Farm Operations

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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Another Strike Against PLC

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September 19th, 2014

One of the arguments for using PLC instead of ARC is that PLC has unlimited payments (until you hit the overall payment limit of $125,000 per individual).  However, one of the drawbacks to using PLC is your payment yield will not likely reflect your actual yields for 2014-2018.  The payment yield for PLC purposes is […]

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Have Funds to Cover Your Check

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September 12th, 2014

The US Tax Court released a case yesterday that Joe Kristan from the Tax Update Blog did a great job of recapping so I will not go into too much detail since he covers the facts. However, the key point from this case is as follows: If you issue a bonus check at year-end that the […]

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How Do We Plan For Section 179 in 2014

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September 11th, 2014

We have done several posts this year on what Section 179 might be for 2014.  Currently, Section 179 is limited to $25,000 and it starts to phase-out once the farmer spends $200,000 on farm equipment and is eliminated once the farmer goes over $225,000.  For 2014, there is no bonus depreciation, whereas last year farmers […]

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Be Careful What You Wish For

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September 5th, 2014

As part of the new farm bill passed earlier this year is a provision that allows farmers to elect to adjust their APH for any years where the county yield (including contiguous counties) is less than 50% of a ten-year average.  These rules were supposed to be put in place in time for the 2015 crop year.  The USDA […]

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A Deduction of Zero is Still Zero

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September 5th, 2014

We had a reader ask the following questions: “We expense all costs to raise the cattle: vet, supplies, etc. We grow our own feed and expense those costs: seed, fertilizer, etc. We have our farm set up as a LLC. Can we deduct a loss for calf deaths?” Ranchers who raise their own stock, such […]

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Livestock Producers Urged to Enroll in Disaster Assistance Program by Oct. 1

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September 3rd, 2014

The USDA is encouraging livestock producers who have suffered grazing losses due to drought or fire between October 1, 2011 and December 31, 2014 to register, request an appointment or begin a Livestock Forage Disaster Program (LFP) application with their county FSA office before October 1, 2014 as the Budget Control Act passed by congress […]

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FSA Grants Date Extension on Filing Farm Structure Changes

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September 2nd, 2014

The FSA just announced that the deadline to finalize your 2014 farm structure for all programs has been extended to September 26, 2014.  Future 2014 Farm Bill Programs will look at the 2014 farm structure for eligibility and other requirements, so any changes or updates must be in place by this new deadline to be […]

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Enrollment for Dairy Margin Management Program Begins September 2

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August 28th, 2014

The USDA announced today that the new Dairy Margin Management Program (MPP) will be open for enrollment starting next Tuesday, September 2, 2014.  Enrollment will end November 28, 2014 and dairy farmers will be able to retroactively enroll back to September 1 for 2014 and enroll for all of 2015.  The elections are separate for 2014 […]

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