Items by Jerry Pierce | KFBM Program Coordinator
IRS Extends March 1 Filing Date for Kentucky Farmers Affected by December Tornadoes
By Jerry Pierce | KFBM Program Coordinator
Published on Feb. 1, 2022
The Internal Revenue Service has announced that certain farms affected by the December 10th severe storms and tornadoes now have until May 16, 2022 to file 2021 returns and pay tax due.
The Dairy Gauge Benchmarking Tool
By Jerry Pierce | KFBM Program Coordinator
Published on Jan. 28, 2022
Benchmarking compares your farm’s performance to past performance or to established measures of success. The benchmark is some measure of a goal, or a range of what is desirable and what is not. You do this all the time, comparing this year’s yields to past years or this cow’s performance to others in the herd.
Update on Agriculture Exemption Number for Sales Tax Exemption on Farm Purchases
By Jerry Pierce | KFBM Program Coordinator
Published on Jan. 28, 2022
The application deadline for farms with existing Exemption Certificates on file with farm suppliers was January 1, 2022. Applications are still being accepted for existing farms.
Agriculture Exemption Number Now Required for Tax Exemption on Farm Purchases
By Jerry Pierce | KFBM Program Coordinator
Published on Jul. 19, 2021
A new Kentucky law requires that farmers apply for an Agriculture Exemption Number to make qualified purchases for the farm exempt from sales tax.
Estate Transfer under the Proposed American Families Plan
By Jerry Pierce | KFBM Program Coordinator
Published on Jun. 29, 2021
On May 28th the Biden Administration released a general explanation of its proposed tax changes.
Paycheck Protection Program Loan Forgiveness
By Jerry Pierce | KFBM Program Coordinator
Published on Feb. 25, 2021
The Economic Aid Act reauthorized the Small Business Administration (SBA) Paycheck Protection Program (PPP) through March 31. On January 19, 2021, SBA issued Interim Final Rules concerning forgiveness and review of first and second draw loans made under PPP.
Paycheck Protection Program Update
By Jerry Pierce | KFBM Program Coordinator
Published on Jan. 20, 2021
The Economic Aid Act reauthorized the Small Business Administration (SBA) Paycheck Protection Program (PPP) through March 31 and made several modifications beneficial to farmers. It also authorizes second draw PPP loans. The application deadline has been extended to May 31.
Government Payments 2010-2019
By Jerry Pierce | KFBM Program Coordinator
Published on Aug. 25, 2020
Agricultural government payments were created to help provide financial stability for farms and farmers. In recent years they have become a substantial support to ailing farm income.
Crop Insurance as a Tool for Managing Farm Risk
By Jerry Pierce | KFBM Program Coordinator
Published on Jul. 28, 2020
Crop insurance was authorized by Congress in the 1930s on an experimental basis to insure against crop loss from “unavoidable perils beyond the farmer's control.” It was made permanent with the passage of the Federal Crop Insurance Act of 1980.
Resources Available to Farmers Struggling with Farm Financial Stress
By Alison Davis | Extension Professor,
Greg Halich | Associate Extension Professor,
Jerry Pierce | KFBM Program Coordinator,
Jonathan Shepherd | Extension Specialist,
Jordan Shockley | Associate Extension Professor,
Kenny Burdine | Extension Professor,
Steve Isaacs | Extension Professor,
and Sarah Bowker | Blueprint Kentucky Managing Director
Published on Apr. 1, 2019
Farmers have been facing many financial stress issues related to commodity prices and the overall farm economy.