 100 scouts in […]
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The New Farm Bill
Mark Reisinger, the Global Grain Trade lead gave an update on the new farm bill this morning at the NextGen conference. With the House failing to pass a Farm Bill that included the nutrition program, we now have a Senate/House sub-committee working on a new Farm Bill. The Senate portion offers two programs based on […]