Potential Tax Change Could Cost Ag Industry $4.8B: Report

By Jonathan Randles (February 20, 2014, 7:30 PM EST) -- A potential change to the federal revenue code that would force most commercial farmers to switch to an accrual accounting method could wind up costing the U.S. agriculture industry as much as $4.8 billion in taxes over the next four years, according to a report released Thursday.

The switch from cash accounting to accrual accounting also would reduce U.S. agriculture producers' borrowing capacity by up to $7.26 billion, the report said. The report was prepared by research firm Informa Economics and released jointly by agricultural accounting firm Kennedy and Coe LLC and industry group Farmers for Tax Fairness.

"The Informa study...

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