Brown Bag Topics

At Grimbleby Coleman, we have a really smart team. We also use a bunch of different tools in the course of getting all of those numbers to make sense - so there is always more to learn. We hold  brown bag lunches on a regular basis so different team members can share their knowledge with the rest of us. We thought we might as well share what we learn, in case you have the same questions.

Featured Article

Technical Q&A with our Ag Team
Our farming and processing clients don’t run typical businesses — after all, the ag business isn’t typical! That’s why Grimbleby Coleman CPAs developed a specialized, six-person Ag Team to handle the unique needs of these clients. Our team is trained to handle the particular challenges our ag clients face, including taxes, audits, cloud accounting, and financial and succession planning. Over the years, our Ag Team has helped California ag clients through countless tricky situations. Recently, we asked our Ag Team members: What was your most challenging ag project? Jeff Bowman, CPA and Principal ( Answer: Recently I’ve had several tax planning discussions with farmers who are preparing for harvest and considering deferring their crop income. These discussions can get really intriguing as we talk about balancing cash flow needs with the timing for taxable income. In some cases, the use of an IC-DISC entity adds another variable as we consider which commodities should be deferred in which year for maximum tax benefits. What starts as a “tax question” usually turns to a conversation about cash flow, budgets, expected changes in the commodity market, and other longer-range goals of our clients. Donae Caravalho, CPA and Manager ( Answer: Recently we executed a complicated 1031 Exchange that involved a fully developed orchard that was exchanged for a newly planted orchard. Jeff Coleman, CPA and Principal  ( Answer: One of my challenges was the sale of a significant agribusiness company that was a longtime client. We consulted on the tax differences between a sale of stock and a sale of assets, worked with the attorney and the broker to maximize the after-tax yield to the stockholders, and assisted the shareholders of the closely held company and their family members. Doug DeBoer, CPA and Experienced Senior Associate ( Answer: A large, complex ag client merged numerous entities into a parent company, formed an ESOP, and needed to review financial statements consolidating two large subsidiary companies into the parent company’s financial statements. Even without the merger or ESOP activity, this would have been a complicated review. Accounting for the mergers (many of which had different fiscal year ends) and the ESOP formation made this an even more challenging and interesting project! Nate Miller, CPA and Principal ( Answer: One of the more unique projects I worked on recently was the setup of an IC-DISC entity for one of the firm’s larger ag clients, which has multiple entities that could benefit from such an arrangement. We worked with a local law firm to help the client set up a single shared IC-DISC, owned by a trust, whose beneficiaries are the grower entities who will be paying the IC-DISC commissions and receiving the IC-DISC benefits. It’s been a great tax benefit for our client and will continue to save a significant amount for years to come. Chad Van Houten, CPA and Senior Manager ( Answer: One of my most rewarding projects was working with a younger client who was farming an orchard on leased ground and wanted to be to able use the income from the leased ground to buy their own orchard before the lease expired. We were able to utilize unique farm tax provisions in order to save them considerable amount of tax fee. With the tax savings assisting with the down payment, the client was able to purchase their own orchard and begin production before the lease ran out. Is your business in a pickle or facing similar challenges? Give us a call!  Continuing to Invest In a Well-Rounded Team and Ag Education   We are committed to continued education and encourage active participation in conferences, trade events and the community.  Being an active participant has paid off with the wonderful relationships we’ve developed. Our team attends conferences across the country, including the 2016 AgriBusiness Tax Advisors Summit, which was recently held in North Carolina, as well as the annual AICPA National AgriBusiness Conference. And, as most of you know from bumping elbows with us, we love to attend our local and regional regular trade shows, including the Farm Credit dinner, Hilltop luncheon, Tree and Vines Expo, the World Ag Expo, and the Almond Conference, just to name a few. Please do not hesitate to reach out to a member of our Ag Team. We’re here to serve you!

Featured Staff

As a member of the Core Accounting Services team at Grimbleby Coleman, Lisa enjoys being able to help clients feel at ease. She says, "Financial issues and worries can be stressful and confusing at times for many people. It's a good feeling to be able to help ease those worries."

On a typical Saturday in June, you can find Lisa tending to her flower garden. In October, she might be quilting or, more likely, getting ready for Halloween.  In January” catching up on all the movies she missed in June."

Lisa L. Blanke Accounting Technician- Notary Public read more

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