Another tax season is finished, and if there is a lesson to be learned, it’s that things never stay the same. There are some changes in the tax law coming over the next few years that will impact both agricultural producers’ farm business and personal tax returns. Some of these…
In baseball, a successful triple play only occurs when the convergence of events is navigated using precision execution. Moving to farm and ranch management, global macroeconomic, geopolitical, fiscal and monetary policies are resulting in the economic triple play. Strategic operations in an agribusiness requires one to simultaneously manage prices, costs…
Well, it’s that time of year again. Even though you’re reading this in April, it’s March as I’m writing it. Everyone is getting excited, talk of how things are going to play out fills the coffee shop, brackets are filled out, bets made, statistics studied. March Madness, the time of…
Most people are familiar with the concept of a will and/or a trust. What most people fail to understand is that those documents only come into play when you are dead. What many people fail to have is a durable power of attorney. Many people saw “Rocky 5” (to be…
Greetings and happy new year everyone! My objective is to provide an update on the recently announced modifications to the Whole Farm Revenue Protection policy by the Risk Management Agency (RMA) that are effective for the 2023 crop year. A previous article on this subject matter in the August 2020…
Ask an ag producer what three things they consider key to the overall success of their farming operation, and the prevalent response will be hard work, honesty and family relationships. There isn’t a day that goes by that your farming operation doesn’t rely heavily on each of these key components…
It is hard to remember the last time we had a “normal” year in farming. In fact, you talk with most folks out there, and no one can remember what a normal year even looks like anymore. This year proved that point with 10-year record high wheat prices, scarcity in…
The economic journey that lies ahead is going to be a three-dimensional pathway full of challenges, but also opportunities for the proactive manager. Along this journey, disrupters can occur to bottom-line profits in the form of the three-headed, fire-breathing dragon. If not properly managed, it can lead to burning through…
This is my last Bottom Line column of the year, and I have enjoyed writing them. I hope you have not been too bored reading them! This final article is an unusual topic but one that is often overlooked by most farmers. When most farmers think about liability and insurance,…
By definition, a written agreement is a document that alters the terms of a policy as authorized under the Common Crop Insurance Policy, Basic Provisions, Crop Provisions or Special Provisions of the multiperil crop insurance policy reinsured by the Federal Crop Insurance Provisions. A written agreement is seldom required in…
