Share Facebook Twitter Google + LinkedIn Pinterest By Barry Ward, Leader, Production Business Management & Director, Ohio State University Income Tax SchoolsWith unprecedented amounts of prevented planting insurance claims this year in Ohio and other parts of the Midwest, many producers will be considering different tax management strategies in dealing with this unusual income stream. In a normal year, producers have flexibility in how they generate and report income. In a year such as this when they will have a large amount of income from insurance indemnity payments the flexibility is greatly reduced. In a normal year a producer may sell a part of grain produced in the year of production and store the remainder until the following year to potentially take advantage of higher prices and/or stronger basis. For example, a producer harvests 200,000 bushels of corn in 2019, sells 100,000 bushels this year and the remainder in 2020. As most producers use the cash method of accounting and file taxes as a cash based filer, the production sold in the following year is reported as income in that year and not in the year of production. This allows for flexibility when dealing with the ups and downs of farm revenue.Generally, crop insurance proceeds should be included in gross income in the year the payments are received, however Internal Revenue Code Section (IRC §) 451(f) provides a special provision that allows insurance proceeds to be deferred if they are received as a result of “destruction or damage to crops.”As prevented planting insurance proceeds qualify under this definition, they can qualify for a one year deferral for inclusion in taxable income. These proceeds can qualify if the producer meets the following criteria:Taxpayer uses the cash method of accounting.Taxpayer receives the crop insurance proceeds in the same tax year the crops are damaged.Taxpayer shows that under their normal business practice they would have included income from the damaged crops in any tax year following the year the damage occurred.The third criteria is the sometimes the problem. Most can meet the criteria, although if producers want reasonable audit protection, they should have records showing the normal practice of deferring sales of grain produced and harvested in year 1 subsequently stored and sold in the following year. To safely “show that under their normal business practice they would have included income from the damaged crops in any tax year following the year the damage occurred” the taxpayer should follow IRS Revenue Ruling 75-145 that requires that he or she would have reported more than 50% of the income from the damaged or destroyed crops in the year following the loss. A reasonable interpretation in meeting the 50% test is that a farmer may aggregate the historical sales for crops receiving insurance proceeds but tax practitioners differ on the interpretation of how this test may be met.One big problem with these crop insurance proceeds is that a producer can’t divide it between years. It is either claimed in the year the damage occurred and the crop insurance proceeds were received or it is all deferred until the following year. The election to defer recognition of crop insurance proceeds that qualify is an all or nothing election for each trade or business IRS Revenue Ruling 74-145, 1971-1.Tax planning options for producers depend a great deal on past income and future income prospects. Producers that have lower taxable income in the last 3 years (or tax brackets that weren’t completely filled) may want to consider claiming the prevented planting insurance proceeds this year and using Income Averaging to spread some of this year’s income into the prior 3 years. Producers that have had high income in the past 3 years and will experience high net income in 2019 may consider deferring these insurance proceeds to 2020 if they feel that this year may have lower farm net income. Market Facilitation PaymentsWhen the next round(s) of Market Facilitation Payments (MFPs) are issued, they will be treated the same as the previous rounds for income tax purposes. These payments must be taken as taxable income in the year they are received. As these payments are intended to replace income due to low prices stemming from trade disputes, these payments should be included in gross income in the year received. As these payments constitute earnings from the farmers’ trade or business they are subject to federal income tax and self-employment tax. Producers will almost certainly not have the option to defer these taxes until next year. Some producers waited until early 2019 to report production from 2018 and therefore will report this income from the first round of Market Facilitation Payments as taxable income in 2019.Producers will likely not have the option of delaying their reporting and subsequent MFP payments due to the fact they are contingent upon planted acreage reporting of eligible crops and not yield reporting as the first round of MFP payments were. Cost share paymentsIncreased prevented planting acres this year have many producers considering cover crops to better manage weeds and erosion and possibly qualify for a reduced MFP. There is also the possibility that producers will be eligible for cost-share payments via the Natural Resources Conservation Service for planting cover crops. Producers should be aware that these cost-share payments will be included on Form 1099-G that they will receive and the cost-share payments will need to be included as income.You are advised to consult a tax professional for clarification of these issues as they relate to your circumstances.
A Delhi court has held five Uttar Pradesh police personnel and a property dealer guilty of torturing a broker’s friend to death at Noida’s Sector 20 police station in 2006.The accused police personnel, in connivance with the property dealer, had arrested the victim at his house on the charge of robbery on a complaint.Plaint by victim’s fatherThe police had lodged a case in the matter on a complaint by the victim’s father. The case was earlier tried by a Gautam Budh Nagar court. The Supreme Court later transferred it to the Delhi court stating that “free and fair trial of the case will not be possible within the State [Uttar Pradesh], more so because the accused are members of the police force.”Holding the accused guilty of kidnapping and beating the victim to death with the knowledge that it would lead to his death, Additional Sessions Judge Sanjeev Kumar Malhotra said, “It has been proved beyond reasonable doubt that accused sub-inspectors Hindveer Singh, Mahesh Mishra, constables Pradeep Kumar, Pushpender and Haripal Singh, in connivance with accused Kunwar Pal Singh, and in furtherance of their common intention, abducted Sonu alias Somveer from his native village Hazrat Pur and maliciously confined him till he was declared dead knowingly that by confining Sonu illegally they were acting contrary to law as they were apprehending Sonu for involvement in case crime no. 320/06, PS Sector-39, Noida without any evidence or reasonable suspicion against him.” “Not only this, they tortured Sonu while he was in their custody knowingly that by such beatings/torture they are likely to cause death of Sonu,” the judge said.
The Uttar Pradesh Public Service Commission (UPPSC) has invited applications for Chief Fire Officer, Assistant Statistical Officer, Engineers and other positions.VacanciesName of the posts:Chief Fire Officer – 11 PostsAssistant Statistical Officer – 58 PostsVetting Officer – 2 PostsSports Officer – 2 PostsDeputy Sports Officer – 10 PostsAssistant Coach – 5 PostsLecturer Physics – 1 PostResearch Officer (Statistics) – 5 PostsAssistant Statistical Officer – 92 PostsEngineers – 7 PostsProfessor Prasuti Awam Stri Rog – 1 PostProfessor Repertory – 4 PostsRegistrar – 3 PostsEligibilityAge Limit: Candidates are required to check the official notification for post-wise age limit details.Educational Qualification: Candidates are required to check the official notification for post-wise age educational qualification details.Selection Procedure: An interview would be conducted to shortlist candidates.How to applyA. Application Fee: Rs 95 for general candidate category and Rs 55 for SC/ST categoryB. Interested candidates can visit the official and apply online.C. Important Dates: Last date for applying online is October 30, 2014.
Amid the ongoing confusion in the Board of Control for Cricket in India (BCCI) after the announcement of Ravi Shastri as the head coach along with Zaheer Khan and Rahul Dravid as overseas bowling and batting consultants respectively, the national board on Saturday invited applications for the Team Manager.The candidates were asked to submit their applications before July 21.”The Board of Control for Cricket in India (BCCI) would like to call upon interested candidates to apply for the position of the Team Manager for the senior India men’s cricket team,” the advertisement on the board’s website read.”The appointment of a Team Manager shall be for a minimum period of one year.”One of the main criterion the board has asked is the candidate should have played good level of cricket, preferably first class or at international level.”The candidates who have (i) successfully managed a cricket team of any of the affiliated units of BCCI or the national teams, at the first class or at the International level, or (ii) have a minimum of ten years of work experience in public/private sector, will be preferred.”The board also wanted a candidate below the age of 60 years with the ability to withstand the rigours of the international cricket schedule of the team.
APTN National NewsThe resources held deep beneath what is commonly known as the Ring of Fire is well known.For one, the mining industry believes northern Ontario has one of the largest deposits of chromite in the world.But getting a billion dollars worth of resources hasn’t been easy.Now the federal government is hoping to move things along.Prime Minister Stephen Harper has appointed Minister Tony Clement, president of the Treasury Board, to bring First Nations, industry and the province of Ontario together.Clement joined APTN National News in Ottawa last week.
BRAMPTON, Ont. — Shoppers Drug Mart’s e-commerce platform for medical cannabis launched Tuesday, a month after Health Canada licenced the company to sell the product online.Product information is available nationally, but Shoppers Drug Mart can initially only sell medical cannabis to patients in Ontario.Patients will be required to take a medical document similar to a prescription to an Ontario pharmacy to begin the process.Specialized advisers will then contact patients, review their medical history and provide support with online registration and product selection.Shoppers Drug Mart says it has signed supply agreements with 10 licensed producers of dried cannabis and cannabis oil and will provide products and medical accessories. Companies in this story: (TSX:L)The Canadian Press
New Delhi: Domestic passenger vehicle (PV) sales dropped 1.11 per cent in February, making it the seventh decline in eight months, prompting auto industry body SIAM to suggest that it will miss even the scaled down forecast of 6 per cent for the ongoing fiscal.The Society of Indian Automobile Manufacturers (SIAM) said uncertainty ahead of elections coupled, weak market sentiment and unfavourable factors like high interest rates and insurance cost are continuing to affect sales. In its latest data, SIAM said domestic PV sales were at 2,72,284 units in February, down from 2,75,346 units in the same month previous year. Also Read – Maruti cuts production for 8th straight month in Sep”What we are seeing is that the market sentiment is subdued. Interest rates are still high and we have not been able to recover from the impact we have had earlier on the year,” SIAM Director General Vishnu Mathur told reporters here. The sales decline in February is the seventh instance in the last eight months, with the only positive growth since July last year coming in October, he added. In the April-February period this fiscal, PV sales have grown 3.27 per cent at 30,85,640 units as against 29,87,859 units in the year-ago period. Also Read – Ensure strict implementation on ban of import of e-cigarettes: revenue to CustomsWith people postponing discretionary spends like buying cars ahead of the elections, coupled with the current subdued sentiments, Mathur said it was unlikely that March sales will be high. “So we are more or less looking to end the year at around 3 per cent growth which we have witnessed so far,” he added. In the beginning of the fiscal, SIAM had projected 8-10 per cent growth for PV sales but it was revised to around 6 per cent after dip in sales from the third quarter onwards. In February, PV market leader Maruti Suzuki India posted 0.19 per cent increase at 1,39,912 units. Hyundai Motor India saw its PV sales decline by 3.13 per cent to 43,110 units. Mahindra & Mahindra, however, posted 16.86 per cent growth at 26,106 units. SIAM said domestic car sales were also down 4.33 per cent to 1,71, 372 units as compared to 1,79,122 units in February 2018. MSI’s car sales were down 3.25 per cent at 1,00,513 units. Hyundai Motor India also witnessed a decline of 6.43 per cent at 32,792 units. Honda Cars India, however, posted a jump of 46.53 per cent at 10,920 units in February this year. Total two-wheeler sales in February were down 4.22 per cent to 16,15,071 units compared to 16,86,180 units in the year-ago month, SIAM said. Motorcycle sales last month declined by 0.58 per cent to 10,47,486 units as against 10,53,596 units a year earlier. Market leader Hero MotoCorp posted 1.65 per cent increase in its bike sales in February at 5,44,073 units. Rival Bajaj Auto also posted a growth of 6.28 per cent at 1,86,523 units, while Honda Motorcycle and Scooter India (HMSI) witnessed a decline of 11.66 per cent at 1,45,260 units. Scooter sales in February stood at 4,92,584 units as against 5,60,653 units in the same month last year, down 12.14 per cent, SIAM said. Scooter market leader HMSI saw its sales dip by 19 per cent to 2,63,299 units during the month. Similarly, Chennai-based TVS Motor Co also witnessed 8.68 per cent drop in scooter sales at 83,543 units during the month. Hero MotoCorp posted 19.36 per cent decline at 56,543 units. Sales of commercial vehicles was also down 0.43 per cent to 87,436 units in February, SIAM said. Vehicle sales across categories registered a decline of 3.65 per cent to 20,34,768 units from 21,11,804 units in February 2018, it added. Meanwhile, Hyundai Motor India said on Friday that it would launch a subscription model initially in six cities across the country as part of its partnership with self-drive car-sharing firm Revv. Hyundai Subscription aims to provide an opportunity to the customers to experience Hyundai product portfolio, with hassle-free ownership, flexibility and limited commitment through subscription-based ownership model.
Kolkata: West Bengal police assistant sub inspector Rudra Prasad Halder, who had successfully scaled the Mount Everest in 2016, will soon embark on Kanchenjunga expedition.Halder, who presently works with the wireless department of Bengal police, is a mountaineer with repute and has already successfully made 21 mountain summits, the most notable one was the Mount Everest when he reached its summit on May 21, 2016. Sharing his expedition plan with the Millennium Post, Halder said: ” I will leave for Kathmandu from Kolkata airport on Thursday and will staying there Saturday. The main expedition will start from Taplejung on April 8 and after walking for 11 days we will be reaching the base camp of Kanchenjunga. Then it will take another 40 to 45 days tentatively to climb up to the summit which has a height of 8586 metres.” Mountaineer Biplab Baidya and two other climbers will accompany Halder in the expedition. Kanchenjunga happens to be the third highest mountain peak in the world. ” I am grateful to the Bengal police for funding my expedition. My seniors have always encouraged and supported me. It was Director General (DG) Virendra (Sir) who flagged off my expedition on Tuesday,” Halder said. He recollected the fateful day of May 20, 2014 when mountaineer Chhanda Gayen went missing along with two sherpas in an avalanche while descending the western side of Mount Kanchenjunga in Nepal. Later, it was declared all three of them died in the avalanche. Halder had attempted to scale the Mount Everest in 2015 but had to stall his expedition due to the devastating earthquake in Nepal. Halder was trained at Uttarkashi’s Nehru Institute of Mountaineering. He is associated with a Sonarpur-based trekking club Arohi. It may be mentioned that there are four climbing routes to reach the summit of Kanchenjunga, three of which are in Nepal— from the southwest, northwest and northeast— and one from northeastern Sikkim in India. Till date, the northeastern route from Sikkim has been successfully used only three times. The Indian government has banned expeditions to Kanchenjunga, and therefore this route has been closed since 2000.
New Delhi: More than 45,000 complainants with their grievances visited city police stations till March this year. The law enforcement agency after listening to their complaints registered over 6,000 FIRs in different cases.Police sources said that 34,140 complainants met Public Facilitation Officers whereas the concern of 14,194 people was heard by the Station House Officers (SHOs) or Additional SHOs of more than 180 police stations and units in Delhi Police. Sources further told this newspaper that 39,800 complaints relating to different natures including sexual assault, robbery, kidnapping, hurt, theft, quarrel, cheating, forgery and others came. Also Read – After eight years, businessman arrested for kidnap & murderThe nature of 563 complaints was regarding sexual assault whereas 18,65 complaints were related to missing and kidnapping. The complaints pertaining to snatching, robbery and theft were 4,982. “As many as 4570 complaints came to police related to hurt, threats and quarrel whereas in cheating and forgery 2,164 complaints were heard,” said sources adding that other complaints were 23,920. In a recent meeting, the Police Commissioner reviewed the status regarding handling of complaints at police stations and prompt registration of cases. The police chief also discussed the disposal of pending investigation cases and period of pendency of these cases especially rape and POCSO. The top cop also reviewed the status of computers with internet connections of facilitation desks in police stations. Also Read – Two brothers held for snatchingsSources said that out of 189 police stations, 183 have PFO desk. In 85 police stations, PFOs have computer connectivity whereas in 56 stations, internet is being provided. Recently, the office of LG Anil Baijal wrote to Delhi Police for providing internet connection to Public Facilitation Desks. “It has also been desired to provide an internet connection in Public Facilitation Desks so that these Desks can facilitate the lodging of e-fir as well,” sources said quoting letter content. According to Delhi Police Annual Report of 2018, as many as 2,36,476 IPC cases were registered during the year as against 2,23,077 in 2017. The report further said that the criminal activities and space, are getting integrated, syndicated and globalised. Consequently, they pose a challenge not only to the law enforcement agencies but also to the civil society in general. Incidents in Delhi are the focus of attention not only for the National Media but also to world media and even ordinary crimes and disorders tend to be sensationalized causing an unsettling effect on the minds of the people and their perception of the functioning of the police.
Kolkata: Union Defence secretary Sanjay Mitra on Saturday urged the management students of International Management Institute (IMI), Kolkata, to contribute towards making the life of the poor and deprived in the county better. “As alumni of this prestigious school, the array of possibilities for carving out a successful career is waiting for you. By all means make money, get rich, be successful but somewhere in some corner of your mind, do keep a thought of how your achievements can translate into contributing towards making the life of the poor and needy better,” Mitra said, addressing the 7th Convocation of IMI, Kolkata, on Saturday. Also Read – Bengal family worships Muslim girl as Goddess Durga in Kumari PujaMitra further reminded the students about their role in chartering the country to its progress path in the days to come. “Our country, with its immense reserve of human and physical resources, is lacking not in the quantity and quality of these resources but in the way we have utilised them. You, with your intellect and training, can bring on board the much-needed competence and balance to the field of public administration, thus becoming a part of the nation building process. I urge you to consider this as an option in your endeavours,” he said. 125 students of the premier management institute that includes 49 girls received their PGDM at the Convocation. Arindam Banik, director of IMI Kolkata, spoke about the institute’s growing number of international collaborations with business schools in France, China and Finland. “We have received 3,500 applications in PGDM from 29 states across India which clearly proves the growing popularity of the institute,” Banik maintained.