Ag Business

Federal court puts Corporate Transparency Act ownership reporting on hold

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If you are one of those farm businesses putting off the requirement to file “beneficial ownership information” (BOI) to the federal government under the new Corporate Transparency Act (CTA), you just received an early Christmas present from a federal court in Texas. The U.S. District Court for the Eastern District of Texas has issued a nationwide preliminary injunction against the CTA, concluding that the law “appears likely unconstitutional.” The court halted enforcement of the CTA and its regulations (the Reporting Rule) and stayed the January 1, 2025 deadline for BOI reporting.

Buckeye Dairy News

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View the full newsletter here.

Topics include:

Dairy Dollars: Feed Prices, Nutrient Costs, and Milk Income
If Cows Make Their Own B-vitamins, Should We Worry About Supplementing Them? – Part II
Using Antibiotics on Your Dairy Farm? How to Monitor for Improved Practices
FDA Letter Asks Veterinarians to Discontinue Use of Unapproved Aspirin Products in Lactating Dairy Cattle
Free Flu Vaccine for Dairy Farmers and Farm Workers
Starter Success for Dairy Calves
Practical Tips to Improve Calf Welfare in Cold Weather
Winter Calf Management

New Publication Explains Trusts

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Trusts are often an important component of a farm succession plan. But there are two primary different types of trust – revocable and irrevocable. A revocable trust often meets most needs and can be the preferred choice for flexibility. However, in cases where enhanced asset protection or estate tax management is necessary, an irrevocable trust may be more suitable. Occasionally, a combination of both types may be needed for optimal results.

2025 Federal Estate Tax Sunset

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In 2017, the Tax Cuts and Jobs Act substantially raised the federal lifetime gift and estate tax exemptions, nearly doubling the previous limits.  As of 2024, individuals can transfer up to $13.61 million, and married couples up to $27.22 million, without facing federal estate tax.  This increased exemption has provided significant tax relief by allowing larger portions of estates to be passed on tax-free.  However, this benefit is temporary and is scheduled to end on December 31, 2025.  After this date, the exemption will revert to the 2017 level of $5.49 million, adjusted for inflation1, which would reduce the amount that can be transferred tax-free in one’s estate.

Farm Accounting with Quicken Workshops 2025

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Financial record keeping is critical for farm businesses.  At a minimum, the records support completion of the annual income tax forms and documents.  Having accurate and accessible data makes tax time smoother and less stressful.

Record keeping can Do More Than a Tax Return.  Records can be utilized to manage critical farm input expenses, calculate cost of production, allocate income and expense to each farm enterprise, farm or field location, build reports that describe the farm finances in real-time, and lead to stronger financial documents such as the annual balance sheet and income statement.

Is it time to re-evaluate how the farm keeps financial records? If so, OSU Extension is pleased to be offering five Farm Accounting Workshops with Quicken across Ohio this winter.  These workshops will be held at:

Auglaize County, January 28 & 29, 2025 – 6:00 pm to 8:30 pm

419-910-6050

Jefferson County, February 4 & 5, 2025 – 6:00 pm to 8:30 pm

740-264-2212

Ross County, February 10 & 11, 2025 – 6:00 pm to 8:30 pm

740-702-3200

Fairfield County, February 12 & 13, 2025 – 6:00 pm to 8:30 pm

740-653-5419

Seneca County, February 20, 2025 – 9:30 am to 3:30 pm

419-447-9722

Quicken is a simple cash accounting system. This single-entry system allows users to record all income and expenses of both the farm and family. It is popular with farmers due to the ease of data entry and its annual subscription price of $75 to $135.  Maybe Quicken has been thought about but you think it won’t work for a home and a farm business or you would like to see how it works before making the commitment of purchasing. Maybe Quicken has been thought about but you think it won’t work for a home and a farm business or you would like to see how it works before making the commitment of purchasing.

Workshop participants will use example farm data to learn how to set up accounts, categorize income and expenses, run tax reports, explore recording farm production data, track income/expenses across tax years, and cash flows by enterprise. Hands-on workshop uses an OSU Computer Lab with Quicken Classic Deluxe software installed. Participants receive workshop manual/home reference with each registration. Participants must be familiar with keyboarding and using a computer mouse. This medium-paced workshop will use a variety of farming examples to maximize the learning experience.

Registration is $65.00 per farm business (2 people per computer). Space is limited to 10 farm businesses at each location. Registration deadline is one week prior to each workshop.  To register, call or visit the hosting OSU Extension Office.