Farm CPA Today!

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

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Schedule F Reporting Update

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March 25th, 2014

I got some feedback on my previous post on Tax Reform and low Schedule F reporting of income. Several sources of farm income does not show up on a Schedule F. This includes many common sales of farm assets such as breeding stock and equipment. Most of the expenses associated with this income is deducted […]


One More Reason Why Tax Reform is Going After Cash Method

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March 24th, 2014

The IRS issues data regarding income tax information for filers every year.  I ran across a posting on the net farm income and loss reported by Schedule F farmers for 2011 and 2012.  During each of these years, the USDA estimated that farmers had net farm income in excess of $120 billion. However, on schedule […]


FSA Releases New Farm Bill Fact Sheet

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March 19th, 2014

The FSA released today a six page fact sheet on the new farm bill.  It recaps the major changes that were included in the 900+ page farm bill.  Most of the material has been covered on several of our posts over the last month or so. We are doing a webinar on the new farm bill […]


Cash Rents Equals Extra 3.8% on Sale

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March 18th, 2014

We had a reader ask the following question: “Can you give some advice on the impact of retiring from active farming and cash renting the farm as it relates to the 3.8% tax on capital gains. Given a large increase in the land value while actively farming, do you give up the exemption from the […]


Real Estate Includes Land but Not For Depreciation Purposes

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March 17th, 2014

We had a reader send in the following comments and question: “I appreciated your information on the tax reform proposal. In your 4th bullet point on depreciation, you stated that “Most if almost all farm real estate…would be over 40 years and not the current 10 or 20 years.” It has been my understanding that […]


A Bad Day in Court

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March 13th, 2014

The Tax Court today released the Kaplan case.  Gary Kaplan was a professional sports bookie.  He started his career in the US and then moved it to the Caribbean before finally settling in Costa Rica.  During this time, he formed a company called BetOnSports PLC.  This company became the most successful overseas sports booking company […]


Permanent Means Permanent

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March 12th, 2014

Many farmers will sell or grant a conservation easement to various organizations.  These easements are designed to permanently keep certain farm land out of production due to their sensitive topsoils or other features. If the granting of the easement is structured properly, the difference between the fair market value of the land before the easement and the value […]


When to Report Hedging Gains and Losses?

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March 11th, 2014

We had a reader send in the following questions: “We have an accrual basis farm partnership, for income statement purposes we have used the mark to market approach to the value of the hedge which was at a gain. For income tax purposes can we report the gain or loss when the hedge is closed?” […]


Labor Department asks Judge to Overturn ‘Hot Goods’ Ruling

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March 7th, 2014

Updating an earlier post regarding “hot goods,” the U.S. Labor Department claims a judge committed legal error by overturning “hot goods” settlements between the agency and Oregon farmers. According to the U.S. Labor Department, the judge accepted “unsupported allegations at face value” from the farmers when he ruled the deals should be revoked.  The ruling’s […]


How Much Longer for Section 1031 Exchanges?

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March 5th, 2014

In the budget proposal just released by President Obama, he calls for a cap on the amount of gain that could be deferred under Section 1031.  This cap would be $1 million each year indexed for inflation.  The tax reform proposals released by both the Senate and the House call for major changes to like-kind […]


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