Farm Leadership

Top 100 Ag Banks

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July 21st, 2014

The American Bankers Association (ABA) posts a quarterly report of the 100 largest Ag Banks (Non-Farm Credit).  In the first quarter report for this year, the #1 bank for Ag loans was Wells Fargo with $7.229 billion of farmland ($2.231 billion and $4.998 billion of other ag loans).  #2 was Rabobank with $3.957 billion followed […]

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Rural Mainstreet Index Continues to Weaken

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July 18th, 2014

Creighton University prepares a Rural Mainstreet Index that measures the economic outlook for the agricultural/rural sector of the economy.  An index reading of 50 indicates growth neutral.  The index for June 2013 was at 60.5 and for June of this year, it has dropped to 53.6, almost growth neutral.  The index is composed of a […]

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Section 179 and Bonus Depreciation Update

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July 17th, 2014

I seem to get more emails, phone calls and conversations regarding Section 179 and bonus depreciation compared to any other question. Both the Senate and House have either discussed or proposed several bills to extend bonus depreciation and Section 179 or make them permanent. In my opinion none of these bills will ultimately be passed […]

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Communicate, Communicate, Communicate!

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July 15th, 2014

I was in Omaha yesterday with Dick Wittman and a local attorney doing a seminar for the Legacy Project on succession planning.  One member of the audience mentioned that he felt like we had poured 100,000 bushels of corn into a 20,000 bushel grain bin.  I know we covered a lot of material, but the […]

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Help on Updating Your Payment Yield

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July 13th, 2014

Farmdoc Daily released information on Friday on updating your farm payment yields.  These payment yields will be used in calculating any PLC payments and will not affect ARC calculations.  However, if the option to update yields will result in higher yields, it will usually pay to update the yield since future farm bills may refer […]

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Watch Out for Spousal Inherited IRAs

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July 10th, 2014

Spouses who inherited IRAs have a couple of elections available to them that non-spouses do not have.  However, care must be taken to make sure that the 10% early withdrawal penalty does not apply when distributions are finally taken. When a spouse passes away owning an IRA whose beneficiary is the surviving spouse, that spouse […]

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ARC-IC Allows for Maximizing Flexibility (Perhaps)

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July 8th, 2014

Under the new farm bill, Agricultural Risk Coverage (ARC) has two elective components.  You can either elect county coverage on a covered crop by crop basis (ARC-CO) or elect to have ARC apply to all crops grown on your farm (ARC-IC).  If you elect county coverage, you will be paid on each covered crop’s base […]

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IRS Modifies Offshore Voluntary Disclosure Program (OVDP)

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July 7th, 2014

On June 18, 2014, the IRS announced new updated procedures for the voluntary disclosure program and new streamline filing procedures which in many cases substantially reduces the penalty exposure for non compliant taxpayers to 5% of the highest balance in foreign accounts and non-declared assets.  I have personally worked with clients that were involved in […]

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IRS Releases Final Regulations on ACA Small-Business Tax Credit

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June 30th, 2014

The IRS released on June 20 their final regulations on the small-business tax credit for paying health insurance premiums for the business employees.  This credit has been available since 2010 and was at a 35% maximum level until 2013.  In 2014 and 2015 the credit increases to 50% for health insurance premium payments offered through […]

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Transition Period for LGM-Dairy to DMM is Announced by FSA

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June 26th, 2014

The 2014 farm bill now provides for a new Dairy Margin Management (DMM) program.  Dairy farmers have been able to take advantage of Livestock Gross Margin-Dairy (LGM-Dairy) under current crop insurance provisions.  However, the 2014 bill provides that a dairy farmer cannot take advantage of both programs to prevent “double-dipping”.  In addition, the LGM-Dairy insurance […]

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    Drove over 2,000 miles in last 12 days. Saw a lot of good looking corn. Beans not so much 2 days ago

    When you drive through Minnesota, South Dakota and Iowa this time of year you see a lot of corn and beans and not much else 2 weeks ago

    Possible another reason for high US corn yield estimates is acres switched to beans were lower yield corn acres 2 weeks ago

    Don't understand why nobody claims the USDA manipulates the data when the report is bullish 2 weeks ago

    USDA pegged lower corn production but if yields trends continue this will quickly change to production increase. 2 weeks ago

    The soybean YO-YO is well underway 2 weeks ago

    If prices stay where they are at I estimate some farmers will $100 ARC payments next October. Could be difference between profit & loss 2 weeks ago

    I think the corn and bean markets are starting to feel like Brazil in the World Cup on Tuesday 2 weeks ago

    Do the Highs in Live Cattle equal the Lows in Corn and Beans 2 weeks ago

    The joys of summer travel by air. Thunderstorms at MSP means I miss flight home. At least I get in at 10:30 Friday 1 month ago