FSA Andy

0
1

Hello again!

I hope you read this article weekly … because I requested a few snow flurries. It appears I was granted my wish.

This article is always the hardest one for me to write — the last of 2012. I am a person who reflects on not only this year, but on years gone by.

I love to recall snowboarding on cookie sheets in our pasture field, snowmobiling until my fingers were numb and mornings of checking the trap line with my dad and brother. I hope each of you have those times to reminisce on as well.

All things change, including FSA forms, IRS Forms 1099-G and 1099-Misc for Calendar Year 2012. In past years, IRS Forms 1099-G were issued to show all program payments received from the Farm Service Agency, regardless of the amount.

Change

For calendar year 2012, the 1099-G reporting will change. IRS Form 1099-G (Report of Payments to Producers) will only be issued to producers whose reportable payments total $600 or more for the calendar year.

Additionally, if the producer has at least $600 in reportable payments received from multiple FSA offices, only one Form 1099-G will be issued.

Producers subject to voluntary withholding or backup (involuntary) withholding will receive the appropriate IRS form, even if combined payments are less than $600. The same changes will apply to producers and vendors who normally receive IRS Form 1099-MISC from FSA.

Assistance Any producer who receives less than $600 in combined payments should consult a tax adviser to determine if these payments must be reported on their tax return.

Well if you wonder what the motive was in writing about tax forms … I guess I am trying to inspire you to get working on those farm books. Wishing you a happy and prosperous new year!

That’s all for now,

FSA Andy

Get our Top Stories in Your Inbox

Next step: Check your inbox to confirm your subscription.

NO COMMENTS

LEAVE A REPLY

We are glad you have chosen to leave a comment. Please keep in mind that comments are moderated according to our comment policy.

Receive emails as this discussion progresses.