Pro Farmer Extra
- From the Editors of Pro Farmer newsletter -
Jan. 25, 2013
USDA provides 2013 farm program details
Moving forward with implementation of the 2008 Farm Bill extension, USDA announced 2013 farm program signup will start Feb. 19 and will run through Aug. 2 for the Direct and Countercyclical Program (DCP) and through June 3 for the Average Crop Revenue Election (ACRE) program. USDA also confirmed producers can opt out of (or in) ACRE.
USDA also published projected 2013 ACRE guarantee prices and notified state and county Farm Service Agency (FSA) offices that all eligibility rules and requirements for receiving farm program payments and benefits that were effective for 2012 are in effect for 2013, including the $1 million adjusted gross income (AGI) limit for direct payments.
USDA also announced dairy producers’ Milk Income Loss Contract Program (MILC) contracts are automatically extended to Sept. 30, 2013. Thus, eligible producers do not need to re-enroll in the program. Specific details regarding modifications to MILC will be released soon.
The IRS recently announced it will waive the normal quarterly estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline. The IRS will provide penalty relief to farmers who request a waiver and complete their tax returns with Form 2210-F attached by April 15, 2013. The form can be submitted electronically or on paper. Additional instructions can be found at www.IRS.gov.
To qualify for the waiver for tax-year 2012, at least two-thirds of one’s total gross income must be from farming or fishing in either 2011 or 2012.
This delay can be attributed to the enactment of the American Taxpayer Relief Act; the testing and programming needed for IRS to implement the new program delays the agency’s ability to accept and process certain forms. This may, in turn, affect farmers’ and fishermen’s ability to file and pay their taxes by the March 1 deadline. IRS says it will issue additional guidance soon.
Finally, the Environmental Protection Agency (EPA) will likely issue the Renewable Fuels Standard (RFS) volume requirements for 2013 as a proposed rule rather than a direct final rule. Gina McCarthy, the agency’s senior air official, recently told Bloomberg BNA that while EPA had considered issuing the long-overdue volume standards as a direct final rule, which would have bypassed the lengthier proposed rule and public comment process, “that isn’t the case anymore.” The standards were due Nov. 30, 2012.
Follow Pro Farmer Editor Chip Flory on Twitter: @ChipFlory
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