Farm and Finance

It’s no secret that there are many fiscal concerns of an agricultural professional. With 2015 in full-swing, there are certain areas that deserve attention from you and your trusted financial professional. All of this information might seem a bit daunting, but it doesn’t have to be. Working with an experienced CPA is really a breath of fresh air. They can guide you through all the challenges and financial victories that these topics can bring. Here are a few important topics to consider to help ensure a successful year.

Tangible Property Regulations

Tangible Property Regulations (TPRs) should be at the top the list of regulations to review. Treasury personnel have indicated that the IRS expects all taxpayers with tangible real and/or personal property to file one or more Form(s) 3115 in their 2014 tax year to properly comply with new rules. This applies even if there is no adjustment necessary to properly reflect the change in method in your taxable income.… Continue reading