Paul NeifferThe Farm CPA Blogger

Paul Neiffer is an agribusiness CPA and business adviser and specializes in income taxation and accounting services specific to the farm community. This includes succession planning issues and opportunities related to taxes and compliance. Paul writes a monthly tax column for Top Producer and blogs at AgWeb.com. He was raised on a dryland wheat and pea farm in Washington. He recently purchased a 185-acre farm. Driving his cousin’s combine is his idea of a vacation.

Paul Neiffer is an agribusiness CPA and business adviser and specializes in income taxation and accounting services specific to the farm community. This includes succession planning issues and opportunities related to taxes and compliance. Paul writes a monthly tax column for Top Producer and blogs at AgWeb.com. He was raised on a dryland wheat and pea farm in Washington. He recently purchased a 185-acre farm. Driving his cousin’s combine is his idea of a vacation.

Articles By Paul Neiffer

Jun 25, 2020

AICPA Ag Conference Is Now Virtual and in December

Due to COVID-19 the AICPA Ag Conference has been postponed from July to December 8 and 9, 2020 and will be held virtually. Here is a link to sign up for the conference. Even though held virtually, the conference should provide great content for ag professionals and we hope that
Jun 23, 2020

New IFR on Forgiveness

The Treasury Department issued a new 31 page Interim Final Rule (IFR) on PPP loan forgiveness as updated by the PPP Flexibility Act. This post will recap some of the updated items from that IFR.. The borrower will submit their application for forgiveness to the Bank. The bank 60 days
Jun 22, 2020

Will You Need to Wait Until January 2021

We got the following question from a reader: "On the Forgiveness Application, it asks that the quarterly 941's be submitted to verify payroll payments. Since farmers, in some circumstances, use Form 943, which is an annual report, does this mean we have to wait until January 2021 to submit the
Jun 17, 2020

Good News for Schedule F Farmers

Treasury will officially release an Interim Final Rule (IFR) on June 19 regarding how to calculate the PPP loan forgiveness based on the changes enacted a couple of weeks ago. The changes are mostly favorable to farmers, however, it may require some Schedule F farmers with no employees and minimal
COVID-19 Farm Scene
Jun 16, 2020

Paul Neiffer: Your Options for PPP Forgiveness

A forgiven PPP loan is tax-free to the farmer, but you will be required to reduce your expenses by the amount of forgiveness.

Jun 12, 2020

Capped or Uncapped; Simplified or Not

Many farmers are relieved that the PPP covered period has been increased from 8 to 24 weeks. But is this relief warranted. Here are some of the key questions that we need answers to. Simplified or Not If a farmer uses the simplified FTE calculation method, is this based on
Jun 08, 2020

Additional Guidance on PPP Loans

It did not take long for the Treasury Department to provide additional guidance regarding the enactment of the Paycheck Protection Program Flexibility Act passed last week. In a press release issued today, the Department provided the following: Confirmed that the covered period for loan forgiveness has been extended to 24
Jun 04, 2020

What Does 60% Mean?

We seem to get this question quite a bit regarding the old 75% requirement and the new 60% requirement that is now included in the bill passed yesterday by the Senate and onto the President to sign. The original Cares Act had no minimum requirement to be spent on payroll
Jun 04, 2020

We Now Have 24 Weeks

The Senate just passed the bill that the house passed last week making some needed changes to the Payroll Protection Program (PPP). Here are some of the key changes and things to be worked out: Instead of a 8 week covered period it is now 24 weeks or December 31