Agricultural Law
Underwood’s Agriculture Law Section Co-Hosts FSA Compliance
Monday, December 29, 2008
Contributed by: Alan Rhodes
On December 16, 2008 Underwood’s agriculture law section joined the accounting firm, Brown, Graham & Co., P.C. in a Producer Farm Program Seminar. Wayne Myers of Kennedy & Co. was the speaker.
Mr. Myers, a former USDA employee stressed several points. Mr. Myers’ points included:
- “Person” for Farm Service Agency purposes is now a real person. An entity is no longer considered a person.
- The importance of annually reviewing forms 502 that are submitted by a farming operation. This is particularly important if a 502 has been amended on one or more occasions.
- The benefit of delivering an explanatory letter or memoranda to the control county outlining the ways that a farming operation and its participants satisfy the actively engaged requirements.
- Payment limit planning goes hand in hand with family planning and estate planning. Goals from each area must be considered as organizational structures are developed and implemented.
Mr. Myers confirmed that, as of December 18, 2008 the final payment limit handbook has not been issued for the 2009 crop year. The handbook’s definitions are important because the ownership attribution rules and rules associated with husband/wife joint ventures will affect 2009 farm operating plans.
This column is published for informational purposes only. It should not be construed as legal advice and is not intended to create an attorney client relationship. The views expressed are those of the author and do not necessarily reflect the views of the author's law firm or its individual partners.
