The agriculture industry is a business with unique financial needs and regulations. Several of our staff come from an agriculture background and have firsthand knowledge of the industry. We serve farmers, but also support clients that sell products or services to farmers. That allows us to see both sides of the financial aspect of the agriculture industry. In the agriculture industry, we frequently offer support in two major areas:
- Tax planning & processing
- Ownership transition and sale
The biggest question that arises involves taxes. Understanding their ever-changing tax liability and getting them processed on time are very important. Transitioning an agriculture operation to the next generation or selling their farm operation or land, is also a popular topic. At Piehl, Hanson, Beckman, P.A. we work with clients to create plans and goals. Taxes and ownership transition both benefit from appropriate planning.
Agriculture operations experience fluctuating income years which drastically impacts taxes. Planning and reviewing the income status regularly allows proper spending and deductions to ensure a reasonable tax liability. Allowing Piehl, Hanson, Beckman, P.A. to be involved in this planning offers valuable tax insight.
Selling an agriculture business, farm operation, farm land or transitioning these assets to the next generation involve large financial transactions with major tax impacts that need to be considered early in the process. We can work with you to properly prepare the transition, so the end-result is successful.
While taxes and ownership transitions are a common topic when working within the agriculture industry, we also complete other accounting and financial needs like reviews, bookkeeping and payroll services. We support the agriculture industry’s accounting needs in many ways.