A news release on Tuesday from USDA’s Risk Management Agency (RMA) indicated that, “The [RMA]  today announced changes to its crop insurance policies. Major changes for 2018 focus on conservation compliance certification and choice of unit structure based on the risk management needs of producers.

An update last week from Iowa State University (ISU) Extension indicated that, “As harvest season draws to a close, farmers are starting to look forward to the next planting and growing season. Often times, this means signing new lease agreements or evaluating if an existing agreement is working.”

The ISU update noted that, “[Kristine Tidgren, assistant director of the Center for Agricultural Law and Taxation] is the author of an article titled ‘Farm Leases – Frequently Asked Questions’ that appears in the November issue of the Acreage Living newsletter from Iowa State University Extension and Outreach. The article aims to answer common questions regarding Iowa farm leases and the law.”

Last week’s news update noted that, “One of the most important things for farmers to understand when dealing with leases is that unless a termination notice is given by September 1, that lease will remain intact for the next year.

“‘Sometimes an owner will allow a tenant to renegotiate a lease at this point, but both parties would have to agree,’ Tidgren said. ‘This also applies to oral agreements, not just written contracts.’

“Understanding what is enforceable is also very important for both parties.”

Barbara Soderlin reported yesterday at the Omaha World-Herald Online that, “U.S. farm profits will increase slightly this year after three consecutive years of decline, the U.S. Department of Agriculture reaffirmed Wednesday in a forecast that accounts for production from the recent harvest season.

Joseph Morton reported earlier this week at the Omaha World-Herald Online that, “Longtime Iowa bankruptcy attorney Joe Peiffer has worked for decades with farmers who have fallen on hard times.

Matthew Hansen reported on Friday at the Omaha World-Herald Online that, “The Nebraskans who walk into Andrew Loudon’s office tend to be graying at the temples, sober about both death and taxes and sure of one thing: Their loved ones will be paying the federal estate tax, often known as the ‘death tax,’ after they go to that great Tax-Free Zone in the Sky.

Donnelle Eller reported last week at The Des Moines Register Online that, “Iowa farmers could lose a key tax deduction that has helped grain elevators, growers and rural communities stay afloat during a lingering ag downturn under proposed U.S. House and Senate tax bills.

“Congressional leaders are moving quickly on bills that would cut tax rates that businesses and families pay, while removing many special breaks that have helped taxpayers shrink their tax bills.

“One tax break being eliminated — the domestic manufacturing deduction — allows grain elevators and other cooperatives to deduct some costs of production in Iowa and the U.S.

“Co-ops can use the deduction themselves or pass it on to farmer-members.”

The Register article stated that, “Last year, it totaled $250 million in Iowa and more than $2 billion nationally.

“‘We’ve seen a lot co-ops merge, but they would have been merging at a much faster clip … without this deduction,’ Gardiner Thomsen, an accounting firm with offices in Iowa, South Dakota and Nebraska.”

Ms. Eller explained that, “The proposed tax changes for Iowa cooperatives hurts Iowa communities, said Tom Hauschel, CEO of Heartland Cooperative, which has about 70 locations across Iowa.

“Cooperatives and other U.S. businesses can deduct 9 percent of production expenses from their net income — or up to half of qualifying workers’ wages.

“It’s designed to encourage domestic production.”