Farm Leadership

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    April 23rd, 2015


    Ethanol is XX% of Corn Production

    I always find it curious that ethanol use is quoted as being about 35% of corn production (about 5 billion bushels divided by 14 billion bushels plus or minus).  What always seems to be missed in the equation is the amount of dried distillers grain (DDG) that is produced as part of the ethanol process.  […]

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    April 20th, 2015


    Senator Wyden Indicates Tax Reform Must Include Flow Through Entities

    Senator Ron Wyden of the Senate Finance Committee indicated on Friday at a breakfast hosted by the Christian Science Monitor that any comprehensive tax reform must include flow-through entities.  As we have discussed in posts before, tax reform is primarily based on getting the top corporate tax rate down closer to 25% to be competitive with other […]

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    April 15th, 2015


    Another Bites The Dust

    I got married back in 1982 and my wife and I had discussions about playing the song “Another Bites the Dust” by Queen as we were walking down the aisle but saner heads prevailed and we kept it more traditional.  Plus, we thought about everyone over age 30 in the audience would not know the […]

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    April 15th, 2015


    2012 Taxable Farm Profits (Are Still Negative)

    The USDA Economic Research Service just released a nice chart showing the total reported taxable farm income and farm losses from 1998 to 2012.  Over the 15 year period, the net tax farm income number was never positive, however the trend from 2007 to 2012 increased every year. Farmers, in total, reported gross profits from […]

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    April 13th, 2015


    Watch Out for Employment Tax Fraud

    One of the easiest ways for someone to commit fraud is to prepare employment tax returns for farmers and handle the remittance of the funds to the IRS and appropriate state authorities.  What will happen is the farmer transmits the funds to the third-party preparer assuming that person will then remit the funds onto the […]

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    April 6th, 2015


    Has Anything Changed?

    Tomorrow is the last day to sign up for ARC/PLC under the new Farm Bill.  We have not heard any rumblings about another extension, but if there will be one, it will likely be announced today.  Grain prices have not been extremely volatile over the last few months, so it is extremely likely that nothing […]

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    March 31st, 2015


    PLC Payments for Wheat and Soybeans Highly Unlikely for 2014

    Art Barnaby of Kansas State University prepares a monthly update of where he estimates the MYA price will be on corn, soybeans, wheat and sorghum.  KSU just released yesterday an updated report based on price information just released on that day. Wheat would need to have an average price of lower than $2.70 for the […]

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    March 27th, 2015


    FSA Extends Deadline (But Only a Week)

    As expected (but not necessarily hoped for), the FSA announced today an extension of one week to sign up for ARC or PLC.  Instead of March 31, the new deadline is now April 7.  The FSA essentially did the same thing with the Dairy Margin Program with an one week extension, so this was not […]

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    March 25th, 2015


    1,400 Joint Operations to Lose $50 million of Program Payments?

    The FSA just issued proposed Regulations yesterday regarding the active involvement of non-family members in a farm operation.  The Farm Bill had required FSA to come up with these new rules within six months of the passage of the bill.  And as usual, they are late. These new rules do not apply to a farm […]

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    March 24th, 2015


    Tax Court Allows $11 Million Horse Loss to Stand

    The US Tax Court in the Metz case released yesterday allowed taxpayers who had claimed over $11 million of losses related to a horse farm to stand.  As we have previously discussed, the Tax Court reviews 9 tests in any case with possible hobby ramifications.  If the “business” is deemed to be a hobby, then […]

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