By Tyler Davis
Published Jan 8
Overall, these final regulations did a great job of answering most of the open farming & agribusiness questions proposed by tax practitioners... However, these proposed regulations failed to address many of the concerns expressed by tax practitioners related to the implications of the Opportunity Zone program for agriculture businesses or farmers... While this conclusion is clear from a traditional commercial real estate perspective, farmers and agribusinesses expressed concern about how to qualify from an agricultural land perspective... So, uncertainty existed around what land investments and land improvements would qualify for the Opportunity Zone program in the agriculture industry... Farmers and agribusiness entities that sell assets used in a trade or business for a capital gain no longer have to wait until the end of the tax year to invest their capital gains into an opportunity zone project...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Updated May 14
This is the second of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for year-end 2019. Part I, published on AgFuse in November of 2019, focused on planning opportunities for farmers with higher than expected earnings in 2019 while Part II focuses on tax planning opportunities for farmers with lower than expected current year performance... One of the major goals in this scenario is to avoid a tax loss for the year because the new loss rules in effect for farmers are much different than they were before the passage of the Tax Cuts and Jobs Act of 2017... Tyler Davis is a CPA who works for SVN Saunders Ralston Dantzler real estate as an asset manager and advisor. SVN Saunders Ralston Dantzler was founded by Dean Saunders in 1996 and is a leading agricultural land brokerage based in Lakeland, FL...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Nov 1, 2019
This is the first of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for farmers and agriculture businesses for year-end 2019. Part I focuses on when a farming taxpayer has higher than expected earnings in 2019 while Part II, which was published on AgFuse... One of the major tax planning opportunities for farmers is the ability to make an income averaging election, which is discussed in detail in The Top 10 Accounting & Tax Benefits for Farmers & Farming Businesses. As discussed in this article, Certain qualifying farming businesses can elect to be taxed on an average tax rate of their running three years of income... For further details, please see this IRS chart2019 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work | Internal Revenue Service2017 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at WorkOne final tax planning opportunity relating to capital gains triggered in 2019 is to put those capital gains in a Qualified Opportunity Zone Fund...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Mar 28
Late in the afternoon on Friday, March 27th, the United States House of Representatives passed the $2 trillion federal relief package called Coronavirus Aid, Relief, and Economic Security Act (CARES)... However, income phase-out limits begin at $75,000 of Adjusted Gross Income (AGI) for a single filer and $150,000 AGI for a married couple filing jointly... This provision is vitally important and will help individual farmers and workers at agribusinesses and farming operations... 5 times their average monthly payroll (with a maximum loan of $10 million). The portion of these loans used on rent, payroll, mortgage, and utilities by the company in the first eight weeks will be forgiven by the Federal government...
Categories: Ag Policy, Agribusiness
Published May 3, 2019
We are an international nonprofit organization, registered in the US and Canada, that focuses on health and safety for the next generation of agriculture We collect this data via a survey completed by students. With our international standardized survey we can now compare students from US, Canada, Australia, Denmark and Sweden. Doing our part to help protect the most noble industry on this planet. ...
Categories: Ag Policy, Agribusiness
Business Title: AgFuse LLC
Job Title: Adminstrator
About: AgFuse is a social media network created specifically to connect farmers and agriculture professionals throughout the world.
Interests:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Beef, Dairy, Poultry, Swine, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Timber, Marketing, Agribusiness
By Tyler Davis
Published Aug 2, 2019
A 1031 Exchange is a tax-deferred swap program in which farmers and others in the agriculture industry can participate. Farmland, vacant land, and certain agriculture assets are considered real estate assets under the Internal Revenue Code... While there has been extensive guidance and content on 1031 Exchanges in the context of residential, retail, office, and industrial properties, there is a lack of content on how 1031 exchanges apply to the agriculture industry. I have identified five items that all farmers and agriculture business owners should know, as follows:#1 – You’re allowed to do a 1031 Exchange on your Farmland Should you wish to sell your existing farm land and buy like kind property, this exchange should qualify for tax deferred treatment, meaning you don’t have to pay the tax currently... #2 – The Tax Cuts & Jobs Act of 2017 changed the rules for Farmers The Tax Cuts & Jobs Act of 2017 (Tax Reform) brought huge changes to the tax structure in the United States and the agriculture industry was not exempt...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Oct 6, 2019
Conservation easements have grown in popularity in recent years, partly due to the impactful tax benefits available to the donor... Certain agricultural workers can take up to 100% of their income as a charitable contribution in a given year (the same carryforward rules apply should the amount of the total conservation easement charitable contribution deduction exceed 100% their taxable income)... Therefore, in order to mitigate the effect of the decreased property value and to encourage landowners to consider this program, the IRS increased the amount of tax benefits associated with the conservation easement initiative in 2015... Internal Revenue Code (IRC) Section 2031(c) allows taxpayers to exclude a percentage of the value of land subject to a conservation easement from the taxpayer’s taxable estate at death (the basic rule is forty percent (40%) but could be slightly modified depending on the fact pattern of the taxpayer... SVN Saunders Ralston Dantzler is leading agricultural land and commercial brokerage and development based in Lakeland, FL...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Sep 11, 2019
Farmers and Agribusiness Companies are granted certain tax breaks and industry-specific deductions from the IRS... Farms with less than $25 Million of Average Gross Receipts can use the Cash Basis of AccountingCompanies, including farms, with less than $25 million in average annual gross receipts for the past three years, can elect to use either the cash or accrual method of accounting... Farmers with under $25m in average gross receipts are allowed to use the cash method, which allows them to record crop sales in the year the cash is received and to record expenses when the payments are actually made... Unit-Livestock-Price MethodFarmers who use this method for valuing livestock must group livestock together by their type and age. Then, the taxpayer must apply a standard price for each type or group of animals/age...
Categories: Ag Policy, Agribusiness
Business Title: AgFuse LLC
Job Title: Adminstrator
About: AgFuse is a social media network created specifically to connect farmers and agriculture professionals throughout the world.
Interests:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Beef, Dairy, Poultry, Swine, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Timber, Marketing, Agribusiness
Business Title: Sorrels Farms, Canadian Hills Produce, And Sorrels Custom Harvesting
Job Title: Owner
Interests:
Cotton, Soybeans, Wheat, Vegetables, Canola, Sorghum, Beef, Cover Crops, Ag Policy, Precision Agriculture, Irrigation, Marketing, Agribusiness
Interests: Corn, Cotton, Peanuts, Soybeans, Wheat, Beef, Poultry, Swine, Cover Crops, Ag Policy, Precision Agriculture, Irrigation, Marketing
Interests: Corn, Soybeans, Wheat, Vegetables, Beef, Dairy, Ag Policy, Marketing, Agribusiness
Interests: Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Beef, Dairy, Poultry, Swine, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Timber, Marketing, Agribusiness
Business Title: PenoyerFarms
Job Title: Landowner, Farmer, Farm Manager or Employee
Interests:
Corn, Organic Row Crops, Beef, Grass-Fed Livestock, Irrigation, Sustainable Agriculture, Soil Health, Fertility, Apps, Precision Agriculture, News, Ag Commentary, Succession Planning, Farm Management, Taxes, Operating a Farm, Accounting and Bookkeeping, Ag Policy, Agribusiness, Farmland and Real Estate, Repair, Tools, Projects, Cover Crops, Conservation Plans, NRCS, Organic Specialty Crops, Tree Nuts, Vegetables, Hemp, Orchard Crops, Hunting, Homesteading
Business Title: Thin Cow Inc.
Job Title: Other Ag Professional, Marketing Specialist
Interests:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Beef, Dairy, Poultry, Swine, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Timber, Marketing, Agribusiness
Business Title: Farm Flight
Job Title: CFO
About: Hi! I am a partner at Farm Flight LLC. Our goal as a company is to provide farmers with valuable insights and data that will help them cut costs and increase yields. With the use of drones, we are able to gather data such as plant counts, survey grade geographical data, NDVI maps, weed detection and much more! Come check us out at farmflightaz.com
Interests:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Rice, Canola, Sorghum, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Marketing, Agribusiness
Business Title: SuccessfulFarming
Job Title: Editor
Interests:
Corn, Soybeans, Wheat, Beef, Swine, Crop Protection, Fertility, Soil Health, Sustainable Agriculture, Irrigation, Crop Scouting, Precision Agriculture, Apps, Marketing, Ag Commentary, News, Agribusiness, Farmland and Real Estate, Ag Policy, Farm Management, Succession Planning, Repair, Tools, Purchasing, Conservation Plans, Cover Crops
Public
A digitally native foodtech and agtech venture capital firm with an active media arm in AgFunderNews.com
Interest:
Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Timber, Marketing, Agribusiness
Public
Connected Business enterprises, SMEs, Social Enterprises, Nonprofit Organizations and Start-ups to Funding, Grants and Business opportunities in Agriculture, Livestock, Agrifood, AgriTech and FoodTech
Interest:
Corn, Cotton, Peanuts, Soybeans, Vegetables, Rice, Canola, Sorghum, Beef, Dairy, Poultry, Swine, Precision Agriculture, Organic Row Crops, Irrigation, Agribusiness
Public
Pakistani Agriculturist, A group for Pakistani farmers to share success stories and ask questions.
Interest:
Ag Policy, Agribusiness, Marketing, Organic Row Crops, Precision Agriculture, Timber, Canola, Corn, Cotton, Sorghum, Peanuts, Rice, Soybeans, Vegetables, Wheat, Beef, Dairy, Swine, Poultry
Public
We are an insurance agency dedicated to providing competitive insurance and risk transfer solutions that protect farms, families and agribusiness companies that we serve.
Interest:
Corn, Cotton, Peanuts, Soybeans, Wheat, Vegetables, Sorghum, Beef, Dairy, Poultry, Marketing, Agribusiness, Ag Policy, Cover Crops, Irrigation, Organic Row Crops, Precision Agriculture, Timber, Canola, Rice, Swine
Public
News, articles and opinion pieces on AgTech.
Interest:
Precision Agriculture
Public
This group contains content that is exclusive to AgFuse members only.
Interest:
Agribusiness
Public
Connect and discuss Washington State agriculture.
Interest:
Corn, Soybeans, Wheat, Vegetables, Canola, Sorghum, Beef, Dairy, Poultry, Swine, Cover Crops, Ag Policy, Precision Agriculture, Organic Row Crops, Irrigation, Timber, Marketing, Agribusiness
Public
All things agronomy! Get the latest news, research, and interviews with leaders in the world of agriculture. Hosted by Dr. Curtis Livesay, CCA, of Dynamite Ag.
Interest:
Corn, Soybeans, Wheat, Vegetables, Cover Crops, Ag Policy, Agribusiness
Public
GPS, precision soil sampling, UAV\\\'s (drones) data acquisition and management, etc
Interest:
Precision Agriculture
By Tyler Davis
Published Jan 8
Overall, these final regulations did a great job of answering most of the open farming & agribusiness questions proposed by tax practitioners... However, these proposed regulations failed to address many of the concerns expressed by tax practitioners related to the implications of the Opportunity Zone program for agriculture businesses or farmers... While this conclusion is clear from a traditional commercial real estate perspective, farmers and agribusinesses expressed concern about how to qualify from an agricultural land perspective... So, uncertainty existed around what land investments and land improvements would qualify for the Opportunity Zone program in the agriculture industry... Farmers and agribusiness entities that sell assets used in a trade or business for a capital gain no longer have to wait until the end of the tax year to invest their capital gains into an opportunity zone project...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Updated May 14
This is the second of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for year-end 2019. Part I, published on AgFuse in November of 2019, focused on planning opportunities for farmers with higher than expected earnings in 2019 while Part II focuses on tax planning opportunities for farmers with lower than expected current year performance... One of the major goals in this scenario is to avoid a tax loss for the year because the new loss rules in effect for farmers are much different than they were before the passage of the Tax Cuts and Jobs Act of 2017... Tyler Davis is a CPA who works for SVN Saunders Ralston Dantzler real estate as an asset manager and advisor. SVN Saunders Ralston Dantzler was founded by Dean Saunders in 1996 and is a leading agricultural land brokerage based in Lakeland, FL...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Nov 1, 2019
This is the first of a two-part series focusing on tax savings, planning opportunities, and other tax considerations for farmers and agriculture businesses for year-end 2019. Part I focuses on when a farming taxpayer has higher than expected earnings in 2019 while Part II, which was published on AgFuse... One of the major tax planning opportunities for farmers is the ability to make an income averaging election, which is discussed in detail in The Top 10 Accounting & Tax Benefits for Farmers & Farming Businesses. As discussed in this article, Certain qualifying farming businesses can elect to be taxed on an average tax rate of their running three years of income... For further details, please see this IRS chart2019 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work | Internal Revenue Service2017 IRA Deduction Limits - Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at WorkOne final tax planning opportunity relating to capital gains triggered in 2019 is to put those capital gains in a Qualified Opportunity Zone Fund...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Mar 28
Late in the afternoon on Friday, March 27th, the United States House of Representatives passed the $2 trillion federal relief package called Coronavirus Aid, Relief, and Economic Security Act (CARES)... However, income phase-out limits begin at $75,000 of Adjusted Gross Income (AGI) for a single filer and $150,000 AGI for a married couple filing jointly... This provision is vitally important and will help individual farmers and workers at agribusinesses and farming operations... 5 times their average monthly payroll (with a maximum loan of $10 million). The portion of these loans used on rent, payroll, mortgage, and utilities by the company in the first eight weeks will be forgiven by the Federal government...
Categories: Ag Policy, Agribusiness
Published May 3, 2019
We are an international nonprofit organization, registered in the US and Canada, that focuses on health and safety for the next generation of agriculture We collect this data via a survey completed by students. With our international standardized survey we can now compare students from US, Canada, Australia, Denmark and Sweden. Doing our part to help protect the most noble industry on this planet. ...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Aug 2, 2019
A 1031 Exchange is a tax-deferred swap program in which farmers and others in the agriculture industry can participate. Farmland, vacant land, and certain agriculture assets are considered real estate assets under the Internal Revenue Code... While there has been extensive guidance and content on 1031 Exchanges in the context of residential, retail, office, and industrial properties, there is a lack of content on how 1031 exchanges apply to the agriculture industry. I have identified five items that all farmers and agriculture business owners should know, as follows:#1 – You’re allowed to do a 1031 Exchange on your Farmland Should you wish to sell your existing farm land and buy like kind property, this exchange should qualify for tax deferred treatment, meaning you don’t have to pay the tax currently... #2 – The Tax Cuts & Jobs Act of 2017 changed the rules for Farmers The Tax Cuts & Jobs Act of 2017 (Tax Reform) brought huge changes to the tax structure in the United States and the agriculture industry was not exempt...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Oct 6, 2019
Conservation easements have grown in popularity in recent years, partly due to the impactful tax benefits available to the donor... Certain agricultural workers can take up to 100% of their income as a charitable contribution in a given year (the same carryforward rules apply should the amount of the total conservation easement charitable contribution deduction exceed 100% their taxable income)... Therefore, in order to mitigate the effect of the decreased property value and to encourage landowners to consider this program, the IRS increased the amount of tax benefits associated with the conservation easement initiative in 2015... Internal Revenue Code (IRC) Section 2031(c) allows taxpayers to exclude a percentage of the value of land subject to a conservation easement from the taxpayer’s taxable estate at death (the basic rule is forty percent (40%) but could be slightly modified depending on the fact pattern of the taxpayer... SVN Saunders Ralston Dantzler is leading agricultural land and commercial brokerage and development based in Lakeland, FL...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Published Sep 11, 2019
Farmers and Agribusiness Companies are granted certain tax breaks and industry-specific deductions from the IRS... Farms with less than $25 Million of Average Gross Receipts can use the Cash Basis of AccountingCompanies, including farms, with less than $25 million in average annual gross receipts for the past three years, can elect to use either the cash or accrual method of accounting... Farmers with under $25m in average gross receipts are allowed to use the cash method, which allows them to record crop sales in the year the cash is received and to record expenses when the payments are actually made... Unit-Livestock-Price MethodFarmers who use this method for valuing livestock must group livestock together by their type and age. Then, the taxpayer must apply a standard price for each type or group of animals/age...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Updated May 13
Many taxpayers are surprised to find out that the IRS taxes hobby income. We all have hobbies... As previously mentioned, the income from a farming hobby is reported directly on page 1 of Form 1040... The time and effort you spend on farming indicate you intend to make it profitable How many hours on average did the farmer spend on this hobby? What steps were taken to enhance profitability? Documentation of hours spent & activities performed is paramount... SVN: Saunders Ralston Dantzler is a leading agricultural land brokerage based in Lakeland, FL...
Categories: Ag Policy, Agribusiness
By Tyler Davis
Updated Sep 15
The Delaware Statutory Trusts (DST) is a newer investment vehicle that allows real estate property owners, including farmers and ag landowners, to purchase tenants in common ownership in passive investment properties... Delaware Statutory Trusts have many advantages over traditional real estate purchases and traditional 1031 Exchanges... It’s another advantage of a DST compared to other Section 1031 exchange assets. Rather than having to play landlord and collect rent each month from tenants, the DST is allowed to be the property manager and oversee property operations on behalf of the investors... Investors who are used to having total control of investments (either real estate or stock/bond investments) might not like the fact that a management group of experts in deciding which properties to invest in with their money...
Categories: Ag Policy, Agribusiness
AgFuse © 2020
Get access to a complimentary whitepaper "Top 10 Ways To Increase Your Farm's Profits This Year" when you sign up on AgFuse today.
