As our farm businesses use tax planning tactics to reduce current tax liability impacts, we do not completely reduce the tax but move the tax to a future year. This webinar will provide details on the importance of identifying and calculating your operation’s deferred tax liability and how that can affect your current and future strategic farm management decisions.
Presenter: Dick Wittman, Wittman Consulting, Farm Manager/Family Business... Read More →
ILSOYADVISOR POST
End of Year Deadlines at the FSA Office
December 11, 2020
For most, the 2020 harvest has come to an end and now it’s time to quickly complete all the year-end tasks. It’s important to remember that between now and the end of the year there are very few open days of business for the county FSA offices, so be proactive and address any needs sooner rather than later.
I recently had the opportunity to visit with FSA State Executive Director William Graff. During our conversation, I learned about upcoming FSA deadlines and the importance of updating FSA farm records. We both agreed that with the holiday season upon us and with potential country restrictions, it’s especially important to be preemptive in reporting information and enrolling in programs.
Updating Farm Records: In years past, farmers could wait until they made enrollments for PLC or ARC to make any farm record changes. However, now could be a great time to review farm records and make notes of any changes that could be coming. Why wait until the last minute when you can communicate any changes with to your local FSA office now?
Question to ask yourself:
- Will any of your fields have a name change?
- Will there be a spouse change?
- Will there be additional acres?
- Will there be fewer acres?
- Will there be a delay from county courthouse closures and restrictions (property deeds, new purchased land)?
- Will there be a change in Partnerships, LLC, Estates or Trust?
- Will there be a family dispute that could delay records being updated and enrolled?
NRCS Projects: If you’re considering any NRCS projects for the coming year on your land, it’s best to contact your local NRCS office TODAY and get your project on their radar. Enrollment is Jan. 4 – Feb. 12, but there is a lot of groundwork that needs to be done prior to actual enrollment.
Upcoming Deadline:
- December 11, 2020 – CFAP/CCA2 deadline
- December 11, 2020 – Dairy Margin deadline
- December 15, 2020 – Reporting acres for wheat, rye, alfalfa, grass seeds and cover crops
- January 4 – February 12, 2020 – General Programs for NRCS
- March 15, 2021 – PLC/ARC Enrollment
Todd Steinacher
Steinacher is an ISA CCA Soy Envoy alum and currently supports ISA on agronomic content as well as serving as an Illinois CCA board member. He was recently awarded the 2020 IL CCA of the Year & the 2021 International CCA of the Year. He has over 15 years agronomic experience, currently working with AgriGold and GROWMARK previously. Steinacher has an associate degree from Lincoln Land Community College, a B.S. in agronomy and business from Western Illinois University and a master’s degree in crop science from the University of Illinois at Urbana-Champaign. If you have any questions for him about this article, he can be reached at steinacher@ilsoy.org.
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