Farm CPA Today!

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

CLA Emergency

Will Tax Inversion Debate Yield Permanent Section 179

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September 10th, 2014

Congress is currently debating some type of tax inversion bill to make it more expensive to change a company’s tax domicile from the US to overseas.  This post will not discuss the merits of those proposals, but just let you know there is some discussion that along with the tax inversion changes that Congress will […]

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If Landlords Can’t Agree, get new FSN by September 26, 2014

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September 8th, 2014

One of the requirements of the new farm bill is that all parties involved in each Farm Serial Number (FSN) must agree on whether to elect PLC or ARC.  If the parties cannot agree then no 2014 payment is allowed and the farm is automatically enrolled in PLC for 2015 through 2018. If you have […]

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Be Careful What You Wish For

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September 5th, 2014

As part of the new farm bill passed earlier this year is a provision that allows farmers to elect to adjust their APH for any years where the county yield (including contiguous counties) is less than 50% of a ten-year average.  These rules were supposed to be put in place in time for the 2015 crop year.  The USDA […]

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A Deduction of Zero is Still Zero

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September 5th, 2014

We had a reader ask the following questions: “We expense all costs to raise the cattle: vet, supplies, etc. We grow our own feed and expense those costs: seed, fertilizer, etc. We have our farm set up as a LLC. Can we deduct a loss for calf deaths?” Ranchers who raise their own stock, such […]

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Partner Must Have Basis to Deduct Loss

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September 4th, 2014

In an US Tax Court case that was released yesterday, partners were found not to have tax basis in promissory notes that they “contributed” to the partnership.  Farmers will create partnerships to run their operation and since farm tax law allows farm businesses to usually generate a small profit or even a loss; partners must […]

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Livestock Producers Urged to Enroll in Disaster Assistance Program by Oct. 1

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September 3rd, 2014

The USDA is encouraging livestock producers who have suffered grazing losses due to drought or fire between October 1, 2011 and December 31, 2014 to register, request an appointment or begin a Livestock Forage Disaster Program (LFP) application with their county FSA office before October 1, 2014 as the Budget Control Act passed by congress […]

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FSA Grants Date Extension on Filing Farm Structure Changes

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September 2nd, 2014

The FSA just announced that the deadline to finalize your 2014 farm structure for all programs has been extended to September 26, 2014.  Future 2014 Farm Bill Programs will look at the 2014 farm structure for eligibility and other requirements, so any changes or updates must be in place by this new deadline to be […]

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Enrollment for Dairy Margin Management Program Begins September 2

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August 28th, 2014

The USDA announced today that the new Dairy Margin Management Program (MPP) will be open for enrollment starting next Tuesday, September 2, 2014.  Enrollment will end November 28, 2014 and dairy farmers will be able to retroactively enroll back to September 1 for 2014 and enroll for all of 2015.  The elections are separate for 2014 […]

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IRS Releases 2012 Income Data

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August 28th, 2014

The IRS recently posted to their website the income statistics for 2012.  These statistics break down income into their major components such as wages, interest, business income, etc.  Farmers who file Schedule F are also listed.  Farmers who file as a partnership or S corporation along with related wages would be lumped in with those […]

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How $563 Cost a Taxpayer $6,320

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August 26th, 2014

In an US Tax Court case released today, a taxpayer (who was not a farmer thankfully) had a very small issue with the IRS.  The couple earned well in excess of $200,000 during 2009 and deducted $11,000 for an IRA for him and his spouse.  Since the spouse was covered by a pension plan, this […]

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