Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211

advertisements
   
   
   
   
   
    
   
   
   
   
   

Agricultural News


Farm Bureau Praises Bi-Partisan Support for Cash Accounting

Fri, 12 Sep 2014 16:45:17 CDT

Farm Bureau Praises Bi-Partisan Support for Cash Accounting

The American Farm Bureau Federation hailed the strong bi-partisan effort by members of Congress as they urged Senate and House leadership to preserve the cash accounting system farmers and ranchers rely on to grow their businesses.


“We are pleased to see members of Congress reach across party lines and stand together for farmers and ranchers who are working to build their businesses and communities,” AFBF President Bob Stallman said today.


Cash accounting gives farmers and ranchers an important tool to expand their businesses and boost local economies. But a recent proposal by the Senate Finance Committee would put a stop to this by requiring all businesses with annual receipts totaling $10 million to switch to the accrual method. Senators and representatives from both sides of the aisle warned this would “create significant long-term financial hardship.” In letters to both House and Senate leadership, members from all 50 states called the cash accounting system fundamental to the success of small businesses across rural America. The letters were signed by 46 senators and 233 representatives.


Under an accrual accounting system, small businesses would be taxed on non-existent income, thereby reducing their cash flow for operating costs and limiting opportunities for expansion. The added financial burden would require many to take out loans to cover the liquidity problems they would face.


Forcing small businesses to full-accrual accounting will hinder both profits and job creation in regions of the country that are still suffering from the economic downturn. Farm Bureau enthusiastically supports preservation of current cash accounting rules.


   

 

WebReadyTM Powered by WireReady® NSI

 


Top Agricultural News

  • US Beef Cattle Industry Tells Secretary Sonny Perdue- Help Our Producers NOW  Sun, 29 Mar 2020 11:09:52 CDT
  • USDA Secretary Perdue Believes the CARES Act Provides Much Needed Relief for Farmers and Ranchers  Sun, 29 Mar 2020 09:40:37 CDT
  • District Court Affirms State Beef Councils Are a Legal Part of the Beef Checkoff- Dismisses Litigation Brought by R-Calf USA  Fri, 27 Mar 2020 22:44:36 CDT
  • Friday, March 27, 2020 Market Wrap-Up with Justin Lewis  Fri, 27 Mar 2020 15:18:59 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Friday, March 27, 2020  Fri, 27 Mar 2020 15:15:49 CDT
  • Agriculture Retailers Association Commends Congress on CARES Act Passage  Fri, 27 Mar 2020 13:57:47 CDT
  • Lucas Applauds House Passage of Support For America’s Families, Workers, and Businesses  Fri, 27 Mar 2020 13:54:47 CDT
  • State Department Clears the Way for Agriculture Workforce   Fri, 27 Mar 2020 11:18:24 CDT

  • More Headlines...

       

    Ron salutes our daily email sponsors!

    Oklahoma City Farm Show KIS FUTURES, INC. Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit Ag Mediation Program P&K Equipment AFR Insurance Stillwater Milling Oklahoma Cattlemen's Association

    Our Road to Rural Prosperity sponsors!

    Banc First OPSRC ORWA TPAOO TPAOO

    Search OklahomaFarmReport.com


       
       
    © 2008-2020 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.