Agribusiness

Records

Records Retention Guidelines to Remember During Spring Cleaning

Yeo & Yeo CPAs & Business Consultants

Warm weather and rainy days bring the urge to purge. But before you clean your file cabinets or declutter your computer files, it's important to review these guidelines. Federal Tax Records Most tax advisors recommend that you retain copies of your finished tax returns indefinitely to prove that you actually filed. Even if you don't keep th... Learn more

Fraud

Look Out for These Five Fraud Perpetrators

Amy Buben

The Embezzler. The Common Thief. The Hacker. The Inventor. The Glutton. No, these aren't cartoon villains. They're all-too-real occupational fraud perpetrators who fleeced their employers of thousands — or even millions — of dollars. Although we've attached the names to actual criminals in cases reported by the U.S. Justice D... Look out

Tax

IRS Confirms Tax Filing Will Open January 28

Yeo & Yeo CPAs & Business Consultants

The IRS has confirmed that it will begin accepting and processing 2018 tax returns on January 28, 2019, and that it will pay tax refunds despite the partial shutdown of the federal government. The IRS said Congress has directed the payment of all tax refunds through a permanent, indefinite appropriation. This year, the deadline to file ... Will issue tax refunds despite government shutdown

Try These Farm Management Practices to Maximize Profits

Alex Wilson

With the advancements in technology – ranging from newer and more efficient machinery, to being able to run your farm from your phone – farmers have more opportunities today than ever before to keep their costs low. Today’s young farmers, many of whom have attended a secondary school specializing in agriculture, have been exposed to thes... Learn More

Key Takeaways from the MICPA Agribusiness Conference

Alex Wilson

Recently I attended the Michigan Association of CPAs Agribusiness Conference and came away with several items to share. The agribusiness industry is going through many changes, some tied to tax reform, and some based on economic and weather changes. The presenters shared their thoughts on the status of the industry in general and, while ... Read more about the takeaways

Update on Agricultural Tariff Battles

Steven Treece

In recent news, the Trump administration stated that a $6 billion bailout has been planned for farmers who have become collateral damage in the current “trade wars” between the U.S. and certain other countries. The U.S. Department of Agriculture said that of the $6 billion payments to begin September 4, 2018, under the Market Facilitation Progra... Learn more

Agricultural Cooperative Taxation – Changes Level the Field

Alex Wilson

By now, most taxpayers are aware of the sweeping changes made with the Tax Cuts and Jobs Act (TCJA) late last year. Within the law were some drastic changes in the way that the income of farmers – especially those who are members of cooperatives – are taxed. When the law first took effect, there appeared to be an unintentional “grain gli... Learn More