Tax season is just around the corner, so now is a great time to make sure that you are retaining all the documentation you need to back up the income, deductions, and credits listed on your small business’s tax return. Keeping the proper records is not optional—it is required by the Internal Revenue Service (IRS). Recordkeeping System The IRS does …
In June 2015, the Food & Drug Administration (“FDA”) promulgated the second Veterinary Feed Directive (“VFD”) affecting livestock producers that use medicated feed and water. The final rule became effective in October 2015 transitioning Over-the-Counter (“OTC”) drugs to be VFD through January 1, 2017. This requires veterinarians to have a Veterinary-Client-Patient Relationship (“VCPR”) and use a VFD to prescribe the …
I want to commend the Cornell Small Farms Program for its publication titled “On-Farm Poultry Slaughter Guidelines” (available on its resources page). I reviewed the guide in its entirety in preparation for the local food CLE that was scheduled at Pace Law School in October (rescheduled for March 13th due to Hurricane Sandy). I recommend the guide to any farmer …
I’m blogging from downtown Denver, Colorado. I’m here for the National Cattlemen’s Beef Association (“NCBA”) Annual Convention and Trade Show. I came across an article last night by the Ohio agriculture law firm of Barrett, Easterday, Cunningham & Eselgroth, LLP regarding charitable deductions. Since tax-time is around the corner, I thought it would be appropriate to post a few reminders from …