Farm CPA Today!

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

CLA Emergency

Complacency about Fraud Exacts a Heavy Cost

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October 14th, 2014

The Association of Certified Fraud Examiners (ACFE) has produced a new infographic, “The Cost of Complacency”, warning about the costs to organizations of being overly complacent about financial fraud. The data was compiled by the ACFE for its 2014 Report to the Nations on Occupational Fraud and Abuse. Here are a few highlights from the […]

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Less Than Two Full Days to Get Your Return Filed

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October 13th, 2014

I think I must have have gotten 10 or more tax returns wrapped up and out the door today but I know I still have at least 20 or more to get finished by Wednesday at 5 PM (actually earlier for me: I am headed to Southern California to play in my two oldest sons […]

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Tax Court Tells IRS “Update Your Regulations”

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October 10th, 2014

In an US Tax Court case released on October 9, 2014, the Court essentially told the IRS to update their income tax regulations to reflect changes made to the US Income Tax Code almost 20 years before. If a service business (such as an accounting firm, law practice, medical practice, etc.) incorporates its business, it is […]

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Morehouse Appeal is Released – Taxpayer Victory

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October 10th, 2014

The Eighth Circuit just released today the long-awaited appeals of the Rollin Morehouse Tax Court case that we have posted on previously.  In the original Morehouse decision. the Tax Court found that essentially all CRP payments received, whether by a farmer or simply a landlord would be subject to self-employment tax. In today’s Eighth Circuit […]

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How Might CBO Estimates Change

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October 9th, 2014

The Congressional Budget Office (CBO) did an updated scoring of the new farm bill back in April of this year.   It breaks down the major outlays for all related agricultural farm bill spending including ARC and PLC for all of the major covered commodities. I am assuming that CBO has run numerous calculations at various low […]

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Time Running Out on Late Portability Elections

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October 7th, 2014

We now have a new provision (although it has been around for a few years) that allows the unused portion of the first spouse’s estate to be “ported” over to the surviving spouse.  We call this portability.  There was a lot of confusion surrounding how to report this when the first spouse did not have […]

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Taxable is Taxable -Whether a 1099 or not!

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October 6th, 2014

I got this question from one of our readers: “Are rebate checks that are received through a growers rewards program from Seed Company for the purchase of seeds taxable as income? I do believe it is but the wholesaler is saying it isn’t because you don’t get a 1099! ” I tend to get several […]

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ARC/PLC Election Made by Current Producer Not Owner

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October 3rd, 2014

The FSA just released on the Regulations on the implementation of ARC and PLC and I have not yet had time to read all of the regulations, but one of the more important features is the elections that need to be made by “current” owners and “current” producers.  The assumption was that all owners and producers […]

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Estimated Acre Payments for 2013 Crop Year

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October 3rd, 2014

The old farm bill provided an option for producers called ACRE (Average Crop Revenue Election).  The option, at that time, was a little bit complicated and required a reduction in other payments to participate.  However, the payment amounts per acre were very substantial in certain years for various crops. FarmDOC Daily just issued a report […]

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IRS Offers Tax Relief to Drought-Stricken Farmers and Ranchers

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October 3rd, 2014

The Internal Revenue Service is providing more time to farmers and ranchers in 30 drought-stricken states to defer taxes on any gains from forced sales of livestock.  The IRS is providing this relief to any farm located in a county, parish, city, borough, census area or district, listed as suffering exceptional, extreme or severe drought […]

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    If you have higher yields or go all corn for the 2014 crop year consider ARC-IC. It may more than offset base acre penalty 1 week ago

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    Somehow IRS listed several counties in Iowa as drought stricken. Hard to believe after all the rain this year 4 weeks ago