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1 week ago | 
farmcpareport.com | Paul Neiffer
My friend Jim Wiesemeyer issued a report yesterday on the details regarding the upcoming disaster aid that was authorized last December. We will share those details, however, before that, if you are bumping up against payment limits because you farm as an LLC and you have multiple owners, you may want to consider converting your LLC to a general partnership and having all of the owners as a single member LLC.
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1 week ago | 
farmcpareport.com | Paul Neiffer
The latest Kansas City Federal Reserve report on Ag Finance, they indicate that farm debt in 2024 climbed but at a slower rate than the year before. The report differentiates between ag and non-ag banks and shows the amount of growth in loans for both non-real estate and real estate loans. Non-real estate loans grew at about 10% in 2024 at ag banks and less than 2% at non-ag banks. Real estate loans were unchanged at non-ag banks and rose about 4% at ag banks.
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1 week ago | 
farmcpareport.com | Paul Neiffer
The IRS updates each year the inflation adjusted limits for Health Savings Accounts (HSA) and they just published Revenue Procedure 2025-19 providing the limits for 2026. For self-only coverage the limit will be $4,400 and for family coverage the limit will be $8,750. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber. Taxpayers age 50 or older are allowed an extra $1,000. This Substack is reader-supported.
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2 weeks ago | 
farmcpareport.com | Paul Neiffer
The IRS each year puts on a Nationwide Tax Forum in various cities. This year’s registration has just been released. It is a three-day event and will be located in the following cities:ChicagoNew OrleansOrlandoBaltimoreSan DiegoThe agenda for the forum is primarily related to how the IRS works; how it might provide better services for tax preparers; and finally updates on new tax laws, etc.
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2 weeks ago | 
farmcpareport.com | Paul Neiffer
USDA announced yesterday that farmers will be receiving another $1.3 billion of aid under the Marketing Assistance for Specialty Crops (MASC) this week. USDA has provided $900 million of aid a few months ago and this is the second payment under the program. This brings total disbursements to about $2.2 billion. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber.
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2 weeks ago | 
farmcpareport.com | Paul Neiffer
Someone reminded me after this post yesterday that having the dates and the link in the post to sign up for the summer CPE would be helpful since not everyone will look at the video. The Santa Fe event will be on Thursday and Friday June 5 and 6 at the Santa Fe Community College. The two-day course will also be offered online. This Substack is reader-supported. To receive new posts and support my work, consider becoming a free or paid subscriber.
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2 weeks ago | 
farmcpareport.com | Paul Neiffer
We had a reader reach out to us with the following question:“Hi Paul, I am working on an ECAP application for a client whose farming operation is in a C corp. This is the only thing in the C Corp so it meets the qualifications for the upper limits. The stock is owned by a husband and wife, with one's shares in a grantor trust and the other a revocable trust. The FSA office is saying that the owners need to meet the tests at the individual level as well to qualify for the upper limit.
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2 weeks ago | 
farmcpareport.com | Paul Neiffer
I think this is my 15th year of doing summer CPE with Roger McEowen of Washburn University. This summer we will be doing a two-day event in Santa Fe, New Mexico in June and then a two event in Lancaster, Pennsylvania in August. Here is a short video that provides the details on what we will be discussing. Day 1 is focused on income tax and day two is more focused on estate planning. This Substack is reader-supported.
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3 weeks ago | 
farmcpareport.com | Paul Neiffer
Most farmers are well aware of a Section 1031 transaction for helping defer income taxes when they sell farmland or other real estate. However, they may not be aware of other income tax code sections that may help them too. Section 1031 allows for farmers to “sell” their land and then “roll over” the proceeds into additional real estate. It does not need to be farmland, however, as we have discussed in the past, there can be issues with Section 1245 real property such as grain bins, tiling, etc.
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3 weeks ago | 
farmcpareport.com | Paul Neiffer
USDA typically updates the ECAP dashboard every Monday afternoon but with Good Friday being a holiday it was a day later this week. Currently, the dashboard is showing that about $6.741 billion of aid has been sent to farmers. As expected, Iowa is still in the lead for total money by state at about $662 million. Illinois is still second at $600 million with Kansas, Minnesota, Nebraska, North Dakota and Texas all over $400 million.
