Cattlemens Webinar Series: End of Year Tax Strategies for Cattlemen

Register Now for the free webinar on Dec. 9, 2014!
6:00 p.m. Mountain (MST)

When the clock strikes midnight on December 31st, there are very few options that taxpayers have to reduce their tax bill. With higher revenue this year and many unknown tax changes that may or may not be passed by Congress, it is important to understand the strategies that producers in agriculture have to keep Uncle Sam out of their pocket.

Presentation Descriptions:

Larry Kopsa, CPA

Larry Kopsa, CPA is a member of the firm Kopsa Otte located in York, Nebraska. As a principal in the 28 person firm, he is involved in all aspects of the practice with an emphasis on tax planning, succession planning and business consultation, along with firm management. Besides serving on the board of directors of the Nebraska State Chamber of Commerce, Larry is active on numerous local, state and national organizations. He is a frequent speaker, has authored numerous articles for various magazines, and also serves as an adjunct professor at York College teaching Income Tax courses.


Colin Woodall, NCBA Senior Vice President, Government Affairs
and Kent Bacus, NCBA Associate Director, Legislative Affairs

NCBA is focused on addressing tax extenders during the lame duck session of Congress and will focus on tax reform in 2015. Priorities for the lame duck include reinstating Section 179 expensing and 50 percent Bonus Depreciation to 2013 levels, as well as extension of the Conservation Easement Tax Credit and key Charitable Deductions. During the webinar we will also discuss upcoming tax reform efforts for 2015 and key provisions NCBA supports like estate tax (Sec 2032A), cash accounting, depreciation schedules, 1031 Like-Kind Exchange. Tune in and learn about these important tax provisions and how they may impact your operation.

Register Now

Attend American Forage and Grassland Council Annual Conference

The American Forage and Grassland Council (AFGC) Annual Conference is scheduled for Jan. 11-14 at the Hilton St. Louis Frontenac near St. Louis, Mo. The conference brings forage producers, researchers and industry representatives from across the country to share forage related research and information. 

Jan. 11 begins with the AFGC board of directors meeting. However, the main conference begins at 8 a.m., on Monday, Jan. 12 with the keynote speaker, Dr. Temple Grandin, a nationally known consultant to the livestock industry, presenting Tips for Low Stress Cattle Handling. Additional topics on Monday include: Hay Preservatives & Additives: Are they Economical?; Keys to Success When Making Baleage; Can I Afford to Spray for Weeds, and other topics. Tuesday, Jan. 13 the agenda includes several workshops on the following topics: Using Cover Crops to Expand Your Livestock Operation; Recent Improvements in Cool Season Grasses; Baleage Fundamentals and Using NIRS as a Tool for Better Forage Management. The conference concludes on Wednesday, Jan. 14 with several sessions focusing on Plant Breeding and NIRS and Forage Quality & Using NIRS Nutrition Results.

The Conference will also include a commercial exhibit area, poster presentations, Emerging Scientist Competition, numerous networking opportunities and other activities.

A complete program agenda and preregistration information is available at http://www.afgc.org/. Early registration is due by Dec. 31 and one-day registrations are available. The AFGC Conference is co-sponsored by the Missouri Forage and Grassland Council and the Illinois Forage and Grassland Council.

AFGC is an international organization comprised of twenty affiliate councils in the United States and Canada with a total individual membership of about 2,500. Their primary objective is to promote the profitable production and sustainable utilization of quality forage and grasslands. Members represent members the academic community, producers, and private industry. Together, they unite in a common cause to promote and develop the forage industry.

Illinois Beef Checkoff Referendum Scheduled

IBA encourages a "Yes" vote to keep dollars in the state for beef education and promotion.

SPRINGFIELD, Ill. – Illinois beef producers will have the opportunity to approve a state beef checkoff program, controlled by Illinois cattlemen and women, that could generate additional funds to promote beef in Illinois.

Petitions signed by more than 700 producers were submitted to the Illinois Department of Agriculture requesting a referendum on the Illinois Beef Market Development Act. If approved, the 50-cent per-head that producers would pay into a state checkoff program would supplement the national checkoff program. The program will complement and extend current research, promotion of Illinois-raised beef, and efforts to educate the youth of our industry while strengthening beef demand in the marketplace. The Illinois Department of Agriculture will oversee the referendum process.

“Our current national checkoff started in 1986 and its buying power has been eroded by 56 percent due to inflation over the years,” said Reid Blossom, IBA executive vice president. “Just like input costs on the farm, the cost of promotion and education has risen. The industry must invest in order to reach Illinois consumers and ensure a viable beef business for years to come, and the proposed Illinois Beef Checkoff would help in a number of areas.”

The Illinois Beef Checkoff is a voluntary 50-cent assessment on all beef cattle in Illinois collected at the time of sale. The funds from this collection will be controlled by farmers serving on IBA’s Checkoff Division of the Board of Governors and any cattleman not wishing to participate can have their full assessment refunded.

Alan Adams, a beef producer from Sandwich, said for him, reinstating the Illinois Beef Checkoff makes sense.

“Our industry is up against tremendous adversity,” Adams said. “The national checkoff has been successful in combatting those challenges, but more resources are needed to more aggressively confront beef industry issues that are critical to our way of life. The fast completion of the petition process and early backing from the Vote Yes coalition shows that Illinois beef producers recognize the need to further support our great industry.”

All beef producers in Illinois are entitled to one vote in the referendum. A producer is any person, regardless of age, who has owned or sold cattle in the previous year or presently owns cattle.

The referendum will be held during a 12-day window in February 2015 offering three ways a producer can cast a vote. Illinois producers are strongly encouraged to vote in-person at any Illinois FSA county office from Feb. 16-20 or at the Illinois Beef Expo in Springfield Feb. 19-22. If a producer is unable to access in-person voting locations, a mail-in ballot may be downloaded from the IBA website, www.illinoisbeef.com, between Feb. 16-27 and postmarked no later than close of business Friday, Feb. 27, 2015.

Producers with questions about the procedures and eligibility for voting in this referendum or for more information on how funds generated by the assessment can be used, can contact the Illinois Beef Association at 217-787-4280 or visit www.illinoisbeef.com.

Illinois beef producers are being asked to consider a state checkoff in an effort to increase promotion and education efforts for beef.

CattleFax - Weekly Recap

Last week, live cattle were mixed, feeder cattle were lower as the grains were higher. Live cattle rebounded from being down early, finishing mixed, $0.65 lower to $1.00 higher. The gains occurred mostly in the upfront contracts. Feeder cattle were lower as deferred live cattle futures were lower. Feeder cattle closed $0.80 to $1.98 lower. The CME feeder cattle index was $240.69, $0.54 lower last Tuesday. Boxed beef values were stronger Tuesday as Choice was $1.17 stronger and Selects were $1.42 firmer. The grains had a positive day as soybeans led the way. Soybeans gained 14 to 17 ¼ cents. Wheat was close behind gaining 9 ¾ to 13 ¼ cents Tuesday. Corn was also strong adding 6 to 7 cents.

Check out today's Chart of the Day. For recent market news and analysis, visit CattleFax.com.