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    December 8th, 2014


    Are We Getting Section 179 Fatigue?

    We should know by Wednesday whether Section 179 will be $500,000 for 2014 (I have guaranteed this at several seminars over the last week or so, but you know how much my guarantee is worth). Assuming it does get increased to that amount for this year, I am starting to wonder if many of our […]

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    December 7th, 2014


    Senate to Vote on Tax Extenders on Wednesday?

    It appears that the Senate will vote on the Tax Extenders Bill on Wednesday of this week.  Procedural matters will tie them up on Monday and Tuesday, thus the earliest the vote will take place is on Wednesday.  It is expected that enough Democrats will vote with Republicans to pass the Bill and it appears […]

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    December 6th, 2014


    Ethanol Industry Approaches 1 Million Barrels a Day Production

    The Barrel is a blog done by Platts (a division of McGraw Hill) and their recent post indicated that Ethanol production is approaching 1 million barrels a day.  This equates to about 42 million gallons a day.  Ethanol margins have nearly doubled from 2013 and are approaching $1 per gallon. However, with the continued decrease […]

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    December 4th, 2014


    House Passes HR 5771 Tax Extender Bill

    The House of Representatives voted last night to approve a one-year retroactive extension of most the tax extender provisions by a vote of 378-46.  The bill now heads to the Senate where indications are it will be approved. Among the tax extenders of particular interest for agribusiness that would be renewed through the end of […]

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    December 4th, 2014


    USDA Extends Application Deadline for Dairy Margin Protection Program to Dec. 19

    The Dairy Margin Protection program established by the 2014 Farm Bill application deadline will be extended until December 19 according to a release by the USDA.  The previous deadline was December 5th. We wrote about the program’s details here in an earlier post. The online tools provided by the FSA are located here. Additional online […]

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    December 3rd, 2014


    Irrigation Systems – Is that 7 or 15 Years?

    We got the following question: “Can you blog about how irrigation systems and their components might be expensed or depreciated if purchased in 2014?” Irrigation systems can be depreciated over either a 7 or 15 year period.  The key rule regarding whether it is 7 or 15 years is based on whether the system is […]

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    December 2nd, 2014


    “Hot Goods” lawsuits update

    We have posted about the recent hot goods court case from Oregon over the last year, which can be found here and here.  There have been a couple of updates we wanted to share. As we noted in the earlier posts, the U.S. Department of Labor claimed that Pan-American Berry Growers and B&G Ditchen paid […]

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    December 2nd, 2014


    Is an One-Year Extension of Section 179 all we get?!

    The House has proposed H.R. 5771 – Tax Increase Prevention Act of 2014 to extend all expiring tax provisions for one year through December 31, 2014.  This would include keeping Section 179 at $500,000 for 2014 and 50% bonus depreciation through December 31, 2014. It appears that this bill may be an all or nothing […]

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    December 2nd, 2014


    A LLC is a Company not a Corporation

    The form 1099 filing season is coming up next month and the IRS just released CCA 201447025 dealing with whether a business needs to issue a 1099 to a LLC.  A common misconception that we see very often is the assumption that a limited liability company (LLC) is a corporation.  We even see this terminology […]

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    December 1st, 2014


    Update on Seminars

    Today, I begin my 18 day trip to the Midwest to give many seminars before I fly home (maybe) on Thursday December 18.  I had previously posted my schedule which you can find here, but wanted to update a couple of items. On Wednesday December 17 I will be doing a farm bill seminar for […]

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