Tag Archives: Management

The Management Calendar

Gordon Groover, Extension Economist, Department of Agricultural & Applied Economics, Virginia Tech

Listed below are the items to consider including on your spring 2015farm business management calendar. Continue reading

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Down to the Wire: A Few More Considerations

Jim Pease, Professor, Agricultural & Applied Economics, Virginia Tech

April 7 is the final day for farm landowners to reallocate commodity program base acres and update payment yields, and for producers to choose between Agriculture Risk Coverage (ARC) or Price Loss Coverage (PLC). According to the March 27 USDA announcement of the new deadline, nearly 98 percent of owners had completed the base acre/payment yield process, and 90 percent of producers had elected either ARC-CO (county-coverage), ARC-IC (farm-coverage), or PLC. For the remaining landowners and producers, it’s time to act, because inaction will cause the following: 1) all program crops on all your FSA farms owned or operated will continue with existing base acre allocations and payment yields, 2) all program crops on all your FSA farms will be assigned to PLC during 2015-2018, and 3) no 2014 ARC or PLC payments will be received. The cost of inaction was described earlier in this blog in “Corn ARC-Co and PLC Forecast Payments: Look Carefully Before Choosing!”  Continue reading

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USDA Provides One-Time Extension of Deadline to Update Base Acres or Yield History for ARC/PLC Programs

USDA Provides One-Time Extension of Deadline to Update Base Acres or Yield History for ARC/PLC Programs

Farmers Now Have Until March 31 to Update Yields and Reallocate Base Acres; Deadline for Choosing Between ARC and PLC also Remains March 31

WASHINGTON, Feb. 27, 2015 — Agriculture Secretary Tom Vilsack announced today that a one-time extension will be provided to producers for the new safety-net programs established by the 2014 Farm Bill, known as Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC). The final day to update yield history or reallocate base acres has been extended one additional month, from Feb. 27, 2015 until March 31, 2015. The final day for farm owners and producers to choose ARC or PLC coverage also remains March 31, 2015.

Visit http://www.usda.gov/wps/portal/usda/usdahome?contentid=2015/02/0051.xml&contentidonly=true to read the full press release from USDA.

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The Management Calendar

Gordon Groover (groover@vt.edu), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Listed below are the items to consider adding to your farm business manager’s reading list and calendar for the next two months.

  • Income taxes and related items:
  • Farmers that do not pay estimated taxes, your 2014 return and taxes are due March 2, 2015. For Farmers that pay estimated taxes (using Form 1040-ES). You have until April 15 to file your 2014 income tax return (Form 1040).
  • Virginia income tax returns must be postmarked by May 1, 2014.

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The Management Calendar

Gordon Groover (groover@vt.edu), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Selective information available that might be useful for fall reading:A must read for all of us involved in agriculture is the current issue of “Choices,” published by the Agricultural and Applied Economics Association and can be found at http://www.choicesmagazine.org/choices-magazine.

o    Fall 2014 Articles center around the: The 2014 Farm Bill – An Economic Welfare Disaster or Triumph? Barry K. Goodwin and Vincent H. Smith Continue reading

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Virginia Tech Income Tax School

L. Leon Geyer (geyer@vt.edu), Professor, Agricultural Law, Department of Agricultural and Applied Economics, Virginia Tech

This year we offer three different seminars: 1) Introductory Tax Preparation Seminar 2) General Income Tax Seminar and 3) The new annual filing season program for tax return preparers

1. Introductory Tax Preparation Seminar

Two 1-day seminars offered as live instruction while space is available. These seminars are designed for those who wish to prepare tax returns and will focus on form IRS form 1040. It is designed for those who are new to taxes, or those who simply seek a refresher course. Continue reading

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New Publication from AAEC faculty: Market Test: Farm-Grown Freshwater Prawns Respondents New To Product Would Buy.

The publication authored by Dan Kauffman, Seafood Business Specialist, and Martha Walker, Community Viability Specialist, Virginia Tech was published in the July/August 2014 Global Aquaculture Advocate and can be found at http://www.gaalliance.org/mag/2014/Jul-Aug/download.pdf.

A small test market at a high-end grocery store near Washington, D.C., USA, showed that farm-grown freshwater prawns would sell to high-income consumers who had not previously tried the product. About 83% of first-time buyers said the shrimp, presented less than 24 hours after harvest, tasted good or very good. About 62% of first-time buyers said they would buy again next year. Although both head-on and deheaded shrimp were offered, most customers were reluctant to try the head-on samples.

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Tax and Financial Management in Profitable Years

Peter Callan, Extension Agent, Farm Business Management, Northern District

 In the first six months of 2014, the prices for feeder and fat cattle and milk have reached record levels. These high prices in conjunction with declining grain prices will likely result in many producers generating significant tax liabilities for 2014. The management and reinvestment of profits generated during times of high prices can impact the long term viability of the business.   Based analysis of the farm’s financial situation, consider paying down short and long term debt as a possible place to spend profits. After addressing the farm’s debt load, plan on accumulating cash reserve equivalent to a minimum of three months’ operating expenses. The next question is where should the profits be spent (e.g., Machinery, retirement accounts, etc.). Continue reading

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The Management Calendar

Gordon Groover, Extension Economist, Farm Management, Department of
Agricultural and Applied Economics, Virginia Tech

Listed below are the items that should be considered for inclusion on the farm business managers’ calendar for spring and summer of 2014:

  • Half the business year will soon be behind us and a six-month financial record check-up is in order.  Updating your records through the month of June allows you to quickly gauge financial progress by comparing the farm’s actual expenses and income to your budgeted amounts.  If you did not develop a budget, compare your mid-year expenses and income to half the items reported on your 2013 Schedule F.  Flag any items that are different from budgeted amounts.  These differences are not necessarily problems, just items that need to be examined and explained. Continue reading
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The Kohl Centre at Virginia Tech: Beyond-the-Classroom Learning Opportunities in the Agricultural and Applied Economics Department.

Kimberly L. Morgan, Extension Economist, Department of Agricultural and Applied Economics, Virginia Tech

KohlThe Kohl Centre Foundation serves a dual mission to: 1), provide business, financial, marketing and management advice, using the resources of VT faculty and students, in the entrepreneurial spirit of Dr. Dave Kohl; and 2), facilitate action-oriented, immersive professional development project opportunities for Kohl Centre teams in response to identified clientele needs in agribusiness and other sectors of the economy. Our primary goal is to develop and implement a branded beyond-the-classroom program that provides undergraduate student experiences in applying the concepts of firm-level strategic decision-making based on economic analyses. Continue reading

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