December 7, 2023

Farm Credit

2023 Year-End Reminders


Year-end Reporting & Tax Season is Around the Corner:

Save time with Farm Credit Connect 

At Farm Credit East, a long-term cooperative strategy is to enhance personal relationships with digital solutions to optimize our time together. As you prepare for year-end reporting, we encourage you to use Farm Credit Connect, including its digital balance sheet functionality. In addition, all tax customers will receive their returns electronically via Farm Credit Connect in 2024. You can also securely submit your tax documents via this customer portal. Hard copies of tax returns will be available for a fee of $25. 

Embracing this technology supports your relationship team in our ongoing effort to deliver high value financial services to your business and remain at the forefront of a competitive credit environment. Submitting your financial information online enables us to maximize our in-person time together and focus on your strategy, versus collecting data. 

Already signed up for Farm Credit Connect? Be on the lookout for notification to complete your balance sheet in early January and/or when other Farm Credit East information, including tax documents, are available. 

Not signed up yet? Sign up for Farm Credit Connect now so you’re ready to go when we send information your way, including your balance sheet and/or tax documents. 

Enroll Now!


Year-End Payment Deadline

The deadline to submit 2023 Payments and ACH transactions via online banking is Friday, December 29, at 2:00pm ET.


Year-End Reporting of Interest paid in 2023

To help you achieve your tax planning objectives, we would like to remind you of Farm Credit East’s year-end procedures regarding interest paid on IRS Form 1098.

For payments, the date received is the determining factor. Payments received by the association on or before 2:00 p.m. on December 29, 2023 will be reported as 2023 interest paid. Payments received after this date, whether or not they were mailed in 2023, will not be reported as 2023 interest paid. Payments received after 2:00 p.m. on December 29, 2023, will be processed on the following business day. Consult your tax adviser regarding the deductibility of payments in transit.


Payroll Services Holiday Schedule

The Federal Reserve System will be closed on Monday, December 25th, so ACH/Direct Deposit transactions will not be effective.

If one of the below situations apply to you, please contact your payroll processor as soon as possible regarding how you would like to proceed with your payroll.

If your payday falls on Monday, December 25th:  

  1. Adjust your payday to Friday, December 22nd and send your payroll information by 10am on Wednesday, December 20th.
  2. Adjust your payday to Tuesday, December 26th and send your payroll information by 10am on Thursday, December 21st.    

If your payday falls on Wednesday, December 27th: 

  1. Your payday can remain on Wednesday, December 27th, however, your payroll information must be received by 10am on Friday, December 22nd. 
  2. Alternatively, you can adjust your payday to Thursday, December 28th and send your payroll information by 10am on Tuesday, December 26th.

Our cutoff time to allow for same day processing and next day FedEx delivery is the receipt of all payroll information by 10am.

If you have any questions or concerns, please contact your payroll processor at 1-860-741-4380 to discuss processing options as soon as possible. We want to ensure that our customers receive the same level of customer service during these shortened holiday weeks.


Office Closures

Farm Credit East offices will be closed on Monday, December 25, and Monday, January 1.

Tags: tax planning, payroll, business management