CPA
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HatCreekFan
Well-known member
Someone that's familiar with what your main goals/activities are.
Since my husband farms, we made sure that our CPA is familiar with depreciation stuff... and all those fun tax things associated with tobacco, hay, and cattle. Not to mention land rent, barn rent, crop lease stuff... the list goes on.
Since my husband farms, we made sure that our CPA is familiar with depreciation stuff... and all those fun tax things associated with tobacco, hay, and cattle. Not to mention land rent, barn rent, crop lease stuff... the list goes on.
A
Anonymous
Well, Madbeancounter can probably answer - as can Arnold Ziffle - if memory serves they are both in the business - try a PM.
Care to share what the biz is?
Regards
Bez'
Care to share what the biz is?
Regards
Bez'
Susie David
Well-known member
Our guy runs a cattle and hay operation and is as old as dirt....but still knows how to add up the deductions and depreciations....I'd find one that has expertise in the endeavor that you are planninng....DMc
madbeancounter1
Well-known member
I would echo what you have just been told.
First look for someone that knows the business you are in. If you are looking for someone who knows their way around the Ag industry don't choose someone that focuses on the restaurant sector. We have three accountants in our office and we focus on three sectors, two are the ones I just mentioned... The third is real estate and contstruction. We all cross over but each is the go to person when a tough question falls in one sector or another.
Second find someone that you "fit" with. We always offer our prospective clients a "complimentary" conference to see if our approach to accounting for their business segment is compatible with what they are looking for. Sometimes we are not agressive enough and sometimes we are too agressive and sometimes they don't know what they want.
Third, If you think you can work with them ask them questions like how well they stay up on new developments. We are all required to take 40 hours of CPE each year and that is split into different areas such as Audit and Attestation, Ethics, and Tax. Within those there are numerous topics to concentrate on. Our office is a member the of AICPA and as such we are subject to peer reviews. Meaning that our work is reviewed by other accountants. If we are found lacking in any area we get zinged and may have to take additional CPE hours and can receive an adverse rating from the society.
Fourth, ask if you can talk to some of their other clients to see what they think of the accountants work, timeliness of completion, and so on.
Cost is always a factor but you can help yourself with that. Keep good records and if possible summarize the information before taking it to your accountant. If I have to spend 8 hours sifting through your checkbook and cash reciept and sale barn tickets not to mention notes scratched on pieces of feed bags you can bet your bill will be higher than if you spent the 8 hours doing it yourself. :idea:
Hope I've lent some useful information here.
First look for someone that knows the business you are in. If you are looking for someone who knows their way around the Ag industry don't choose someone that focuses on the restaurant sector. We have three accountants in our office and we focus on three sectors, two are the ones I just mentioned... The third is real estate and contstruction. We all cross over but each is the go to person when a tough question falls in one sector or another.
Second find someone that you "fit" with. We always offer our prospective clients a "complimentary" conference to see if our approach to accounting for their business segment is compatible with what they are looking for. Sometimes we are not agressive enough and sometimes we are too agressive and sometimes they don't know what they want.
Third, If you think you can work with them ask them questions like how well they stay up on new developments. We are all required to take 40 hours of CPE each year and that is split into different areas such as Audit and Attestation, Ethics, and Tax. Within those there are numerous topics to concentrate on. Our office is a member the of AICPA and as such we are subject to peer reviews. Meaning that our work is reviewed by other accountants. If we are found lacking in any area we get zinged and may have to take additional CPE hours and can receive an adverse rating from the society.
Fourth, ask if you can talk to some of their other clients to see what they think of the accountants work, timeliness of completion, and so on.
Cost is always a factor but you can help yourself with that. Keep good records and if possible summarize the information before taking it to your accountant. If I have to spend 8 hours sifting through your checkbook and cash reciept and sale barn tickets not to mention notes scratched on pieces of feed bags you can bet your bill will be higher than if you spent the 8 hours doing it yourself. :idea:
Hope I've lent some useful information here.
madbeancounter1
Well-known member
Flaboy,
We've already had that conversation. :roll:
We've already had that conversation. :roll:
Susie David
Well-known member
Cows and bulls are depreciable....
madbeancounter1
Well-known member
...as long as you have purchased them as an addition to your herd and not raised them. If you purchase them as calves and raise them they are technically not to be depreciated until they reach breeding age. But as I wrote in an earlier post we usually don't ask our clients what age the cattle are that they purchase.
HatCreekFan
Well-known member
we're depreciating our donkey 
