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| MAY 5, 2008 | ||
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This Issue's News Theme: FARM ACCOUNTING |
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Congressional leaders agree on farm bill, but veto possible House and Senate leaders agreed Wednesday to cut some payments to wealthy farmers in a nearly $300 billion farm bill, with floor votes expected to come next week. 2008 net farm income expected to be another record breaker The U.S. Department of Agriculture is predicting that farm income in 2008 will be strong, perhaps higher than 2007 which was a record-breaking year. The USDA's Economic Research Service provides forecasts of farm income and expenses each year. Understanding and accounting for commodity loans Marketing assistance loans provide producers interim financing at harvest time to meet cash flow needs without having to sell their commodities when market prices are typically at harvest- time lows. The IRS has published Notice 2007-63 which sets out guidelines for reporting the tax treatment of gain associated with repayment of non-recourse CCC loans. A new look at succession planning Why are most organizations so lax about succession planning - one of the most critical concerns for business continuity? Think about it: even if there is never a terrorism episode or threat, even if there is no large technology glitch or crisis, there will always be a need to pass the baton of the firm or practice or client relationship leadership. While not strictly about farming, this article does provide some insights into an issue important to all businesses, including farms. Reporting farm income and expenses Straight from the horse's mouth, as it were, here's the low down on reporting farm financial activities, according to the folks at the IRS. The IRS's farm accounting fact sheet highlights some income sources and deductible business expenses of farmers. Next issue's theme: Business forms (LLC, Corp, etc) |
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