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Tax Tips: Options for Reporting Crop Insurance Payments

2013-01-02 22:17:00| Corn & Soybean Digest

Source: University of Illinois farmdocDaily Approximately 80% of Illinois farmers purchased various types of crop insurance on their 2012 crops. The total premiums for these policies were over $770 million. It is projected that the total claims will exceed twice the amount of the premiums. If farmers do not defer their crop insurance proceeds until 2013, they will have an additional $1.5 billion of taxable income this year. read more

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United Kingdom: Farmers urge minister to provide extreme weather insurance

2013-01-02 10:42:00| Climate Ark Climate Change & Global Warming Newsfeed

Guardian: Record rainfall in 2012 has cost British farmers 1.3bn, prompting calls for government to provide insurance against extreme weather if it wants to preserve national food security. The National Farmers Union (NFU) estimates the extreme levels of rainfall in 2012 has cost the industry 600m in lost output, especially from poor wheat and potato harvests, and another 700m in extra costs such as feed for cattle, which could not graze in water-logged fields. The figures are being published on Tuesday,...

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