In agriculture, change is a constant. With the many variables those in agriculture deal with each day — weather, wildlife, disease, markets, consumer preferences — technology may be one of the easier variables to adapt, adopt and hopefully add value to the operation for the long term. In fact, farmers are often early adopters of new technologies, but what benefits can new technology, including Artificial Intelligence (AI), bring to an operation? Let’s break it down.
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Tax Talks
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As the 2024 growing and harvest season wraps up, many producers will be turning to their tax advisors to continue the year-end tax planning conversation. In this article, we examine a few areas that may be of interest to apple producers and their advisors.
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Business Tips and Tools
Beneficial Ownership Information: Who is Required to Report?
Earlier this year, Farm Credit East held a webinar reviewing The Corporate Transparency Act and the new Beneficial Ownership Information (BOI) reporting requirements that went into effect on January 1, 2024. Several webinar attendees asked questions about how these requirements apply to different business structures.
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Business Tips and Tools
Business Basics for Beginning Farmers
One of the great things about owning or starting your own business is that you determine your business goals and how you want to achieve them. So, what are the business basics that help you remain profitable so you stay on track toward achieving your business goals?
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Simply defined, liquidity is having cash or assets on hand to pay bills and expenses. Liquidity is particularly important in agriculture given the unique risks – from fluctuating commodity prices and weather volatility to regulatory constraints — along with the financial characteristics of agricultural businesses, including seasonality, family living needs and capital investment considerations.
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Tax Talks
What you Need to Know about Beneficial Ownership Information Reporting for your Business
Starting January 1, 2024, most United States (U.S.) entities must report information about the beneficial owners of their businesses to strengthen the integrity of the U.S. financial system by making it harder for illicit actors to use shell companies to launder their money or hide assets. This blog article explores the key elements of the BOI reporting rule and what actions your business needs to take.
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