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.
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,