Agriculture Industry

Agribusiness Advisory

Agriculture contributes $111 billion each year to North Carolina’s economy and helps drive a major share of the state’s economic success—representing one-sixth of overall income. It is a powerhouse industry that is an economic leader in the Southeast.

However, the agriculture industry faces its own unique set of challenges, and farmers and agricultural businesses across the state recognize that they must adapt to a changing workforce, evolving technology, and the latest state and federal regulations to continue thriving within their sector.

To get ahead in agribusiness, you need advisors with specific industry knowledge and experience providing hands-on support.

DMJPS serves many clients in the agriculture industry, including Christmas tree growers, nurseries, eco-tourism, agricultural producers, and livestock farmers. Our advisors provide advanced tax, audit, and accounting services to help you understand your profitability model, make the most efficient use of current tax laws, follow reporting procedures to ensure continued subsidies and remain competitive on a local and national level.

We help our agriculture clients with key issues affecting their current and future success, such as:

Accounting method – your accounting method determines how you recognize revenue, expenses, and income. Selecting the right method between cash basis, cash + fair market value, and accrual accounting will ensure you make your decisions based on the best information.

Legacy planning – the continuity of your farm from one generation to the next is not a sure thing. When creating your succession plan, estate taxes, ownership transfer, and retirement should all be considered.

Tax reduction strategies – as an agriculture business, your income can fluctuate significantly from year to year. Federal law allows some farms to utilize income averaging to shift income from highly profitable years to prior years, minimizing tax liability.

Sustainability – the long-term success of your farm will require you to understand and react to current and future market trends. Recent consumer shifts toward organic and locally grown products have provided farms with an opportunity.

A Trusted Partner for Navigating Agriculture Taxes

Agribusiness is complex owners benefit when they understand a business’s worth and how to boost its value strategically. DMJPS is a trusted leader in this area, with experienced agriculture tax specialists serving North Carolina and the Southeastern United States.

Fill out our contact form today and schedule a time to talk with our accounting professionals. With office locations throughout North Carolina, we meet with clients in-person and through secure teleconferencing. We look forward to learning about your business.