Update Farm Serial Number By Friday

This Friday is an important deadline for any farmers who participate in Farm Service Agency programs. You have to register your Farm Serial Number or FSN by Friday, September 26th. CliftonLarsonAllen Partner and Farm CPA Today Blogger Paul Neiffer shares more
Neiffer: “The deadline is September 26th — is the deadline that the Farm Service Agency is requiring you to have your FSN — basically your Farm Serial Numbers — the farm needs to be set up at the local office. A lot of our producers with multiple landlords probably have been combining them into one or maybe two FSNs and that is going to potentially cause an issue in the new farm bill. What has to happen in order to sign up for ARC or PLC all the landlords and the operator have to agree on the election. So let’s say that you have 10 landlords and nine of them want to go ARC, and one wants to go PLC or one doesn’t want to sign up for any program. He or she can hold up the whole thing. And the negative for that is that they won’t get any payment for 2014 crop year and they are automatically locked in to PLC — even if all of them but one wanted to be ARC.”
One of the requirements of the new farm bill is that ALL parties involved in each FSN must agree on whether to elect PLC or ARC — including each landlord.