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Ohio Ag Manager

May
09

Ask the Expert Widget now on Ohio Ag Manager Website.

Farm managers and landowners now have an opportunity to ask a question to one of the farm management experts that serve on the Ohio Ag Manager Team!  All that is required is to click on the Ask the Expert sign on the top left side of the Ohio Ag Manager Homepage. Type in your question and enter your email address so we can respond to your question. We look forward to serving your farm management educational needs!

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May 2012
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May
04

Tax Credit Available for Hiring Veterans

Issued by Gary Hoff and Carolyn J. Schimpler Re-printed with permission from FarmDocDaily Farmers who plan to add additional help this year may want to consider hiring veterans. There is a substantial increase in the job pool as these individuals come back into the civilian workforce. As a further incentive, you may be eligible for a generous tax credit for hiring unemployed veterans. The credit can apply to seasonal employees if they work at least 120 hours. Recent legislation has expanded the Work Opportunity Tax Credit (WOTC) to include qualified veterans who begin work after November 21, 2011, and before January 1, 2013. To qualify for the WOTC, the veteran must have been unemployed for at least four weeks in the year prior to being hired. A qualified veteran is a veteran who falls into one of the following categories. • Unemployed for at least six months in the 1-year period ending on the hiring date • A ...
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Labor Management, May 2012, Tax Management
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May
03

Hiring Farm Workers Under the Age of 16

By Dee Jepsen, State Agricultural Safety Leader, Ohio State University Extension, Department of Food, Agricultural, and Biological Engineering Ohio farmers will continue to hire teens younger than 16 years old, now that Department of Labor has rescinded their stricter proposal to ban all contact with tractors and power-driven machinery. So what does that mean for Ohio teens looking for summer employment? The current legislation is part of the Fair Labor Standards Act and falls under the Wage and Hour Division within the Department of Labor. This law was written nearly 45 years ago when it was determined certain tasks were dangerous for children under 16 years of age. Working with tractors greater than 20 horsepower and farm machinery were considered hazardous situations. However, there was an educational exemption put into place that would – and still does – allow students to be trained about these dangers, and then permitted ...
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Labor Management, Legal Issues, May 2012
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May
02

Ohio Farm Custom Rates 2012

By: Barry Ward, Leader, Production Business Management, Ohio State University Extension, Department of Agricultural, Environmental and Development Economics A large number of Ohio farmers hire machinery operations and other farm related work to be completed by others. This is often due to lack of proper equipment, lack of time or lack of expertise for a particular operation.  Many farm business owners do not own equipment for every possible job that they may encounter in the course of operating a farm and may, instead of purchasing the equipment needed, seek out someone with the proper tools necessary to complete the job. This farm work completed by others is often referred to as “custom farm work” or more simply “custom work”. A “custom rate” is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider. The custom rates reported in this publication are based on a statew...
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Farm Rents, May 2012
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May
01

2012 Ohio Beef Enterprise Budgets

By: Barry Ward, Leader, Production Business Management Department of Agricultural, Environmental, and Development Economics Newly updated OSU Extension Beef Enterprise Budgets for 2012 have been completed and posted to the Farm Management Website of the Department of Agricultural, Environmental and Development Economics. Updated Enterprise Budgets can be viewed and downloaded from the following website: http://aede.osu.edu/programs/farmmanagement/budgets Beef Enterprise Budgets posted for 2012 include: Market Steer Budget – Days on Feed – 232 (Corn/Soybean Meal Ration)Market Steer Budget – Days on Feed – 250 (Corn/DDG Ration)Yearling Market Steer Budget – Days on Feed – 182 (Corn/Soybean Meal Ration)Yearling Market Steer Budget – Days on Feed – 190 (Corn/DDG Ration)Market Heifer Budget – Days on Feed – 220 (Corn/Soybean Meal Ration)Cow-Calf Budget – Spring Calving  Our enterprise budgets are co...
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Financial Management, May 2012
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Apr
30

How do I register my farm name in Ohio?

By: David L. Marrison, OSU Extension Educator & Associate Professor A recent question received by the Ohio Ag Manager Team was: “How do I register my farm’s name in Ohio?” First, remember that choosing the right name for your farm business is important. Your farm’s name should be memorable and let customers know the purpose of your business. From a legal perspective, business names must be registered with the secretary of state in Ohio if the business engages in commerce under any name other than the legal name of the owners (for sole proprietorship and partnerships) or if the business is a corporation or limited liability company. The Ohio Secretary of State approves and keeps a registry of business names. Ohio law requires that new business names do not conflict with other previously registered business names. Some business names are subject to additional restrictions and/or requirements. It is important to r...
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Legal Issues, May 2012
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Apr
30

OSU Extension to Host Preparatory Classes for Tax Preparers Taking the RTRP Exam

By: David Marrison & Chris Bruynis, OSU Extension Educators OSU Extension and the OSU Income Tax School Program is pleased to be offering assistance for individuals who are preparing to take the new Registered Tax Return Preparer (RTRP) competency test in 2012. In 2011, the Internal Revenue System began the roll-in of new requirements for individuals who prepare tax returns.  Beginning January 1, 2011, all paid preparers must have a Preparer Tax Identification Number.  Existing PTIN holders must pass a competency exam by the end of 2013. Attorneys, Certified Public Accounts and Enrolled Agents are exempt from the testing requirement. In addition to a competency exam, IRS Registered Tax Return Preparers will be required to take continuing education in the future. The OSU Income Tax School program will be offering two educational options to help tax preparers prepare for these tests. The first available option is a study a...
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May 2012, Newsletters, Tax Management
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Apr
26

Farm Accounting Systems: Ledger vs. Computerized

By: Bruce Clevenger, Assistant Professor & Extension Educator Farm financial records are necessary for accurate, end-of-year tax reporting.  While tax reporting is a necessity, farm financial records should do more for the farm manager.  A record system needs to be designed to meet the needs of the farm manager and every effort should be made to keep it simple, yet complete enough to include details needed for analysis and tax purposes.  Before selecting a farm accounting system, farm managers should ask, “what do I need to know about the farm business to make good economic decisions?”  If realistic trigger market prices are difficult to select, maybe a cost of production per unit report is needed.  If cash is short at times when bills are due, maybe a cash flow analysis is needed.  If the income is realized months or a year after the expenses are incurred, maybe an accrual income statement or enterprise analysis is ...
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Financial Management, May 2012, Newsletters
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Apr
25

OSU to host Second Annual Ohio Oil and Gas Law Symposium

The second Ohio Oil and Gas Law Symposium will take place on Friday, May 25 at Longaberger Golf Club in Nashport, Ohio.  The day long program, hosted by OSU Extension’s Agricultural & Resource Law Program, aims at enhancing legal education for attorneys–particularly attorneys working with landowners.  The agenda addresses current legal issues in shale energy development and consists of: Preemption of Authority over Oil and Gas DevelopmentJohn K. Keller; Vorys, Sater, Seymour and Pease LLP, Columbus Water Law Considerations for Oil and Gas DevelopmentBrian P. Barger; Brady, Coyle and Schmidt, Ltd., Toledo Accommodation of Split EstatesWilliam J. Taylor; Kincaid, Taylor and Geyer, ZanesvilleAlan Wenger; Harrington, Hoppe and Mitchell, Ltd., Youngstown Negotiating Pipeline Easements and Managing the Threat of Eminent DomainCraig Vandervoort, Sitterley and Vandervoort Ltd , LancasterSteven A. Davis; Crabbe, Brown and J...
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This post is a reprint of a post by Peggy Hall that originally appeared at Ohio Agricultural Law Blog.
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Legal Issues, May 2012, Newsletters, Upcoming Events
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Apr
06

Income Tax Management of Oil and Gas Lease Payments

by: Chris Zoller, Extension Educator, ANR, Tuscarawas County; Peggy Kirk Hall, Director, OSU Agricultural & Resource Law Program & David Marrison, Extension Educator, ANR, Ashtabula County

A renewed interest in oil and gas leasing in Ohio has the potential to provide landowners with substantial new revenue. Landowners who receive income from oil and gas lease bonus payments and royalty payments must understand the tax implications. Oil and gas income is subject to both federal and state income tax and must be reported appropriately. While a landowner can’t avoid paying taxes on oil and gas revenues, the landowner can use strategies to manage income taxes. This fact sheet reviews how to report oil and gas revenues and summarizes examples of tax management strategies for landowners.

Click here to access the Oil & Gas Tax Fact Sheet

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April 2012, Financial Management, Tax Management
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Apr
03

Elimination of Federal Estate Tax Bill Proposed in Congress

By David Marrison, Associate Professor Could the Federal government be following Ohio’s lead in eliminating the Federal Estate Tax or is this “Election Year” posturing? The federal estate tax is currently set at 35% on estates over $5.12 million. If nothing is changed on January 1, 2013 the estate tax exemption will drop from $5.12 million to $1 million and the estate tax rate will jump from 35% to 55%. In his 2013 budget proposal, President Obama is supporting a $3.5 million estate tax exemption and 45% estate tax rate. At the close of March 2012, Senator John Thune, Republican from South Dakota introduced the Death Tax Repeal Permanency Act S. 2242, which would permanently abolish the federal estate tax. This act would repeal the federal estate tax, repeal the federal generation-skipping transfer tax and lock in a $5 million lifetime gift tax exemption and 35% gift tax rate The Senate bill mirrors House Resolution 1259 ...
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April 2012, Estate Planning, Farm Policy
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Apr
02

2012 Ohio Field Crop Enterprise Budgets

by: Barry Ward, OSU Extension, Leader, Production Business Management, Department of Agricultural, Environmental, and Development Economics & Dianne Shoemaker, OSU Extension Field Specialist, Dairy Production Economics Budgeting helps guide you through your decision making process as you attempt to commit resources to the most profitable enterprises on the farm. Crops or Livestock? Corn, Soybeans, Wheat, Hay? We can begin to answer these questions with well thought out budgets that include all revenue and costs. Without some form of budgeting and some method to track your enterprises’ progress you’ll have difficulty determining your most profitable enterprise(s) and if you’ve met your goals for the farm. Budgeting is often described as “penciling it out” before committing resources to a plan. Ohio State University Extension has had a long history of developing “Enterprise Budgets” that can be used as a starting point fo...
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April 2012, Financial Management
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Mar
28

Federal Estate Tax Exemption Limits Set To Drop in 2013

By David L. Marrison, Associate Professor At the end of 2010, President Obama signed “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.” Most will remember that this bill extended many of the Bush era tax cuts. What many do not remember is that this legislation also made some significant changes to our federal estate tax laws. And quite frankly, this is the one area that concerns me the most when I think of the future of many of our farms across Ohio. The estates of every U.S. citizen are subject to the federal estate tax upon their death. However, a certain potion is exempt from the tax. In 2012, this exemption is $5.12 million. Therefore, in 2012 if the value of the net estate - meaning the gross estate reduced by allowable estate tax credits and deductions - does not exceed $5.12 million, then the estate will pass to the heirs free from federal estate taxes. Any amount above $5.12 mi...
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April 2012, Estate Planning
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Mar
28

Western Ohio Cropland Values and Cash Rents 2011-12

by: Barry Ward, OSU Extension, Leader, Production Business Management, Department of Agricultural, Environmental, and Development Economics Ohio cropland varies significantly in its production capabilities and cropland values and cash rents vary widely throughout the state. Generally speaking, western Ohio cropland values and cash rents differ substantially from eastern Ohio cropland values and cash rents. This is due to a number of factors including land productivity and potential crop return, the variability of those crop returns, field size, field shape, drainage, population, ease of access, market access, local market price, potential for wildlife damage, and competition for rented cropland in a region. This fact sheet is a summary of data collected for western Ohio cropland values and cash rents. Click here for the Western Ohio Cropland Values and Cash Rents Fact sheet 2011-12 Ohio cropland values and cash rental rates are...
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April 2012, Farm Rents
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Mar
26

2012 Farm Bill: Status and Outlook

Carl Zulauf, Professor, Department of Agricultural, Environmental and Development Economics The Ohio State University This article was reprinted with permission from the March/April 2012 issue of U.S. Canola Digest magazine (www.uscanola.com). Background: A draft farm bill was written for potential submission to the Budget Reduction Super Committee as part of the ongoing debate over the federal budget deficit. The Super Committee process failed to reach consensus and the draft farm bill has never been officially released to the public. The farm bill now reverts to its normal process, but with at least broad outlines of a draft bill negotiated between several members of the House and Senate farm bill leadership. This paper provides a brief summary of widely-reported parts of the existing farm bill draft. The summary focuses on broad themes. The paper then briefly addresses implications of a return to the normal process and ...
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April 2012, Farm Policy
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