Farm Industry Trends

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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Time Running Out on Late Portability Elections

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October 7th, 2014

We now have a new provision (although it has been around for a few years) that allows the unused portion of the first spouse’s estate to be “ported” over to the surviving spouse.  We call this portability.  There was a lot of confusion surrounding how to report this when the first spouse did not have […]

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Taxable is Taxable -Whether a 1099 or not!

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October 6th, 2014

I got this question from one of our readers: “Are rebate checks that are received through a growers rewards program from Seed Company for the purchase of seeds taxable as income? I do believe it is but the wholesaler is saying it isn’t because you don’t get a 1099! ” I tend to get several […]

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Estimated Acre Payments for 2013 Crop Year

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October 3rd, 2014

The old farm bill provided an option for producers called ACRE (Average Crop Revenue Election).  The option, at that time, was a little bit complicated and required a reduction in other payments to participate.  However, the payment amounts per acre were very substantial in certain years for various crops. FarmDOC Daily just issued a report […]

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IRS Offers Tax Relief to Drought-Stricken Farmers and Ranchers

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October 3rd, 2014

The Internal Revenue Service is providing more time to farmers and ranchers in 30 drought-stricken states to defer taxes on any gains from forced sales of livestock.  The IRS is providing this relief to any farm located in a county, parish, city, borough, census area or district, listed as suffering exceptional, extreme or severe drought […]

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Operating Farm Loan Volume Up in 2nd Quarter

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October 1st, 2014

The Chicago Federal Reserve issues a quarterly Ag Letter that recaps the major financial changes occurring in the states that it serves.  The states comprise the 2 largest corn states (Iowa and Illinois) plus Indiana, Michigan and Wisconsin.  Here are some of the major themes from their latest letter: Farmland values for the second quarter […]

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Key Dates for Farm Programs

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September 30th, 2014

The FSA has posted on their website the updated key dates for ARC and PLC sign up as follows: The reallocation of base acres and updating of payment yields (for PLC) started yesterday (September 29, 2014) and will extend until February 27, 2015.  Although the option to update payment yields is strictly for PLC election, […]

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CMS Update on Consumers who have Data Matching Issues

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September 29th, 2014

Did you sign up for insurance through the Affordable Care Act? If so, you might be in for an unpleasant surprise. The Internal Revenue Service announced it is using tax returns to verify the incomes people claimed when they signed up for exchange-based health insurance. If you didn’t input the right amount, you may owe […]

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