As a tax specialist with Farm Credit East's Financial Accounting Services (FAS) team, Phil helps agricultural businesses navigate everything from annual tax preparation and year-end planning to farm transitions and succession planning. While tax season is certainly a busy time, his work extends far beyond April deadlines.
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Earlier this month, Executive Order, Emergency Tax Relief on Diesel Fuel, was signed by the President with the purpose of deferring certain diesel fuel tax payment obligations and to provide penalty relief. As a result, the IRS acted and indicated it will not impose a penalty when dyed diesel fuel is sold for use or used on highways nationwide.
October 22, 2026
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With reduced U.S. production, lower prices and trade implications, the potato industry might face several challenges in the year ahead. Farm Credit East recently hosted a webinar providing a review of 2024 potato production and industry insights for 2025. Following are the key takeaways from this webinar.
March 04, 2025
Before filing your taxes for 2024, take a look to see if your farm operation can claim the Credit for Federal Tax Paid on Fuels. Today's blog covers the requirements, including a new Fuel Tax Credit Statement checklist which needs submitted as well.
February 27, 2025
As dairy producers know all too well, the dairy industry is prone to significant volatility and risk. Fluctuations in milk prices, feed costs and other factors can wreak havoc on profit margins. Fortunately, there are two important risk management tools available to dairy operations.
February 25, 2025
The recent surge in egg prices is driven by several factors, including supply chain disruptions, increased feed costs, and higher demand. These elements are affecting both producers and consumers, leading to significant price hikes. Understanding these dynamics is crucial for navigating the current market and planning for the future.
February 18, 2025