Addendum to Farm Financial Standards Council’s Loan Assistance White Paper

Even though the Guidelines documents produced by the Farm Financial Standards Council are extensively reviewed on a continual basis, issues and matters sometimes arise that are outside the “normal” financial accounting transactions typical for agricultural producers. One such issue is accounting for USDA debt assistance and loan forgiveness programs. This addendum provides an update to the original white paper from 2021.

Please note that this guidance does not address the potential complex tax consequences of how these payments are taxed. FFSC recommends discussion with your tax professional for updated tax information and guidance.

The full document is linked below:
Addendum to Farm Financial Standards Council’s Loan Assistance White Paper