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Posts Tagged ‘IRS’

IRS and USDA Crack Down

Thursday, February 25th, 2010

The USDA is working with the IRS to reduce the amount of fraud in farm programs.

The USDA’s Supplemental Revenue Payment Assistant Program aims to re-evaluate businesses tax forms alongside computing various calculations to assure that companies adjusted gross income does not exceed certain limits.

The producers applying for programs must apply with rules outlined in the 2008 Farm Bill.

Watch a video with more information here.

Looking to refinance your farm loan before inflation hits? Farm Loan interest rates starting at 2.99% and terms up to 25 years. See our rate sheet or call 866-929-5585 to speak with a representative.

Tax Records Must be Available

Tuesday, April 14th, 2009

The U.S. Treasury is cracking down on farmers who collect farm payment when their income exceeds payment limits.
Any farmer who accepts payment from the federal government must agree to allow U.S. Treasury to provide tax records for the U.S. Department of Agriculture.

Starting with the 2009 crop year, all farmer programs payment recipients must sign forms allowing the IRS to release this information.
In prior years the USDA has had trouble catching fraudulent claims because the records were not accessible. Last year 2,702 wealthy people collected over $49 million in government subsidies that had revenue over the limit, but the USDA could not see the names because the information was collected by GAO investigators that used private IRS records to find them.

“Once this verification system is fully operational, high-income individuals and entities will be identified by the USDA before farm program payments are actually disbursed to them,” Agriculture Secretary Tom Vilsack said.

The 2008 Farm Bill makes any recipient with a gross income of over $500,000 in the last three taxable years. Direct payments cannot be paid to any participant whose average adjusted gross farm income for the three-year period.

If you are interested in farm loans please contact Farm Plus today. Low rate loans are available and Farm Plus works with government agencies to obtain farm loans. Call 866-929-5585 or visit online for more information regarding farm loans.

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