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Preparing You and Your Clients for Tax Season It has been over 30 years since we last saw major tax reform. Here’s what to keep in mind this year, which varies slightly from previous tax seasons. 1. Plan on not filing by March 1. Many farmers automatically file and pay their income tax return by March 1. However, this year, it is likely much better to make your estimated tax payment on Jan. 15, and then file your income tax return on April 15. The IRS is still finalizing the new law and related tax forms, which will make it extremely difficult for tax preparers to complete returns by March 1. The required payment due on Jan. 15 is the lesser of: • 100% ...
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2019 Farmland Outlook: Values Stay Resilient Despite another year of low profit margins for farmers, rising interest rates and global economic uncertainty, the farmland market was flat to even slightly-higher in 2018.  “Farmland values remain relatively resilient given the downward pressure from farm incomes,” says RD Schrader, president of Schrader Real Estate and Auction Company in Columbia City, Ind. “Overall farmland values continue a slight trickle-down trend, as interest from farmers who saved in the better income years and investors continues to provide support.” The first half of 2018 showcased strength for values as limited land was sold. This ...
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ASFMRA, along with 15 additional organizations, sent a letter to the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency requesting that the agencies hold a public meeting as part of the process to determine whether to increase the residential appraisal threshold from $250,000 to $400,000. Read the Press Release
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Farmland Value Trends Across the US: Northeast The northeast portion of the country is characterized by multiple agricultural industries from general crop farms, to timber tracts, to livestock operations including dairy, poultry hogs and horses. It also consists of widely varying areas from very rural to very developed surrounding our major cities. Farmers here are a mix of typical family-farmers tilling from 200 to several thousand acres, Plain Sect farmers operating 50-75 acres, to lifestyle farmers who own 10-30 acres. Dairy is a major industry in the Northeast and herd sizes vary. New York ranks #4, Pennsylvania ranks #5 and Vermont ranks #17 for milk ...
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Grassley Sees Farm Bill Pros and Cons The 2018 farm bill is nearly official, having passed the House and Senate without the vote of one if its stalwart supporters. After playing a key role in development of the bill, Iowa Senator Charles Grassley voted “no” in the final tally. “I don’t want it to sound like I think [Senator Pat] Roberts isn’t a good Ag Committee Chair or isn’t fighting hard enough for farmers. It’s a good farm bill, and he and Senator Debbie Stabenow, the Ranking Democrat on the Ag Committee, did a good job. It’s a bi-partisan bill and passed with a bi-partisan vote,” Grassley offered in his weekly Capitol Hill Report. “But there was an ...
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Farm Bill Passed As many of you already know, the Senate and House passed the 2018 farm bill, the Agriculture Improvement Act of 2018 , overwhelmingly last week. The measure now moves to President Trump for his signature. He has indicated he will sign it, possibly this week. The Senate voted 87-13 last Tuesday and the House  followed with a 369-47 vote last Wednesday.  Follow the links to see how your Senators and Representative voted. The bill allows offers producers a new choice between ARC and PLC on a crop‐by‐crop and farm‐by‐farm basis, applied jointly to the 2019 and 2020 crop years.  Beginning in crop year 2021, producers will have the flexibility ...
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Land Sales Picking Up But low crop prices along with tariff and trade uncertainly will keep a lid on bids. Interest in selling agricultural land is picking up among landowners in the Midwest, according to reports from farm real estate agents. The amount of land Farmers National Co. has listed for sale is up 21% compared to last year at this time, says Randy Dickhut , senior vice president of real estate operations at Farmers National. “Most of the sales are coming from individuals or ownership groups who are deciding now is the time to sell,” he says. “They may have recently inherited the land or have owned it for years, but sellers have watched the land ...
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Farmland Values Stable For the eighth consecutive quarter farmland values in the Seventh Federal Reserve District remained relatively stable. The Federal Reserve Bank of Chicago recently released its quarterly agricultural newsletter for the district that includes the northern two-thirds of Illinois and Indiana, all of Iowa, Michigan’s Lower Peninsula and the southern two-thirds of Wisconsin. The district produces over 40 percent of U.S. corn, soybeans and hogs. The information was collected via a survey of 188 agricultural bankers across the district. Read more.   Farm Bill Delayed Congress will not take up the farm bill this week as it honors the ...
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New Survey of Farmland Values Paints a Mixed Picture A new survey on Midwest farms is painting a mixed picture in regards to the agriculture economy. The AgLetter from the Federal Reserve Bank of Chicago shows  farmland values in the third quarter are 1% higher than a year ago, but values for "good" agricultural land in the third quarter were 1% lower than in the second quarter. Agriculture credit conditions for the district seemed worse relative to a year ago. Officials say there are credit uncertainties and they're growing, as more farmers are unable to pay their loans off in full every year. Is it still a good idea to use land as collateral? Sam Miller ...
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Various Factors Affect Demand for Land Crop yields, interest rates, tariff situation and negotiation of new farm bill lead the list. Despite variable growing conditions, strong yield expectations were met (or exceeded) in most regions of Iowa. Strong overall yield results will be supportive to a land market that otherwise faces some headwinds, including higher interest rates, relatively weak commodity prices and significant trade uncertainties. Localized differences in yield results are playing a slightly larger role in farmland sale results this fall and early winter. Early-season sales already reflect this uneven trend. In areas where another big crop ...
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Dan Whisenhunt, MBA, AAC with Agcom, LLC in Turlock, CA, has been presented with the H.E. Stalcup Excellence in Education (Management) Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The H.E. Stalcup Excellence in Education Award is one of the most prestigious awards that ASFMRA bestows. The award recognizes individuals who have contributed knowledge and countless hours toward the advancement of ASFMRA educational offerings. Read Dan's Press Release
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JoAnn C. Wall, ARA, founder of Above and Beyond Real Estate Services, Inc. in Templeton, CA has been presented with the H.E. Stalcup Excellence in Education (Appraisal) Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The H.E. Stalcup Excellence in Education Award is one of the most prestigious awards that ASFMRA bestows. The award recognizes individuals who have contributed knowledge and countless hours toward the advancement of ASFMRA educational offerings.   Read JoAnn's Press Release
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Skye Root, AFM, AAC with Westchester Group Investment Management in Boise, ID, has been presented with the H.E. Stalcup Excellence in Education (Management) Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The H.E. Stalcup Excellence in Education Award is one of the most prestigious awards that ASFMRA bestows. The award recognizes individuals who have contributed knowledge and countless hours toward the advancement of ASFMRA educational offerings. Read Skye's Press Release
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Corey D. Prins, AFM, with Northwestern Farm Management Company in Marshall, MN, has been presented with the H.E. Stalcup Excellence in Education (Management) Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The H.E. Stalcup Excellence in Education Award is one of the most prestigious awards that ASFMRA bestows. The award recognizes individuals who have contributed knowledge and countless hours toward the advancement of ASFMRA educational offerings. Read Corey's Press Release
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Mark J. Peterson, AFM, ARA, AAC with Kefa Capital, Inc. in Clovis, CA, has been presented with the H.E. Stalcup Excellence in Education (Management) Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The H.E. Stalcup Excellence in Education Award is one of the most prestigious awards that ASFMRA bestows. The award recognizes individuals who have contributed knowledge and countless hours toward the advancement of ASFMRA educational offerings. Read the Press Release
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Darrell R. Limkeman, AFM, ARA,  with Mid States Farm Management Company in Ottumwa, IA, has been awarded the D. Howard Doane Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The D. Howard Doane Award is one of the most prestigious awards that ASFMRA bestows and is given annually to a member or non-member who has made an outstanding contribution in the field of agriculture with emphasis on farm management and rural appraisal. Read the Press Release
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Brian W. Field, ARA with Crown Appraisals, Inc. in Fargo, ND, has been awarded the Early Career Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).   The Early Career Award, which is sponsored by Bayer CropScience, is given annually by ASFMRA and recognizes an exceptional “early career” member who is making outstanding contributions to their local chapter(s), the Society, and their local community during their first 10 years of membership in ASFMRA.  Brian Field Press Release
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Paul A. Burgener, AFM with Hancock Farmland Services in Gering, NE, has been presented with the H.E. Stalcup Excellence in Education (Management) Award from the American Society of Farm Managers and Rural Appraisers® (ASFMRA®).  The H.E. Stalcup Excellence in Education Award is one of the most prestigious awards that ASFMRA bestows. The award recognizes individuals who have contributed knowledge and countless hours toward the advancement of ASFMRA educational offerings. Paul Burgener Press Release
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Brian Gatzke Appraisal Professional of the Yea
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2018 Election – Agriculture Committee Impact While a few races have not been decided, the Democrats have retaken the House majority and the Republicans have strengthened their majority in the Senate based on election results reported to date. This means Senate Agriculture Chairman Pat Roberts will retain his chairmanship, while Congressman Collin Peterson (D-MN) will resume the House Agriculture Committee Chair and Congressman Mike Conaway (R-TX) will become the ranking member. Committee membership for the next Congress will be decided before the end of the calendar year; the 116th Congress is seated in January. With the Democrats taking the majority in ...
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