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    May 11th, 2015


    Another Personal Invitation

    The Farm Financial Standards Council was formed several years ago to help the farming industry adopt accounting standards for farmers, ranchers, bankers, accountants and others to better present and use financial accounting records in their operations.  It is a purely a non-profit organization composed of unpaid volunteers and they provide a very valuable service to […]

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    May 10th, 2015


    NSAC Cyber Security Webcast

    As a quick follow up to a recent post ( Think You Are Too Small to Be a Target of Cyber Crime? Think Again.),  on June 2nd Mark Eich from CliftonLarsonAllen will be presenting a Cyber Security webcast for the National Society of Accountant’s for Cooperatives (NSAC).  While this group is geared towards Cooperatives, the […]

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    May 7th, 2015


    Don’t Get Too Greedy!

    The US Tax Court released the Costello case yesterday and it is a great example of how much tax you may have to pay when you either get “too greedy” or don’t follow the tax rules or both.  David and Barbara Costello purchased a large farm (according to the Tax Court 73.6 acres is a […]

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    May 6th, 2015


    2015 AICPA Ag Conference

    As chairman of the 2015 AICPA Ag Conference, I would like to personally invite all of our readers to this event.  It will be held on Monday July 13, 2015 to Wednesday, July 15, 2015 in Indianapolis, Indiana. On Monday, Chris Hesse and myself will do an all-day optional workshop on farm taxation .  This session will […]

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    May 4th, 2015


    Dairy Margin Protection Program Analysis

    The USDA has a Dairy Margin Protection Program (MPP) website that provides updated information.  This information includes historical data along with a monthly update on monthly margin (All-Milk Price less calculated feed costs).  As expected, the margin for 2014 was substantially in excess of the highest margin ($8) that could be accessed by dairy producers.  […]

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    May 4th, 2015


    Minnesota Poultry Producers Get Extension to File and Pay

    Any poultry producer in the state of Minnesota that has been affected by the H5N2 avian influenza outbreak now has more time to file and pay any Minnesota taxes.  In an April 29, 2015 News Release, the Minnesota Revenue Department announced that these farmers will forgive interest and penalties for any tax returns that were due […]

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    April 29th, 2015


    NFL Gives Up Tax Exempt Status

    The NFL just announced that it is electing to give up its tax-exempt status. For many years, the NFL was required to file a form 990 listing the gross income and expenses of the NFL including the salaries of its five highest paid executives. Commissioner Roger Goodell made $35 million last year which is more […]

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    April 27th, 2015


    Think You Are Too Small to Be a Target of Cyber Crime? Think Again.

    Cybercrime has been a hot topic in the news lately, and for good reason with organizations such as Target, Sony, Blue Cross, etc. falling victims. However, it is very common when we talk with smaller organizations that they don’t feel it is a threat from them because their businesses are small businesses. I recently came […]

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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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