Accounting Services & Income Tax Preparation Accounting Services - For clients requiring financial statements, including corporations, these are prepared in accordance with farm accounting standards. Further, Allied has developed customized attachments providing complete details of fixed assets and inventories. We can also provide Review or Notice to Reader Reports to suit your requirements. Income Tax Preparation - Many pieces of tax legislation are exclusive to farmers. Our experienced accountants come to your farm to provide an opportunity for careful analysis of your tax situation for the past year and provide tax planning ideas available only to farmers. Management Statements - Most farmers file on the cash basis for income tax purposes. These statements do not contain sufficient information to make informed decisions. Allied prepares an accrual statement to provide you with the real earnings of the farm operation while still achieving tax deferrals by filing on the cash basis for tax purposes. Tax Planning Reports - Prior to your year end, we will arrange a visit to prepare an interim statement that can result in major tax deferrals. Record Keeping Records Maintenance - Discuss with your Allied accountant those bookkeeping tasks with which you are uncomfortable. Our services can be tailored to your requirements. Farm Accounting Software - Allied is familiar with a variety of accounting and management software suitable for agricultural enterprises. Custom Farm Program - Allied has developed its own simplified bookkeeping program that is offered as part of our client services. Other Reporting Goods & Services Tax - GST services can be tailored to your requirements from full GST reporting to assistance with compliance issues. Government Programs - Allied can provide information on government programs and tax incentives available to all business as well as those unique to farms. AgriStability/AgriInvest Program (Formerly CAIS) - Allied provides assistance with annual reporting requirements for AgriStability/AgriInvest which includes completion and submission of forms to AgriCorp Administration. Other Reporting Requirements - Allied provides assistance with many types of government reporting such as T4 information for employees and reporting to Workplace Safety Insurance Board. Farm Business Specialty Services Owning and operating a farm brings unique opportunities and challenges. Please review our list of specialty services including Farm Succession Planning, Estate Planning, Financial Planning and Risk Management. Contact us if you believe you could benefit from our expertise in these areas. Farm Business Analysis - A detailed financial analysis of your farm business will identify trends compared to industry standards and is an important step in improving your bottom line. Various financial ratios are calculated, many of which are unique to farming operations. A report is prepared with recommendations and suggestions. Family Farm Partnerships - A detailed review of your present circumstances will determine if a partnership is suitable for you. This review includes an explanation of advantages and disadvantages and outlines tax-saving opportunities. Family Farm Corporations - Organizing your farm business as a corporation can provide ongoing tax savings as well as assist with farm succession and estate planning. Information on advantages and disadvantages are provided along with a step by step outline of the incorporation process. Sale of Farm Property, Quotas, Equipment & Inventory - Changing enterprises or scaling back your operations requires advanced planning to maximize your proceeds while minimizing income taxes. It is important to fully utilize all available deductions and credits including capital gains exemptions available on the sale of qualifying farm property. Review of Existing Business Structure - It is important from time to time to review your existing business structure to determine if changes are necessary to meet current and long-term objectives. Farm Property Transfers - If you are considering the inter-generational transfer of your farm property, there are many factors to consider including financing, income tax implications, land transfer tax and other issues. Further, special rules apply to different types of assets and vary with the type of ownership, whether individual, partnership, or a corporation.