Some alfalfa growers in the western part of the South Dakota have not been able to even get a first cutting yet, according to Karla Hernandez, Extension Forages Field Specialist at the South Dakota State University Extension, Watertown Regional Center.
Agriculture’s 24/7 workload poses special issues for payroll. Most farmers assume they are not required to pay overtime for any farm work performed by their employees, points out Paul Neiffer, a CPA with CliftonLarsonAllen in Yakima, WA. But given the new rules imposed by the Department of Labor (DOL) starting Dec.
In Midwestern areas such as Nebraska, the major effect on alfalfa growers has been delays in first cutting, which could lead to some loss in quality, according to Bruce Anderson, Professor of Agronomy and Extension Forage Specialist at the University of Nebraska-Lincoln.
The so-called extender legislation late in 2015 made permanent the provision allowing a retiree to move funds directly from an Individual Retirement Account (IRA) to a charity without income recognition. The key feature is that these transfers count for the annual Required Minimum Distributions (RMD) that every IRA holder over age 70.
Sometimes called butterweed, the winter annual often springs up in no-till corn and soybean fields. Burndown herbicides are typically used to control it early in the spring when the plants are smaller and more susceptible, but that’s not an option in forage and wheat crops.
I get this question about once a month: Mom is moving to assisted living, her house is being sold, and the attorney said we should see our tax adviser. If Mom owned and occupied the home as her principal residence for at least two of the five years preceding the sale, the first $250,000 of gain on the sale is tax-free in her 1040.
trust then conducts the sale. In the case of machinery, the trust would be the temporary owner of the machinery and arrange the auction. The proceeds from the grain sale or the machinery auction come into the trust taxfree and are held by the trustee to pay the income amount at the specified dates (e.
start in more ways than one. Not only is seasonal beef demand experiencing great difficulty in locating the first rung on the ladder to Memorial Day, neither one of our major political parties seems to be making real progress in crowning a presidential nominee.
A key definition in the tax law involves growing. An agricultural operation that’s conducting crop or animal production is classified as a farmer. Activities that only provide services to an agricultural producer aren’t farming.
Phil Seng, President and CEO of the U.S. Meat Export Federation (USMEF), said the time is not ripe to make any volume increase forecast for exports to Japan, but the Trans-Pacific Partnership agreement (TPP) will surely enhance the competitiveness of
As many Midwest farmers do after the corn harvest in the fall, Daren Niemeyer grazes his beef cows on his corn stalks. The Bladen, NE, farmer uses the leftover crop residue as inexpensive feed for his cows and also for the benefits he believes it has for next year’s crop.
I have my own health insurance and pay the premiums with my own after-tax dollars. I thought I could deduct the premiums on line 29 of my 1040, but am now told that the premiums must be run through the LLC and counted as guaranteed payment income to me from the LLC.
Howard Buffett wants farmers to voluntarily embrace more conservation practices before they risk facing more regulatory control. Buffett also said last Thursday he opposes the Environmental Protection Agency’s (EPA’s) controversial waters of the U.S. (WOTUS) rule, saying it may be impossible for farmers to comply with it.
In the situation you describe, assuming the decedent held 100 percent of the property, the heir or heirs can sell with modest capital gain tax if the sale price is close to the appraised value of the property at date of death.
The outlook for ag credit conditions deteriorated sharply in late 2015, based on a fourth-quarter survey by the Kansas City Federal Reserve. Bankers expected a surge of farm loan demand and loan renewals and the steepest drop in repayment rates in the last decade, the survey found.
“I’m not sure we can continue to ignore the fact that there are restrictions to how we use some of these herbicides if we then follow up with an annual forage crop,” Iowa State University Extension Beef Specialist Joe Sellers told growers and livestock owners in a webinar hosted by the Practical Farmers of Iowa Feb.
As separate proprietors, we each get a full $500,000 limitation. Our crop insurance and government program payments are individual. All of our machinery is identified as purchased by an individual but is paid for out of an account for the group. Is this arrangement OK?