Farm CPA Today!

A blog for farmers & others involved in the agricultural industry.

CLA Emergency

Morehouse Appeal is Released – Taxpayer Victory

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October 10th, 2014

The Eighth Circuit just released today the long-awaited appeals of the Rollin Morehouse Tax Court case that we have posted on previously.  In the original Morehouse decision. the Tax Court found that essentially all CRP payments received, whether by a farmer or simply a landlord would be subject to self-employment tax. In today’s Eighth Circuit […]

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How Might CBO Estimates Change

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October 9th, 2014

The Congressional Budget Office (CBO) did an updated scoring of the new farm bill back in April of this year.   It breaks down the major outlays for all related agricultural farm bill spending including ARC and PLC for all of the major covered commodities. I am assuming that CBO has run numerous calculations at various low […]

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Time Running Out on Late Portability Elections

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October 7th, 2014

We now have a new provision (although it has been around for a few years) that allows the unused portion of the first spouse’s estate to be “ported” over to the surviving spouse.  We call this portability.  There was a lot of confusion surrounding how to report this when the first spouse did not have […]

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Taxable is Taxable -Whether a 1099 or not!

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October 6th, 2014

I got this question from one of our readers: “Are rebate checks that are received through a growers rewards program from Seed Company for the purchase of seeds taxable as income? I do believe it is but the wholesaler is saying it isn’t because you don’t get a 1099! ” I tend to get several […]

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ARC/PLC Election Made by Current Producer Not Owner

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October 3rd, 2014

The FSA just released on the Regulations on the implementation of ARC and PLC and I have not yet had time to read all of the regulations, but one of the more important features is the elections that need to be made by “current” owners and “current” producers.  The assumption was that all owners and producers […]

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Estimated Acre Payments for 2013 Crop Year

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October 3rd, 2014

The old farm bill provided an option for producers called ACRE (Average Crop Revenue Election).  The option, at that time, was a little bit complicated and required a reduction in other payments to participate.  However, the payment amounts per acre were very substantial in certain years for various crops. FarmDOC Daily just issued a report […]

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IRS Offers Tax Relief to Drought-Stricken Farmers and Ranchers

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October 3rd, 2014

The Internal Revenue Service is providing more time to farmers and ranchers in 30 drought-stricken states to defer taxes on any gains from forced sales of livestock.  The IRS is providing this relief to any farm located in a county, parish, city, borough, census area or district, listed as suffering exceptional, extreme or severe drought […]

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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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CMS Update on Consumers who have Data Matching Issues

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September 29th, 2014

Did you sign up for insurance through the Affordable Care Act? If so, you might be in for an unpleasant surprise. The Internal Revenue Service announced it is using tax returns to verify the incomes people claimed when they signed up for exchange-based health insurance. If you didn’t input the right amount, you may owe […]

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    77 degrees on October 8. Perfect. 2 weeks ago

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