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    November 16th, 2014


    Direct Deposit Limits

    In an effort to combat fraud and identity theft, new IRS procedures effective January 2015 will limit the number of refunds electronically deposited into a single financial account or pre-paid debit card to three. The fourth and subsequent refunds automatically will convert to a paper refund check and be mailed to the taxpayer. While this […]

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    November 16th, 2014


    Succession Planning…. Start Early

    I had the pleasure of speaking at the Tri-State Grain Growers Convention (WA, OR and ID) this past Friday on a panel about family farm succession where I was able to share the perspective of a CPA.  The other panelists were an attorney, a financial advisor, and a family business advisor and we discussed a […]

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    November 12th, 2014


    Project All Years Before Making ARC/PLC Decision

    A difficult choice for producers this year regarding the election between ARC-CO and PLC is for those areas where yields are dramatically higher than the five-year average.  In these cases, ARC-CO is likely not to make any payment for the 2014 crop year whereas PLC will make a payment assuming the MYA corn price stays under $3.70.  These […]

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    November 12th, 2014


    Final FUTA Tax Rates by State

    The normal FUTA tax rate is 6% on wages up to $7,000, however, if the farmer timely pays their State Unemployment Taxes (and meet certain other rules), they are allowed to take a 5.4% credit to bring the net FUTA tax per employee down to .6% (on $7,000 this equals $42 of FUTA tax). However, for several […]

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    November 11th, 2014


    Where’s the Beef

    Yesterday, I posted on work pork production.  Today I will recap world beef production (again from the 2014 Agricultural Symposium).  Here are some of the key points: Total beef production has held steady between 56 and 59 million metric tons over the last 10 years (about half of total pork production). US produces about 11 […]

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    November 11th, 2014


    Sheldon, Iowa is Cold

    David Repp and I are teaching day 2 of the ISU-CALT Farm and Urban Tax School in Sheldon, Iowa today.  I also did this same class last year at the same time and although today’s temperature is about 18 degrees, last year is the temperature was even lower at about 4 degrees. I thought I would update […]

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    November 10th, 2014


    What About Pork?

    Every once in a while, I like to post of interesting facts about food production around the world.  I came across the 2014 Kansas City Federal Reserve Agricultural Symposium that was held this summer and found a presentation by Derrell Peel, a professor at Oklahoma State University.  Here is a recap of some interesting facts […]

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    November 9th, 2014


    DOL Plays Hardball (Don’t Shoot the Messenger)!

    The Department of Labor released last week an updated Q & A related to the reimbursement of health insurance premiums by employers and the use of Section 105 plans to possibly get around these restrictions.  Although I am including the link, I will actually show the three Q & A from the DOL so there […]

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    November 5th, 2014


    A Christmas Present?!

    Now that the mid-term elections have resulted in a landslide for Republicans (who have two years to not mess it up), we turn to the lame-duck congressional session that will occur between now and the end of the year.  In the session two years ago, Congress extended many “extenders” including keeping Section 179 at $500,000 […]

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    November 5th, 2014


    Make sure to fairly compensate piece-rate employees

    A recent settlement in Washington state has one farm potentially paying an out-of-court settlement amount that will approximate $850,000 for back pay and legal fees.  You can find a full detail of the story here. The lawsuit discussed in the article alleges the berry farm failed to pay workers for all the time they spent […]

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