KFMA Podcast

Good recordkeeping is an essential part of every business. In this episode Tressie shares her thoughts and tips related to organization and efficiency with recordkeeping. It doesn't have to be overwhelming!

Special Note: Tressie shares information on how long to keep certain records. This is specifically as it relates to taxes and the IRS. There may be different requirements when it comes to crop insurance, FSA, etc.

IRS Publication 225: Farmers Tax Guide

https://www.irs.gov/pub/irs-pdf/p225.pdf

Transition planning is a prominent topic for every farm. In this episode Bob Kohman, KFMA agricultural economist and professional development officer, joins us to discuss transition planning. We specifically address those in the younger generation seeking to come back to the farm after working at a non-farm job or finishing college.

In our final episode of the payroll series, we discuss payroll reporting requirements for both federal and the state of Kansas.

IRS Publication 15 Employer's Tax Guide: https://www.irs.gov/publications/p15

EFTPS FAQ:

https://www.eftps.gov/eftps/direct/FAQGeneral.page

IRS Form 943:

https://www.irs.gov/pub/irs-pdf/f943.pdf

In episode 4 of our payroll series we discuss three important forms every employee needs to fill out before beginning work.

Form I-9: USCIS Form I-9

Form W-4 & Instructions: 2022 Form W-4 (irs.gov)

Form K-4: K-4 Employees Withholding Allowance Certificate Rev. 11-18_ADA_fillable (ksrevenue.gov)

In the 3rd episode of this payroll series we discuss miscellaneous labor law topics farm employers should be aware of and understand.

Federal DOL Phone Numbers:

KC Office- (913)551-5721

National Office- (866)487-9243

"Hazardous Jobs" Information: https://agriculture.ks.gov/docs/default-source/ag-marketing/kansas-labor-law-quick-reference-guide.pdf?sfvrsn=9938bdc1_0

https://www.dol.gov/sites/dolgov/files/WHD/legacy/files/ag_pocket_guide.pdf

In part 2 of the payroll series we discuss the steps a business should take before hiring an employee, as well as some benefits employers can offer to their employees.

Apply for EIN Online: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Apply for EIN by Mail: https://www.irs.gov/pub/irs-pdf/fss4.pdf

EFTPS Website: https://www.eftps.gov/eftps/

Kansas Department of Revenue Registration: https://www.kdor.ks.gov/apps/kcsc/Registration.aspx?ReturnURL=

Kansas Department of Labor for Unemployment: https://www.dol.ks.gov/employers

This is the first episode in a 5-part payroll series. In this series we try to answer many of the basic questions people have regarding hiring workers for their farm.

Links:

IRS website for employee vs. independent contractor: https://www.irs.gov/taxtopics/tc762

Form SS-8: https://www.irs.gov/pub/irs-pdf/fss8.pdf

We decided to release this special episode toward the end of the year with a few tax planning tips and strategies! Make sure to go over any of these topics with your KFMA economist or tax accountant to be sure you are utilizing tax planning strategies correctly.

LaVell Winsor joins us for this quick, final episode on balance sheets where we discuss the importance of including personal information on balance sheets. Huge thank you to both Robin Reid and LaVell Winsor for joining us in the balance sheet series.

https://agmanager.info/decision-tools

https://agmanager.info/kfma/research-articles

Please join us as we dive further into interpreting balance sheets with Robin Reid and LaVell Winsor! Also, stay tuned until the end to hear about great online and in-person learning opportunities.

Financial Benchmarking Tool:

https://agmanager.info/decision-tools