KFMA Podcast
52 episodes - English - Latest episode: 23 days ago - ★★★★★ - 3 ratingsThis podcast is brought to you by the Kansas Farm Management Association. Episodes bring listeners information on agricultural finance, tax issues, current ag topics, and more.
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Episodes
45: Depreciation
April 03, 2024 12:51 - 24 minutes - 33.3 MBDepreciation is one of the topics on which we receive several questions each year. There are a lot of rules regarding depreciation for tax purposes, but it's also one of the most valuable tax planning tools farmers have available. In this episode, we discuss the basics of depreciation, different rules to be aware of, and how it can be an effective tool for farmers and ranchers.
44: Cash vs. Accrual Accounting
February 17, 2024 00:30 - 21 minutes - 29.3 MBWe hear a lot about cash accounting and accrual accounting, but it can be challenging to know the difference between the two and how they are both used. Kellen Liebsch, Associate Director for KFMA, sits down to talk about the two accounting methods, how they can be utilized, and the pros and cons of each method.
43: Women Managing the Farm
January 11, 2024 14:20 - 35 minutes - 48.4 MBThe 20th annual Women Managing the Farm Conference is almost here! We sat down with the committee co-chairs, Sandra Wick and Lori Rogge, to discuss the upcoming conference. We also discussed the history of Women Managing the Farm, the overall goal and vision of the conference, and what to look forward to in the future. Conference Website: http://womenmanagingthefarm.com/ AgManager: https://agmanager.info/
42: History and Current State of Kansas Farmer Cooperatives
January 03, 2024 19:23 - 19 minutes - 26.7 MBDr. Brian Briggeman joined us to discuss farmer cooperatives across the state of Kansas. Dr. Briggeman is a professor and the Director of the Arthur Capper Cooperative Center at K-State. We discussed the history and the current state of co-ops in Kansas. Dr. Briggeman also filled us in on all the services provided for co-ops through the Arthur Capper Cooperative Center.
41: A Discussion on Machinery and Repair Costs w/Bob Kohman
December 06, 2023 17:58 - 32 minutes - 44.4 MBWe sat down with Bob Kohman to discuss a recent KFMA study over machinery and repair costs. Bob and Chelsea conducted this study over the summer with the primary goal of observing the relationship between machinery investment and repair costs on KFMA farms. The data and observations were presented at the annual Risk & Profit Conference at K-State in August.
40: Introduction to Kansas Agricultural Mediation Services (KAMS) with Kay Prather
October 27, 2023 15:59 - 25 minutes - 35.4 MBIn this episode, we are joined by Kay Prather, the program coordinator for the Kansas Agricultural Mediation Services (KAMS). Kay shares with us the background, purpose, and mission of KAMS. Resources: KAMS Website: https://www.k-state.edu/kams/about/ KAMS Toll Free Hotline: 1-800-321-3276 Kansas Ag Stress: https://www.kansasagstress.org/
39: Kansas Ag Land Values and Ownership Trends w/Robin Reid
October 13, 2023 13:51 - 22 minutes - 30.1 MBRobin Reid joins us back on the KFMA podcast to discuss trends in Kansas ag land values. We also took time to talk about her latest research on agricultural land ownership in Kansas. Make sure to follow the links below for resources discussed in the podcast. 2022 Land Values Book: https://www.agmanager.info/land-leasing/land-buying-valuing/kansas-land-values-book-2022 Analysis of Agricultural Land Ownership: https://www.agmanager.info/land-leasing/land-buying-valuing/analysis-agricultur...
38: Kansas Land Turnover with Dr. Ifft
September 28, 2023 18:44 - 18 minutes - 25.1 MBDr. Jenny Ifft joins us again on the KFMA podcast to discuss a new research project. This study looks at agricultrual land turnover in the state of Kansas. During this episode, Dr. Ifft discusses the current findings and preliminary observations.
37: Cowlateral- Livestock Insurance Options with Dr. Ifft
September 11, 2023 17:36 - 23 minutes - 31.5 MBDr. Jennifer Ifft, associate professor and Flinchbaugh Agricultural Policy Chair at K-State, joins us to discuss insurance and FSA program options for livestock producers. More on Dr. Ifft: https://www.agmanager.info/contributors/ifft
36: 2023 Macroeconomic Update with Dr. Brian Briggeman
August 21, 2023 16:53 - 21 minutes - 30 MBDr. Brian Briggeman, professor in the Agricultural Economics Department at K-State and Director of the Arthur Capper Cooperative Center, joins us again to provide a macroeconomic update. We discussed trends with interest rates and inflation through 2023, potential for a recession, the state of the labor market, and how all of this relates back to agriculture.
35: 2022 KFMA Executive Summary with Mark Dikeman
July 10, 2023 16:41 - 23 minutes - 31.7 MBKFMA Executive Director, Mark Dikeman, joins us to discuss the 2022 KFMA Executive Summary data and current farm conditions for 2023.
34: Emergency Relief Program 2/Pandemic Assistance Revenue Program
June 29, 2023 14:32 - 18 minutes - 25.3 MBKFMA Executive Director Mark Dikeman joins us to discuss general details of two current FSA programs. These two programs, Emergency Relief Program 2 (ERP 2) and Pandemic Assistance Revenue Program (PARP), work differently than most FSA programs we have seen in the past. Mark explains the general premise of the two programs, eligibility requirements, application deadlines, and more. This podcast is not meant to be detailed advice or consultation for either of these programs. Anyone looking...
Podcast 33: Transition Planning Series Episode 8- Operating Agreement Worksheet
April 21, 2023 22:39 - 25 minutes - 35.2 MBThis episode finishes our transition planning series walking through the "Cultivating Your Farm's Future" workbook. In this final episode of the series, we go through the operating agreement worksheet. The goal of this worksheet is to think through and discuss how you want your farm entity to operate and have something you can take to your attorney when setting up the entity. Thank you for tuning into this series! A huge thank you to the University of Wisconsin- Madison Division Extension...
Podcast 32: Transition Planning Series Episode 7- Tools for a Successful Transition Cont'd
March 29, 2023 17:23 - 18 minutes - 25.5 MBIn episode 7 of our transition planning series, we continue our dive into action steps to help make a farm transition successful. This episode continues part 3 of the "Cultivating Your Farm's Future" workbook titled, "How do you get there?" We cover pages 47-49 of the workbook, discussing issue development, how to identify strategic vs. operational issues, and developing an action plan to face issues as they arise. UW- Madison Divison of Extension Workbook Link: https://farms.extension....
Podcast 31: Transition Planning Series Episode 6- Tools for a Successful Transition
March 16, 2023 21:05 - 19 minutes - 26.3 MBIn episode 6 of our transition planning series, we dive into action steps to help make a farm transition successful. This episode leads into part 3 of the "Cultivating Your Farm's Future" workbook titled, "How do you get there?" We cover pages 44-46 of the workbook, discussing meeting agendas, operational meetings, and strategic planning meetings. https://farms.extension.wisc.edu/files/2022/08/Cultivating-Your-Farms-Future-%E2%80%93-A-workbook-for-Farm-Succession-Planning-in-Wisconsin_onl...
Podcast 30: Transition Planning Series Episode 5- "Is Equal Fair?", SWOT Analysis, and Evaluating "D" Risks
March 02, 2023 18:04 - 26 minutes - 35.7 MBEpisode 5 of our transition planning series continues in section 2 of the workbook "Cultivating Your Farm's Future" from the University of Wisconsin. In this episode, we focus on a worksheet evaluating, "Is Equal Fair?" and discuss control of farm management decisions. We also talk about performing a SWOT analysis for your farm family business and evaluating the "D" risks on your farm. Make sure to check out the workbook at the link below! Workbook Link: https://farms.extension.wisc.e...
Podcast 29: Transition Planning Series Episode 4- Intentions, Core Values, Retirement Goals
February 08, 2023 15:01 - 23 minutes - 32.2 MBThis episode continues our transition planning series, leading into part 2 of the "Cultivating Your Farm's Future" workbook from the Unviersity of Wisconsin- Madison Division of Extension. Part 2, "Where do you want to be?" helps farm families set goals for their transition. This episode specifically looks at various worksheets that help each generation identify their intentions for the transition and their core values. We also discuss a section for the owner generation that focuses on their...
Podcast 28: Transition Planning Series Episode 3- Decision Making and Transfer of Management
January 20, 2023 21:48 - 27 minutes - 37.8 MBThis episode continues our transition planning series, working through the "Cultivating Your Farm's Future" workbook from the University of Wisconsin. In this episode, we discuss the different areas of decision making and some wonderful resources to communicate about transferring management to the next generation. This episode finishes out section one of the workbook titled, "Where are you now?" Workbook Link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/
Podcast 27: Transition Planning Series Episode 2- Organizing Your Financial Information
January 05, 2023 21:48 - 22 minutes - 30.8 MBIn episode 2 of our Transition Planning Series, we look at organizing your financial information. We review the essential parts of a balance sheet, both farm and personal, and the farm income statement. In addition, we look at building a monthly/annual household spending plan. As a reminder, this series is built around UW-Madison Division of Extension's "Cultivating Your Farm's Future" workbook. Workbook link: https://farms.extension.wisc.edu/programs/cultivating-your-farms-future/ ...
Podcast 26: Transition Planning Series Episode 1- Family and Farm Profiles
December 22, 2022 20:38 - 23 minutes - 31.4 MBWe're kicking off our farm transition series! This series will walk through the topics in the "Cultivating Your Farm's Future" workbook, created by University of Wisconsin- Madison Division of Extension. We're very grateful for the use of this resource and hope you will find it beneficial. This first episode of the series will start in the first section of the workbook titled, "Where are you now?" The topics covered will be the: Family Tree, Family Spotlight, Farm Profile, and Factors Affect...
Podcast 25: Upcoming Farm & Ranch Transition Conference
November 23, 2022 19:49 - 20 minutes - 27.7 MBAshlee Westerhold joins me to discuss the upcoming Farm and Ranch Transition Conferences and to give us an update on the Office for Farm and Ranch Transition. The upcoming conferences are: Dec. 13th- Colby, KS Dec. 14th- Salina, KS Dec. 15th- Erie, KS For more information, check out the link below. Scholarships are available! If you are applying for a scholarship, do not register until you have filled out the application and heard back from Ashlee. https://agmanager.info/events/2...
Podcast 24: Things to Know When Completing a 1031 (Like-Kind) Exchange
November 08, 2022 20:34 - 18 minutes - 24.6 MBKFMA members often ask us questions about 1031 (or like-kind) exchanges. There are lot of things to remember when completing a 1031 exchange to make sure you're not surprised by a large tax bill. In this episode we are joined by Clay Simons, KFMA South Central Executive Economist, to discuss the rules surrounding 1031 exchanges.
Podcast 23: Update on Interest Rates with Dr. Brian Briggeman
October 26, 2022 13:24 - 20 minutes - 28.1 MBThere's been a lot of uncertainty in the economy over the last couple years. Many producers are concerned about the rising costs of inputs and interest rates. We sat down with Dr. Brian Briggeman, professor in the agricultural economics department at K-State, to discuss inflation, interest rates, and what businesses can do to be prepared.
Podcast 22: Tax Planning Strategies- Part 2
October 14, 2022 16:43 - 15 minutes - 21.4 MBIn September we covered various tax planning strategies for high income years. Dillon Rapp joins us again to discuss tax planning strategies for low income years. We cover ways to increase income or decrease expenses and why it is important to avoid net operating losses.
Podcast 21: Agricultural Land Value Trends with Robin Reid
September 30, 2022 14:46 - 25 minutes - 34.6 MBRobin Reid joins us on the KFMA podcast to discuss recent trends in agricultural land values. Robin is an Extension Ag Economist with K-State and has spent much time devoted to research around agricultural land values, historical trends, and much more. Associated Links: https://agmanager.info/land-leasing/land-buying-valuing/kansas-land-values-book-2021 https://agmanager.info/land-leasing/land-buying-valuing https://agmanager.info/farm-management/land-rental-rates/local-land-lease...
Podcast 20: Tax Planning Strategies- Part 1
September 16, 2022 17:01 - 28 minutes - 39.4 MBDillon Rapp, KFMA Southeast Economist, shares with us some important tips and strategies to managing taxable income. Most tips discussed in this episode are geared toward planning in a high-income year. We'll be back later this fall with part 2, managing taxable income in low-income years.
What to Bring to Your Tax Estimate Meeting
September 06, 2022 14:55 - 23 minutes - 32.3 MBWe welcomed KFMA South Central economist, Madelyn Lee, to explain what items should be brought to a tax estimate meeting. Our end of year tax estimate meetings are some of the most important and valued meetings we have with KFMA members. Madelyn explains the importance of having accurate information and records prepared for effective tax planning.
Mark Dikeman- KFMA's New Executive Director
August 24, 2022 16:55 - 9 minutes - 13.2 MBWe sat down with Mark Dikeman, KFMA's new Executive Director, to discuss his goals for the direction and future of the association.
Kevin's Reflections
August 11, 2022 21:46 - 26 minutes - 36.9 MBKevin Herbel, our Executive Director, is retiring from KFMA! It's hard to find another individual who has had such a great impact on our association. We sat down with him in this episode to hear about his experiences and time while working with KFMA. We are sad to see him go, but wish him the very best on his next endeavor.
Current Weather Conditions, Tax-related Provisions, and FSA Programs
July 29, 2022 21:24 - 22 minutes - 30.7 MBMark Dikeman joins us for episode 18 to discuss current weather conditions across the state of KS and how they are affecting both livestock and crops. We also discuss some tax-related provisions surrounding weather-related crop and livestock issues and current FSA programs to assist farmers suffering from drought.
The Role of a KFMA Economist
July 20, 2022 19:00 - 20 minutes - 27.5 MBWhat exactly is the role of a KFMA economist? What does our job look like and why have many of us chosen this profession? Bob Kohman and Trenton Hargrave join us for this episode to discuss what it's like to work as a KFMA economist, why they originally came here, and why they find it rewarding. Current Openings: https://agmanager.info/kfma/job-descriptions
Cash Flow Management
June 22, 2022 14:04 - 23 minutes - 32.3 MBWe're back with Jordan Steele for this episode to discuss cash flow and cash flow management. Jordan Steele was with KFMA for 7 years, with many of those years spent as the KFMA, NW Executive Economist. He just recently moved on to a new endeavor, so we were very grateful he sat down with us to share his thoughts on this important topic!
Years in Review with Jordan Steele
June 09, 2022 19:00 - 18 minutes - 25.9 MBWe had the chance to sit down with Jordan Steele, executive economist for KFMA Northwest. Jordan reflects on his years with KFMA: lessons he learned, rewarding parts of his job, and general advice for producers. Links: https://www.kansasagstress.org/ https://agstateofmind.com/
2021 KFMA Executive Summary Data
May 24, 2022 00:03 - 32 minutes - 44.9 MBKFMA Executive Director Kevin Herbel joins us in this episode to discuss the 2021 Executive Summary. You can access KFMA summary and enterprise reports at the following links: https://agmanager.info/kfma/whole-farm-analysis https://agmanager.info/kfma/kfma-enterprise-reports
Interview with Ashlee Westerhold, Director for the Office of Farm and Ranch Transition
April 08, 2022 13:38 - 30 minutes - 41.8 MBFor this episode we welcome Ashlee Westerhold, the Director for the Office of Farm and Ranch Transition. This office was established within the Ag Econ Department at K-State thanks to a new grant. Listen in to hear about Ashlee and her background, how the office was established, and the goals and vision for how it will ultimately benefit Kansas farmers and ranchers!
Tips for Good Recordkeeping
March 23, 2022 14:42 - 23 minutes - 31.4 MBGood 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-p...
A Discussion on Transition Planning
March 03, 2022 16:45 - 29 minutes - 40 MBTransition 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.
Payroll Series: Part 5- Payroll Reporting
February 17, 2022 17:23 - 12 minutes - 17.5 MBIn 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
Payroll Series: Part 4- Before Work Begins
February 03, 2022 20:57 - 19 minutes - 26.7 MBIn 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)
Payroll Series: Part 3- Miscellaneous Labor Law Topics
January 19, 2022 15:50 - 11 minutes - 15.2 MBIn 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
Payroll Series: Part 2- Steps to Prepare for an Employee
January 05, 2022 17:39 - 15 minutes - 20.8 MBIn 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...
Payroll Series: Part 1- Employee vs. Independent Contractor
January 05, 2022 17:19 - 6 minutes - 8.76 MBThis 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
Tax Planning Strategies
December 22, 2021 14:20 - 23 minutes - 32.1 MBWe 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.
Podcast 5: Tax Planning Strategies
December 22, 2021 14:20 - 23 minutes - 32.1 MBWe 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.
Podcast 4: Balance Sheets Part 3- Personal Balance Sheets
December 15, 2021 17:56 - 8 minutes - 11.1 MBLaVell 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
Balance Sheets- Part 3: Personal Balance Sheets
December 15, 2021 17:56 - 8 minutes - 11.1 MBLaVell 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
Podcast 3: Balance Sheets- Part 2
December 01, 2021 14:29 - 31 minutes - 43.2 MBPlease 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
Balance Sheets- Part 2
December 01, 2021 14:29 - 31 minutes - 43.2 MBPlease 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
Balance Sheets- Part 1
November 18, 2021 00:15 - 21 minutes - 29.4 MBFor this series on balance sheets, we welcome Robin Reid, Extension Farm Economist with K-State, and LaVell Winsor, Farm Analyst with K-State Research and Extension. This is a 3-part series where we discuss the structure and importance of balance sheets. Financial Benchmarking Tool: https://agmanager.info/decision-tools
Podcast 2: Balance Sheets- Part 1
November 18, 2021 00:15 - 21 minutes - 29.4 MBFor this series on balance sheets, we welcome Robin Reid, Extension Farm Economist with K-State, and LaVell Winsor, Farm Analyst with K-State Research and Extension. This is a 3-part series where we discuss the structure and importance of balance sheets. Financial Benchmarking Tool: https://agmanager.info/decision-tools