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Agribusiness

Monday, 26 March 2018

Congress reaches deal to fix grain glitch

Written by The Rehmann Team

On March 23, President Trump signed into law the Consolidated Appropriations Act, 2018 (Appropriations Act), a $1.3 trillion spending bill that will keep the federal government running through September 30. Along with a host of technical corrections and provisions, the Appropriations Act contains a fix to the “grain-glitch” – a provision in the Tax Cuts and Jobs Act that gave farmers a tax break for selling crops to cooperatives, but not to private or investor-owned grain handlers. The Appropriations Act repeals the new tax provision allowing farmers to deduct 20 percent of their gross sales to cooperatives, therefore creating a level playing field for agricultural sales...

Wednesday, 02 March 2016

Preparing for New Lease Accounting Standards

Written by Richard Heidebrink, CPA and Mark Osbourne, CPA

Lease accounting standards are being revised for the first time in decades. If your organization leases property or equipment, the new rules will affect you — perhaps greatly. Here’s an overview of what is changing and how to prepare. Balance sheet transparency Two big changes are coming...

Tuesday, 19 January 2016

Know Your Rights with the IRS

Written by IRS

The IRS created the Taxpayer Bill of Rights to make it simple for taxpayers to know their rights when dealing with the IRS. If you have a tax issue, you are guaranteed assistance through the Taxpayer Advocate Service, a department whose job it is to ensure that every taxpayer is treated fairly. For more information about the Taxpayer Bill of Rights or Taxpayer Advocate Service, read Publication 1, "Your Rights as a Taxpayer," or contact a qualified tax expert. Tip courtesy of IRS...

Tuesday, 10 November 2015

Drought-Affected Ranchers and Farmers Get Extension to Defer Taxes

Written by Thomson Reuters

Parts of the nation have been suffering through a drought. The IRS recently announced that farmers and ranchers who previously were forced to sell livestock due to drought have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. Under IRS Notice 2015-69, farmers and ranchers who sell more livestock than they normally would due to drought may defer tax on the extra gains from those sales. To qualify, the livestock generally must be replaced within a four-year period...

Thursday, 22 October 2015

Farming Businesses: Nine Tips from the IRS to Help with Taxes

Written by Thomson Reuters

Farming businesses encompass a wide range of operations. All individuals, partnerships, or corporations that cultivate, operate, or manage farms for profit, either as owners or tenants, are designated as farmers. The term "farm" includes livestock, dairy, poultry, fruit, and truck farms, as well as plantations, ranches, ranges, orchards, groves and all land used for farming operations. Individuals report their farm income on Schedule F, Profit or Loss From Farming...

Thursday, 01 October 2015

Balance Sheet 101 for Farming

Written by Tara Girard, CPA

Today, reviewing financial statements is as much a part of farming as harvesting crops or corralling livestock. With the output of U.S. agriculture and forestry production forecasted to grow at an annual compounded rate of five percent between 2014 and 2018, understanding your financial statement might mean the difference between leveraging opportunities … and coming up short...

Wednesday, 15 July 2015

IRS Allows Section 179 Deduction for Vineyard Planting Costs

Written by Thomson Reuters

There's good news for farms that grow grapes. The IRS now states that vineyard planting costs are eligible for Section 179 deductions. This is a reversal from the previous IRS position. We'll explain the details of the recent IRS guidance, but first, here is some background information...

Monday, 13 April 2015

Farming Businesses: Nine Tips from the IRS to Help with Taxes

Written by Thomson Reuters

Farming businesses encompass a wide range of operations. All individuals, partnerships, or corporations that cultivate, operate, or manage farms for profit, either as owners or tenants, are designated as farmers. The term "farm" includes livestock, dairy, poultry, fruit, and truck farms, as well as plantations, ranches, ranges, orchards, groves and all land used for farming operations. Individuals report their farm income on Schedule F, Profit or Loss From Farming...

Wednesday, 18 March 2015

Research & development tax incentives for the agriculture industry

Written by Mike Powell, CPA, MST

One of the most underutilized or misunderstood tax savings opportunities in the agriculture and farming industries is the research and development (R&D) tax credit. Many taxpayers view the R&D tax credit as available only for large companies, or those in high-tech industries. Not true: the federal R&D tax credit provides tax incentives to taxpayers that invest resources in the development of new products or processes or for the improvement of current products or processes … regardless of the industry.  There are four basic requirements that qualify an activity and its respective expenses for the R&D tax credit: The activity must take place to develop a new business component...

Wednesday, 01 October 2014

Farm Fraud: Help Prevent Grain from Being Stolen

Written by Rehmann Team

You've invested considerable time and expense to harvest your farm's grain. Now, you need to place it in storage. The last thing you want to have happen is for the storage company to steal your crops. Unfortunately, that's exactly what happened to 100 farming businesses in northwest Missouri...

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