Well good morning welcome I'm university of Illinois extension farm broadcaster Todd Gleason this is a farm doc daily webinar the winter meeting series today commodity title choices in 2021 nick Paulson Jonathan kappas and randy Tillman are joining us today randy thank you for being with us, we'll jump straight into your presentation, and then I believe nick and Jonathan will join us a bit later um, and we're glad to have you with us this morning where are you coming to us from by the way well I am sitting in my family room here in Alemán, and it's raining outside oh I haven't opened the well the closet door the studio door here to see I know skies were gray I don't know whether we've got rain here yet or not but uh regardless of that we should have a good morning with you um we're ready for your presentation well good morning and this just a reminder that uh since the 2018 farm bill it's a five-year bill a year ago people had an opportunity to enroll for 19 and 200 200 excuse me 2019 and 2020, and they had to make an election whether they wanted to go with arc county air CIC or plc on any crops and that was a two-year election, but the time has passed, and we're now into 2021, and you have that opportunity to make an election again if you so choose the important date as you see on the screen is its uh March 15th is the final date or if you don't make it by that date you can still enroll, but you will lose the opportunity to change election it will stay the same as last year so if you move on we ask the question...
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What you should know about Illinois Cash Farm Lease Short Form
- Form CL 01-0912 from Farmdoc is used for this lease agreement.
- The annual cash rent can be adjusted annually after the first year.
- Financial and production records must be maintained by the Tenant.
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How to prepare Illinois Cash Farm Lease Short Form
About IL Farmdoc CL-010912 Form
IL Farmdoc CL-010912 Form is a document used in the state of Illinois for the purpose of reporting agriculture income and expenses. It is specifically designed for farmers and farm operators who are required to report their financial information to the Illinois Department of Revenue. This form is necessary for individuals or businesses engaged in farming activities, including crop production, livestock raising, forestry, and other agricultural operations. It is used to report income generated from farming activities, such as the sale of crops, livestock, or timber. Additionally, it helps to determine eligible deductions, including expenses related to farming operations like equipment purchase or repair costs, seed and fertilizer expenses, and property taxes. The IL Farmdoc CL-010912 Form helps the Department of Revenue accurately assess and administer taxes on agricultural income. By filling out this form, farmers provide the necessary information to calculate their tax liabilities and determine potential tax credits or exemptions available to them. Ultimately, farmers and farm operators in Illinois must submit the IL Farmdoc CL-010912 Form to comply with the state's reporting requirements and ensure accurate taxation of their agricultural income.
How to complete a Illinois Cash Farm Lease Short Form
- You can find the form on the Farmdoc website or use the online form to input your information before printing
- Make sure to cross out any provisions that are not needed and add any additional provisions if necessary
- Remember to keep records of financial and production for the farm business and provide an annual report to the Lessor
- Payment of cash rent should be made in installments as specified on the form
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