I am not a rancher, but a tax preparer/bookkeeper.

[Maple Row]

My name is Brayden, and I'm from Texas. While I'm not a rancher, please don't be alarmed, for I don't intend to try to sell you anything. I joined because I wish to learn about a core community of ranchers, rather than just reading articles or hearing about it from my friend who works in ranching with his family. I just want to listen and learn here so I can have a better understanding of what my rancher clients face, so I can see if I can help them. Looking forward to being here. :)

 

[RAdmin]

Hello @Maple Row welcome to the Ranchers Forum. Well, I hope you read enough to help your client's needs.

 

[Big Muddy rancher]

Welcome,
Look back in the archives of this site, it will give you real insight to what makes a rancher tick.

 

[Faster horses]

Good advice from Big Muddy Rancher and welcome to Ranchers.net

 

[Maple Row]

Hello @Maple Row welcome to the Ranchers Forum. Well, I hope you read enough to help your client's needs.

Thank you and its good to be here.

 

[Maple Row]

Welcome,
Look back in the archives of this site, it will give you real insight to what makes a rancher tick.

I appreciate the advice and glad to learn new things about the community. Even if for most it may be considered older news.

 

[Maple Row]

Good advice from Big Muddy Rancher and welcome to Ranchers.net

It was indeed good advice, and I appreciate the warm welcome.

 

[jodywy]

I always call my accountant before calling my Lawyer.
When selling a ranch and using a 1031 My account was up on everything. My lawyer was involved as was a 1031 lawyer. Who had been doing 1031 for ever. Well we did some 1031 construction. My Accountant and other Lawyer had to straighten out, as the 1031 lawyer had never done any 1031 construction in all his year.

 

[Puzzled]

As a tax preparer, are you required to work under/with a tax consultant? In Oregon that was a requirement.
Most individuals doing tax returns and bookkeeping have limited knowledge when it comes to ranching or timber harvest,
so your insight into this fact will work in your favor.

Are you working with someone with knowledge of ranch returns ?

 

[Maple Row]

As a tax preparer, are you required to work under/with a tax consultant? In Oregon that was a requirement.
Most individuals doing tax returns and bookkeeping have limited knowledge when it comes to ranching or timber harvest,
so your insight into this fact will work in your favor.

Are you working with someone with knowledge of ranch returns ?

Hello Puzzled, in Texas we do not have a specific requirement here. I operate as an independent firm compliant with the IRS regulations for paid preparers. As for a specific ranch mentor looking over my shoulders, I do not have one at this time. However, that's exactly why I'm here for I know that most generalist bookkeepers often mess up ag returns, because they misunderstand key differences such as breeding stock and resale inventory.
And to also ensure I don't mess up in the future I am reaching out to tax consultants/preparers with ranch returns knowledge on LinkedIn. I am also studying the IRS Farmer's Tax Guide (Pub 225) and I'm reading here to have a understanding of practical reality of what you in ag go through. I'd rather ask a stupid question here and get it right, than pretend to know it all and file a bad return.

 

[Maple Row]

I always call my accountant before calling my Lawyer.
When selling a ranch and using a 1031 My account was up on everything. My lawyer was involved as was a 1031 lawyer. Who had been doing 1031 for ever. Well we did some 1031 construction. My Accountant and other Lawyer had to straighten out, as the 1031 lawyer had never done any 1031 construction in all his year.

Its good to hear your accountant caught what the lawyer missed and that's the type of safety net I hope I deliver to my clients.

 

[Big Muddy rancher]

I'm glad you are trying to understand the ranching industry.
Our accountant is ranch raised so understands the in's and out's of ranching .About retaining hfrs for replacements ,how culling cows ect.
Our bankers in many cases aren't farm or ranch raised and quite often aren't even born in this country. They see you have 300 cows you must be selling 300, They don't understand the seasons, retaining ownership and many other thngs we do to stay operational.
Glad to are trying to become informed on how your clients operations might work.

 

[Faster horses]

We are fortunate to have an accountant who is a rancher and comes from a long line of ranchers.
Thanks for the reminder that not all accountants are the same.

 

[jodywy]

As a tax preparer, are you required to work under/with a tax consultant? In Oregon that was a requirement.
Most individuals doing tax returns and bookkeeping have limited knowledge when it comes to ranching or timber harvest,
so your insight into this fact will work in your favor.

Are you working with someone with knowledge of ranch returns ?

my tax accountant, I bet almost half his clients are in Ag, timber, minerals