The USDA Risk Management Agency (RMA) recently announced several updates to Dairy Revenue Protection (DRP), Livestock Gross Margin (LGM) and Livestock Risk Protection (LRP) programs that will take effect beginning with the 2027 crop year on July 1, 2026. The changes are intended to improve flexibility, expand coverage opportunities and create more consistency across livestock insurance products.
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Capital Construction Fund: A Fisherman’s Guide to Building for the Future
If you’re a commercial fisherman planning to build, buy, lease or rebuild a vessel, the Capital Construction Fund (CCF) can be one of the most powerful tax planning tools available to you. The CCF lets you set aside income today, defer federal income tax and use that money later to invest in your fishing business. Let’s discuss the details of this program.
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Important Update Regarding Life Insurance Redemptions
In April, we discussed that the Supreme Court was hearing arguments in the Connelly v U.S. case regarding life insurance proceeds. With this case now decided, it will be important for individuals and small businesses owning life insurance to fund buy/sell agreements to include a review of these policies.
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Life Insurance Redemptions Falling Under IRS Scrutiny
In the context of farming business structures, acquiring a life insurance policy is a prevalent practice. Here are two common scenarios and an update on an ongoing Supreme Court case involving the IRS concerning the valuation of businesses when insurance payouts are implicated and whether such proceeds are deemed liabilities or not.
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