What's needed for Farming and Agriculture?

Our firm specializes in advising agricultural businesses and individuals involved in agricultural activities. Mathias, Barnes and Henshaw currently provides professional services to several agricultural businesses. Currently 40% of our professional staff belong to the Massachusetts Farm Bureau.

Agricultural Entity Start-Up & Pre-Emergence Advisory
Our firm will examine the agricultural activity as described and advise on a correct formation of the entity. A major influence is the individual taxpayer. This formation will afford the best level of entity protection, cash flow and monitoring basis calculation for tax purposes. A sound agricultural business platform is essential if outside financing is being considered, or growth into other endeavors. We handle tough issues before they become a problem.

Agricultural Business Plans
Agricultural Business Plans require a high level of working knowledge as revenues are sensitive to high levels of volatility. An accurate plan disclosures value to the income stream and capitalization potential of business assets. We can advise on and prepare agricultural business plans for family business, venture capital groups, or banks.

Agricultural Business Valuations
An agricultural activity valuation requires a frame of agricultural knowledge relating to specific family attributes, activity description, estate planning and family ownership rules. Our firm has experience in writing agricultural valuation reports to support farm valuations, and market driven consolidation.

Agricultural Tax Planning
Agricultural tax planning includes a thorough analysis of income tax laws, child labor laws, and minimum wage reporting rules. Agriculture is subject to unique insurance provisions including workers compensation, and federal unemployment tax. Agricultural business activities enjoy shortened asset lives for depreciation purposes. Farming activity rules require understanding in order to take current business deductions and comply with farm reporting rules. It is typical that a farming operation would have several different types of tax related activities that would have to be separately identified for tax reporting. Tax planning also involves minimizing the estimated tax payments required. Farmers can apply for favorable exemptions and pay at year end without incurring a penalty. Our firm has experience relating to agricultural tax planning. We know the rules.

We advise our agricultural clients on a regular basis for future planning purposes. We estimate that the percentage of relationship involved with future planning is 70% of the entire time we spend with our client base. The remaining 30% is allocated to making certain that prior years' tax returns are timely filed, accurately prepared, compliant, and that records are in order. We acknowledge that farming tax returns and accounting reports are the basis for loan application approval, insurance entity classification and success planning. We take the relationship very seriously in order to accommodate all facets of agricultural planning.

Agricultural Litigation Support Services
We will assist professional attorneys measure different types of damage incurred to an agricultural activity and translate that damage to a monetary index to determine a claim. Agricultural damage can be sustained from improper use of assets, law suits due to specific performance failure, environmental damage resulting from waste or chemical damage, destruction of land crops, and lost business opportunities. Our use and experience with tax laws make us excellent candidates to witness business transactions.

The commitment that an agricultural activity makes to the profit motive and operating success is enormous and does require a sensitivity to long term relationships. We try to develop a team concept with our client's legal professional group, insurance providers and financial planning experts in order to be fully integrated into this relationship.

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