Written by: Kyle Meyer, CPA This newsletter is meant to give you a brief overview of how insurance proceeds are treated in the tax law and give you some strategies to avoid unnecessary taxes. Crop Insurance Proceeds from crop insurance, as a result of crop damage or revenue protection, are [...]

2020 Harvest Price Corn $3.99 Soybeans $10.55   Both corn and soybean harvest prices are higher than the Projected Price that was set last February.   2020 Projected Price  Corn $3.88 Soybeans $9.17   Most farmers carry Revenue Protection and are guaranteed the higher of the Projected Price (spring price) [...]

Rain makes grain...variable yields and rainfall have been the hot topics as farmers harvest. Which fields got timely rain? How did that impact yields? Here is a chart that shows rainfall by location in June, July, and August. *Compared to 30 year average is from October 2019 - October 2020.  [...]

Enhanced Coverage Option (ECO) was released by RMA as a new crop insurance product for the 2021 season. What is ECO? ECO is an area-based crop insurance product that allows you to cover from 86% up to 90% or 95% of the county's expected crop value. How does ECO fit [...]

CFAP 2 payments are now available through December 11. Complete an application Here is the link to the application page - https://www.farmers.gov/cfap/apply I have applications in my office that can be completed and returned the FSA office. I can provide your total reported acres for 2020 and your 2020 APH. [...]

The Derecho Storm on 8/10/2020 caused widespread damage and left farmers with decisions to make on damaged crops. Let's talk about federal crop insurance. The first question is... can the crop be mechanically harvested? If normal harvesting methods and equipment can be used to harvest the crop, the crop would [...]