This is a long document, but worth the read. Some early take-aways:
90% of all food and 98% of produce consumed by Indiana residencts is sourced from out-of-state
The aging farmer population (currently average of 56 years) and the loass of more than 46,000 acres of farmland in NE Indiana raises concern for the future of Indiana agriculture
Food insecurity in both urban and rural areas and the rise of “food deserts” in both rural and urban environment with the loss of community grocery stores raises concern.
This report applies to Northeast Indiana, but can be easily extrapolated to apply to Carroll County.
The registration requirement under the Corporate Transparency Act is back on. After the US District Court in Texas issued an injunction on December 5 staying the registration requirement, the Federal Court of Appeals lifted that injunction on December 23.
What does this mean? Registration is required of all for-profit entities with less than $5M in gross receipts (annually) or fewer than 20 employees. Nonprofits, larger entities, and CPA firms are exempt from this requirement.
The American Farm Bureau Federation estimates that more than 230,000 farmers and ranchers are required to file this report, but only 11% have already done so.
Most CPA firms and some law firms are providing registration services (for a fee).
The late filing fees are severe – a daily fine of $591.00 (indexed for inflation from $500), with criminal penalties for false reporting or willful neglect.
There is a small grace period of 13 days (to January 13, 2025) granted by the BOI office – consistent with the time between the earlier injunction ordered by the Texas Court and the removal of the injunction by the Court of Appeals, with similar concessions applied to entities formed after September 1.
If you have questions, reach out to your tax preparer or attorney immediately. With the holidays, many providers will be backed up trying to catch up on this requirement before the deadline.
IF you now own or are contemplating a new entity, be sure you put the link below on your “to do” list. You can register yourself, if you have a little patience. It’s not difficult, just a bit tedious, and it requires you to upload a picture ID of all 25% (or more) owners or controlling owners (if no 25% owners). Find out more at the link below:
The Carroll County Community Foundation will be conducting community conversations (focus groups) across Carroll County over the next few months. These facilitated conversations with various community groups will determine our greatest aspirations, concerns, and opportunities for strengthening our community.
They will meet with approximately 12 diverse groups in Carroll County and would like to hear from representatives of the Agriculture Community in Carroll County.
A conversation is scheduled for 8:00 a.m., Friday, February 2, 2024, at the Cornerstone Cafe (213 W Main St, Camden) with a biscuits and gravy breakfast provided by the Ag Association. Space is limited to 12 people.
The Carroll County Commissioners are in the process of considering amended Wind Tower ordinances and new Solar Farm ordinances. They will continue the discussion at the December 18 Commissioner meeting at 9 AM in the Commissioner’s Room. The Commissioners held a public meeting earlier this month to get public comment on the proposed ordinances.
See the flowchart below to walk through whether you might qualify for PPP #1, an increase in PPP #1, or PPP#2. Loan applications are being accepted NOW – contact your banker immediately to start the process.
NOTE: According to the December 23 Tax Act (CARES update), PPP income is NOT taxable, but expenses paid with PPP dollars are fully deductible.
For more detailed information about the items in the flowchart, check out the Farm CPA Blog: Farm PPP Loan Flowchart.
What is the National Secure Pork Supply Plan? The national Secure Pork Supply (SPS) Continuity of Business Plan is an initiative that provides opportunities for pork producers to voluntarily prepare before a disease outbreak. This will better prepare swine operations that have no evidence of infection to move animals under a movement permit issued by regulatory officials and maintain business continuity during a Foreign Animal Disease (FAD) outbreak. Producers are encouraged to visit www.securepork.org to read more about the National Secure Pork Supply Plan.
How to Participate in Indiana To integrate the foundational elements of the national Secure Pork Supply plan into Indiana’s disease response framework, the Indiana State Board of Animal Health (BOAH) encourages producer participation in Securing Indiana’s Pork Supply. As part of participation in Securing Indiana’s Pork Supply, the following items must be completed:
“Securing Indiana’s Pork Supply” Meeting
Premises ID Validation
Biosecurity Assessment & Training
Certified Sample Collector Training
Electronic Movement Permit Training
For more information – download and review the handouts
