The ag landscape is always changing, and you need reliable information you can depend on. Designed with you in mind, Ag Conversations covers topics important to you and your business — everything from how to successfully navigate the current tax environment to updates on court rulings and policy issues. Let your voice be heard. Join the conversation!
Cybersecurity Threats in Ag — a Growing ConcernApr 12, 2019
Today’s agriculture practices are not the same as when I was a kid growing up on a large dairy farm in Minnesota. Sure, we had automation in our milking parlor and for some of our machinery, but we definitely were not dependent on the internet to operate our farm.
What’s My Farm or Ranch Really Worth?Mar 28, 2019
What’s your farm or ranch really worth? If you’re an owner, chances are you’ve asked yourself that question a time or two, probably wondered about it for a few moments and then moved on to the next task on your list. However, it’s worth taking the time to answer this question, as there are a number of reasons to know and understand the value of your business, whether yours is a working farm or ranch, or any type business associated with agriculture.
Could You Qualify for the R&D Tax Credit and Not Know It?Mar 15, 2019
The Research and Development (R&D) Tax Credit has been around since 1981, and for many years it was a temporary measure that was renewed for a year or two at a time. In 2015 the tax code was enhanced and the credit became permanent. For many people, the term “R&D” conjures thoughts of lab coats and beakers. The good news is, you don’t need to wear a lab coat to qualify. It’s available to entities of all different sizes and in many different industries — including agriculture. The credit provides dollar-for-dollar reduction and creates an immediate deduction for tax purposes, providing additional cash flow.
Economic Trends in Agriculture: Challenges and OpportunitiesMar 05, 2019
Agriculture is an industry impacted by many factors, including weather, production cycles, economic cycles, technology, government programs and trade policies. Earlier in this decade, Net Farm Income was more than $120 billion according to the USDA. Since then, due in large part to robust production volumes, the prices of several commodities have decreased significantly the past five years.
A Formula for Transition Success: Assess, Collaborate and ImplementFeb 08, 2019
To assist you in creating and implementing your transition plan, Wipfli’s Business Transition Group (BTG) brings together a team of professionals with experience in succession and business transition planning, corporate planning and entity structure, estate planning and a depth of knowledge of the ag industry.
Is Your Farm or Ranch Your Business — or Your Lifestyle?Jan 29, 2019
Every farm or ranch will transition eventually, whether voluntarily or involuntarily. This blog is the first in a two-part series that will start the conversation about what you can do to make sure your transition is a successful one for both you and the next generation of operators.
More Opportunities for ConversationJan 25, 2019
By Bradley Cook
Over the past several months, members of our ag practice have been attending and presenting at ag trade shows in the Northwest and Midwest. I find myself referring to the period between November and February as “convention season,” but I’d like to call it “conversation season.” It’s a busy time for me, but I always enjoy the time I get to spend with clients and friends in the industry and learn about what’s on your mind.
Tips for Preparing Your Tax InformationJan 10, 2019
By Kyle Perry
The Tax Cuts and Jobs Act (TCJA) passed in December of 2017 was heralded as a tax simplification. While that may be true for an individual who earns a paycheck and little else, the reality is, for an agricultural business owner, the TCJA made things more complex. Having an experienced CPA preparing your taxes is more important than ever.
Year-End Tax Strategies to ConsiderDec 12, 2018
Now that crops are harvested, livestock are tended to and equipment is being addressed, it may seem a little late in the year to be looking at our financial strength and year-end tax planning. However, it may not be too late. Many new changes took place with the passing of the Tax Cuts and Jobs Act (TCJA), and many items are still available to us, particularly in the ag industry. These laws can assist you in obtaining your near and long-term goals. The following are items to consider as we near the end of the year.
Should Farmers Pay Quarterly Estimated Tax or File by March 1st?Dec 05, 2018
You may have heard that farm tax returns are due by March 1, but you also may have heard that farmers are required to pay quarterly estimates. So which guideline do you need to follow?
What You Need to Know About Health Insurance During Open EnrollmentNov 30, 2018
We are now in open enrollment season for health insurance for 2019, and many who work in the agriculture industry are wondering if there are any solutions for affordable health insurance. While the Affordable Care Act is still in effect, there is some reprieve from the penalties associated with not having insurance at all.
How Farmers and Ranchers Can Begin Retirement and Business Transition PlanningNov 15, 2018
By Todd Kostman
Retirement plans are a crucial component of any business transition plan. Saving today in a retirement plan allows for flexibility in when and how you transition your farm or ranch. What type of retirement plan you choose to invest in now can have a substantial impact as well.
Ag Producers: Don’t Miss Out on the Benefits of Year-End Tax PlanningNov 02, 2018
The Tax Cuts and Jobs Act (TCJA), passed in December 2017, has created many opportunities for ag producers. It has lowered rates for each of the seven individual tax brackets, created a flat 21% tax rate for C corporations and increased the personal standard deduction as well as the Section 179 deduction limit and bonus depreciation limit.
Keeping a Pulse on PolicyOct 12, 2018
As we continue to keep a pulse on United States tariff and trade policies, it seems like new headlines sweep across the news cycle daily. In fact, I’m almost certain that more significant developments will arise between now and the day this article is published! The latest announcements indicated the U.S. has implemented its new tariff on Chinese products, and China responded almost immediately by imposing additional tariffs on U.S. goods. On a different note, the U.S. and South Korea recently signed an updated trade deal to which the American beef market is reacting positively.
Why Farm and Ranch Owners Should Pay Attention to the New Section 199A GuidanceOct 01, 2018
The IRS recently issued new proposed regulations under Section 199A to clarify gray areas and change an unintended tax advantage for farmers who sell to cooperatives, created as part of the Tax Cuts and Jobs Act of 2017.
Welcome to Ag ConversationsSep 17, 2018
By Bradley Cook
On behalf of Wipfli’s agribusiness team, I am proud to announce the launch of a new and exciting platform for sharing knowledge, perspectives and education with you: our blog, Ag Conversations! As its name suggests, we want this blog to be focused on you and the topics you care about most. The purpose of this platform is not just for us to talk about what’s happening in the industry — we’re here to listen.