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Financial Conversations with Fitz #81 - FSA and IRS new paperwork reports - 10/19/2010

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Corn is just about out. One of the best harvest weather I have seen for a long time. Little short in the bumper yields….. …Great weekend for drying.….. Grain Prices are still volatile is for sure. Calmed down a bit on Friday. $5.00 corn in some markets last week .…..Great for our Iowa farmers. So what do you think…… Grains will probably open mixed this morning. Read more reports over the weekend that other areas were really short with yields. So the DOW will open mixed to down a bit this morning. We haven’t shaken this mess in the housing market yet….Takes a long time to move 3.5 million extra houses.


Today we are going to visit about the mail farmers are receiving when they get time to read it. The FSA and IRS have sent out a new letter requesting information that you did fill out once before in the FSA office….Did you make more than $500,000 in your operation???? Seems that about 2700 farmers lied on theirs, so we have to fill out another form. If you need help with it drop in to see us at TSB. You had originally filled out a Form 926 in the FSA office. They are form 927 for individuals and 928 for other enities. It looks worse than it is. You just need to re type you name and social security. Then you have to check three boxes at the bottom and sign. They didn’t send you a form. It is only via web connection that you get your forms. This way the IRS can tell the FSA that you in fact did make less than $500,000. Send it out and you are done. If you don’t do it, you won’t get any checks from FSA. This has gone to anyone that has ever rec’d a FSA check or plans to in the future. Lot’s more detail on the web at a long address that is contained in your letter. We usually don’t fill out form for people but this is quick and short once you see one. Each of our loan officers will have a selection of the two forms at their desks. If you want help, we can do so. If you want to grab a form you can do that also. One nice thing in the banking world when we have farm connections we are able to keep up to speed with what is going on. We try to make the busy job easier by helping you.


Say, our FWF group had a nice trip to the river last week. We have a new doorman by the name of Dennis Steffesen helping out all the ladies…..We will probably have to get him a jacket and a hat. Don’t forget the big Family event next Sunday in Thompson sponsored by Jamie Thomsen and the extension office with all her support troops. Will see you in Thompson!!!!!!


Remember that you should deal with people in community banks and organizations. When you work with them, you know that you will also see them sitting with you at ball games, church or community events. So, if in doubt give us a call.