Farm CPA Today!

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

CLA Emergency

Rural Mainstreet Index Continues to Weaken

By: | Trackback URL | Leave a Comment

July 18th, 2014

Creighton University prepares a Rural Mainstreet Index that measures the economic outlook for the agricultural/rural sector of the economy.  An index reading of 50 indicates growth neutral.  The index for June 2013 was at 60.5 and for June of this year, it has dropped to 53.6, almost growth neutral.  The index is composed of a […]

More

Section 179 and Bonus Depreciation Update

By: | Trackback URL | Leave a Comment

July 17th, 2014

I seem to get more emails, phone calls and conversations regarding Section 179 and bonus depreciation compared to any other question. Both the Senate and House have either discussed or proposed several bills to extend bonus depreciation and Section 179 or make them permanent. In my opinion none of these bills will ultimately be passed […]

More

Communicate, Communicate, Communicate!

By: | Trackback URL | Leave a Comment

July 15th, 2014

I was in Omaha yesterday with Dick Wittman and a local attorney doing a seminar for the Legacy Project on succession planning.  One member of the audience mentioned that he felt like we had poured 100,000 bushels of corn into a 20,000 bushel grain bin.  I know we covered a lot of material, but the […]

More

Help on Updating Your Payment Yield

By: | Trackback URL | Leave a Comment

July 13th, 2014

Farmdoc Daily released information on Friday on updating your farm payment yields.  These payment yields will be used in calculating any PLC payments and will not affect ARC calculations.  However, if the option to update yields will result in higher yields, it will usually pay to update the yield since future farm bills may refer […]

More

Watch Out for Spousal Inherited IRAs

By: | Trackback URL | Leave a Comment

July 10th, 2014

Spouses who inherited IRAs have a couple of elections available to them that non-spouses do not have.  However, care must be taken to make sure that the 10% early withdrawal penalty does not apply when distributions are finally taken. When a spouse passes away owning an IRA whose beneficiary is the surviving spouse, that spouse […]

More

The 12 Day Business Trip

By: | Trackback URL | Leave a Comment

July 9th, 2014

Today starts my (its seems annual) 12 day business trip to the Midwest.  I start in the Minneapolis office for a couple of days of meetings with CLA staff and then head over to the Sioux Falls area for meetings with clients and prospects. I then head down to Omaha for a Monday seminar I […]

More

ARC-IC Allows for Maximizing Flexibility (Perhaps)

By: | Trackback URL | Leave a Comment

July 8th, 2014

Under the new farm bill, Agricultural Risk Coverage (ARC) has two elective components.  You can either elect county coverage on a covered crop by crop basis (ARC-CO) or elect to have ARC apply to all crops grown on your farm (ARC-IC).  If you elect county coverage, you will be paid on each covered crop’s base […]

More

IRS Modifies Offshore Voluntary Disclosure Program (OVDP)

By: | Trackback URL | Leave a Comment

July 7th, 2014

On June 18, 2014, the IRS announced new updated procedures for the voluntary disclosure program and new streamline filing procedures which in many cases substantially reduces the penalty exposure for non compliant taxpayers to 5% of the highest balance in foreign accounts and non-declared assets.  I have personally worked with clients that were involved in […]

More

The Continued Attack on Section 1031 exchanges

By: | Trackback URL | Leave a Comment

July 3rd, 2014

In the FY2015 budget proposal released by President Obama back in March of this year was certain provisions of importance to farmers.  One provision is the permanent extension of Section 179 at the $500,000 level.  This would be a welcome change, however, as previously discussed in several posts, this will not happen until after the […]

More

Trends in Irrigated Ground

By: | Trackback URL | Leave a Comment

July 1st, 2014

I have seen numerous farmers with farm ground in normally non-irrigated areas of the corn belt put in irrigation over the last couple of years.  Based on this, I thought I would recap the trends shown in irrigated ground from the 2012 AG census In 1997, there were 15 states that had more than a […]

More

Subscribe to this blog by:

Previous Posts

Events

View upcoming speaking engagements and other networking events for Paul Neiffer and CliftonLarsonAllen’s agribusiness team.

See All