Farm CPA Today!

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

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IRS Provides Two Optional Methods for SE Health Insurance Deduction

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August 5th, 2014

Self-employed farmers are allowed to deduct their health insurance premiums in arriving at their adjusted gross income (AGI).  However, beginning in 2014, many of these same farmers will also be eligible for a premium tax credit based upon their income.  The premium tax credit is on a sliding scale and phases out at a maximum of 400% […]

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On a Personal Note

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August 4th, 2014

As most know, I attended the Farm Financial Standards Council annual meeting in Billings last week.  This ended at about 11 am on Thursday and that afternoon, I got a tour of the Padlock Ranch which is about 400,000 acres of ranch land located in Northern Wyoming and Southern Montana.  A lot of the acres are […]

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FSA Extends 2012/2013 Emergency Assistance to August 15, 2014

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August 4th, 2014

The FSA announced today that they are extending the deadline for Emergency Assistance for Livestock, Honeybees and Farm-Raised Fish Program (ELAP) deadline for 2012 and 2013 losses from August 1, 2014 to August 15, 2014.  This deadline applies to assistance for damages incurred between October 1, 2011 and September 30, 2013 (the governments fiscal years). […]

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Financial Fraud Can Happen to You

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August 4th, 2014

A recent article in the Journal of Accountancy discusses the importance or fraud prevention and detection that is important for businesses of all sizes. In the article, the individual was able to misappropriate $8 million all because he had the ability to request AND approve checks. Given the nature of many farmer’s operations, they may […]

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Commodity Wages Save Payroll Taxes for Kids Too!

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July 31st, 2014

In my previous post today, I had recapped the wages paid to children being exempt from payroll taxes in certain situations.  In the case presented, the wages in fact, were subject to payroll taxes.  The one item I had forgotten to mention is that if commodity wages were paid to the children in any of […]

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Issuing a Fraudulent Form 1099 Can Cost You Money

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July 31st, 2014

When a farmer makes certain payments to service providers and other vendors, they are normally required to issue a Form 1099 if the total amounts paid exceeds $600 in a year.  Normally, this is a very straight-forward process, however, if the farmer willfully files a fraudulent form 1099, the penalty for this can be very […]

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A Trip to the Zoo

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July 31st, 2014

I posted yesterday on one of the sessions from the Farm Financial Standards Council annual meeting.  Last night, we traveled to the Zoo Montana for dinner.  This zoo was in financial difficulty about two years ago and almost closed down.  The zoo has about 70 acres of ground, however, only 25 acres is being currently […]

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Pay Your Kids; It Saves Taxes!

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July 31st, 2014

We had a reader ask the following questions: “Have a good understanding of payroll taxes on payroll paid to a child under 18 working in the operation. The laws are not very concise in my situation. Currently my parents and myself are 1/3 owners of a LLC taxed as a partnership. I am divorced with […]

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FSA Issues Another Update on Base Acres Reallocation

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July 30th, 2014

The FSA issued a release Notice ARCPLC-7 (issued on Wednesday July 30, 2014) on additional information regarding reallocation of base acres.  As previously discussed many times in this blog, each “farm” will have an option to update their base acres to reflect the average acres in production during the 2009 to 2012 crop years.  This […]

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Another Cattle Tax Shelter Bites the Dust

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July 30th, 2014

We have previously done some posts on certain cattle or horse hobby loss cases.  The Tax Court released the Gardner case on Monday July 28, 2014.  In this case, Mr. Gardner operated a very successful insurance business in North Carolina.  In 2001, he met John and David Pearl, who operated several businesses related to cattle […]

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