Agribusiness BlogFarm CPA Today

Farm Leadership

  • Some Examples of Destination Based Cash Flow Tax

    One of the tax reform proposals is a destination based cash flow tax (a form of a value-added tax). We review some examples of how this may affect farmers.


  • Man Standing in Front of Government Building

    We Hope This is The Final Update on # of W2s

    We now have found out that you do not need to input the number of W2s to efile business returns and we provide some guidance on the new Destination Based Cash Flow Tax proposal.


  • Trends in Working Capital

    FarmDoc Daily issued a report yesterday showing working capital trends over the last 10 years. As expected, they peaked in 2012 and have dropped quite a bit since then.


  • Good News On Valuation Discounts?

    The IRS had proposed regulations to prevent taking discounts on transfer of farm entities. It appears that the IRS is backtracking on this and these new rules will not apply to most farmers.


  • Great News on Section 179 For FSA AGI Purposes

    FSA was not allowing Section 179 as a deduction for certain entities when calculation average adjusted gross income limitations. However, after being involved in two FSA appeals last year, FSA has now updated their handbook to allow full Section 179 deduction. This may be very welcome news for any farmer that had their payment rejected solely due to Section 179 not being allowed.


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    Your Farm Financial Reporting Scorecard?

    Since I am speaking at the Ag Boot Camp today I thought I would check with our readers on their farm financial reporting scorecard and see how they are doing.


  • Where’s Paul?

    This is a very hectic time of year for me with doing seminars, so I thought I would update everyone where I will be over the next few weeks.


  • FBAR Due Date Automatically Extended to October 15

    Farmers with accounts outside the US usually need to report these to the Department of Treasury. The due date is now April 15 with an automatic extension to October 15. The Department of Treasury just released a notice saying you do not need to ask for an extension. This is good news.


  • Form 1099 Filing Update

    Form 1099s are due by January 31 to both the IRS and the vendor, but only for items required to be reported in Box 7 of Form 1099. Other items still fall under the old due date.


  • Don’t Delay on Form 1099s

    Starting this year you must file your Form 1099s with the IRS by January 31 (with no extensions) and the penalty for missing this can be as high as $500 per 1099 not filed.


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