• By: | Trackback Link | No Comments

    July 9th, 2015


    Senate Finance Committee Releases Tax Reform Reports

    The Senate Finance Committee just released four reports on possible tax reforms yesterday.  The reports were on the following aspects of tax reform: The Business Income Report The Community Development and Infrastructure Report The Individual Tax Report The Savings and Investment Report In today’s post, I will recap some of my findings from the first […]

    More
  • By: | Trackback Link | No Comments

    July 7th, 2015


    It’s Official – No PLC Payments for Wheat, Barley and Oats!

    Wheat, Barley and Oats have a marketing year that ends May 31.  The USDA released the final 2014/15 MYA prices for each crop as follows: Wheat – $5.99 Barley – $5.30 Oats    – $3.20 In all cases, the MYA price for each crop exceeded the reference price called for in the 2014 Farm Bill.  These references […]

    More
  • By: | Trackback Link | No Comments

    July 7th, 2015


    One Last Summer Seminar

    The Center for Agricultural Law and Taxation has one last summer seminar later this month in Lake Tahoe.  I helped present at the Findley Lake, New York and Spearfish, South Dakota seminars and will be tied up with the Farm Financial Standards Council annual meeting. Taking my place will be Chris Hesse from our National […]

    More
  • By: | Trackback Link | No Comments

    July 6th, 2015


    How Liquid Are Our Farmers?

      I was browsing the latest publication from the Kansas City Federal Reserve on the Farm Economy.  Nathan Kauffman released a report on June 25, 2015 titled “Today’s Corn Prices, Yields Look Like 2009″.  Although the gist of the article detailed how corn prices and yields for 2015 look very similar to 2009 (at least […]

    More
  • By: | Trackback Link | No Comments

    July 1st, 2015


    It Pays to Follow the Rules

    The US Tax Court released a full opinion yesterday in the Webber v. Commissioner case that shows how important it is to follow the rules. In 1999, Mr. Webber created a grantor Alaska Trust (Alaska has no income tax) to purchase two private placement insurance policies for about $700,000.  Private placement insurance allows a taxpayer […]

    More
  • By: | Trackback Link | No Comments

    June 29th, 2015


    Largest Decrease in Cash Rents Since 1987

    I was reading the latest Ag Letter from the Chicago Federal Reserve and noticed an interesting tidbit on cash rents. The first part of the letter addressed farmland values being relatively flat to slightly negative for the first quarter of 2015. A chart on page 2 showed the annual percentage change in cash rents for […]

    More
  • By: | Trackback Link | No Comments

    June 26th, 2015


    Extreme Drought Hits Washington State – USDA Provides Some Relief

    Ranchers in Eastern Washington may be eligible for financial drought relief from USDA after the US Drought Monitor reached D2, or extreme drought, for eight consecutive weeks.  I know that this weekend is supposed to hit 111 or higher on both Saturday and Sunday and almost all of next week is expected around 105 or […]

    More
  • By: | Trackback Link | No Comments

    June 25th, 2015


    June 30 Extension for Medical Insurance Penalties Rapidly Approaches

    Small employers received some relief this year when steep penalties for employer payment plans were extended to June 30, 2015.  These $100 per day per employee penalties apply when employers pay for or reimburse an employee’s individual health insurance premiums rather than provide employer sponsored group insurance.  All employers were originally expected to comply by […]

    More
  • By: | Trackback Link | No Comments

    June 25th, 2015


    Supreme Court Rules in Favor of Obamacare

    The Supreme Court released their long awaited ruling on whether participants obtaining health insurance from the federal marketplace instead of the state sponsored exchanges would be allowed to have subsidies, etc.  In a 6-3 decision (Chief Justice Roberts plus Kennedy and the 4 more liberal justices ruled in favor plus Scalia, Thomas and Alito ruling […]

    More
  • By: | Trackback Link | No Comments

    June 24th, 2015


    AICPA Ag Conference

    We are now less than three weeks to the AICPA Ag Conference being held in Indianapolis on Monday July 13 to Wednesday July 15.  For those who are interested in attending, there is still seats available but you should contact the AICPA immediately.  The lineup of speakers is very good and whether you are a producer, […]

    More