Two Complaints & One Response
Jan 24, 2012
***The following comments were received in response to the January 21-21, 2012 edition of U.S. Farm Report...
#1: I never miss U.S. FARM REPORT. Almost always see AGDAY. Al Pell, Mike Hoffman and John Phipps do a bang up job and I also like Tyne Morgan. I do have a very minor complaint. I heard once that you want to keep round table market reports positive. I am writing in regards to the program aired on Jan 21st You had Mike North and Blue Reef guy on. I find opposing views much more interesting and informative than two guys that sit and agree with each other. Let em fight! The markets are what they are and it’s the negative that bites us. Ag Day marketing report could be longer. I wouldn’t watch if you were skipping that function. I have great admiration for what you do there. It looks like a huge HUGE job to gather the information you display.
ED Schmid - Minnewaukan, ND (spring wheat, winter wheat, soybeans, pinto beans, canola, and corn)
P.S. The drought in the southern US extended into the Pinto bean production region of Mexico. I have heard they are desperate down there robbing moving trains, Hijacking farmers and even stealing plants at night. Might be worth a look.
#2: John, bad call about agriculture understating income. Today’s farmers who pay nearly all the farm income taxes use computers and tax accountants to compute tax liability. Not much room for fraud since computers don’t miscalculate and accountants and tax preparers can’t afford to lie. Our books have to balance. You owe farmers an apology.
Wes Belter North Dakota
Wes: Those were not numbers I pulled out of my hat. Here is the data
. My other information comes from anecdotes from grain buyers. I use QuickBooks and know if I don't enter a truckload and cash the check, it will never know. Nor will an accountant. I'm sure I'm not the only one who has figured that out. I've also had a few friends audited and who shared their experience. It may not be a problem focussed solely on farmers, but also share-rent landowners. The IRS report doesn't differentiate, and the number was totaled in with 4797 and other miscellaneous income sources.
Bottom line: farm income is a major source of underreported income. How or why is speculation and I offered my comments in that vein.
Thanks for watching and for your feedback.