Holidays May Delay PARP Payout
Jim Wiesemeyer is reporting that PARP payments are delayed waiting on the USDA Secretary to give final OK on payments.
In yesterday’s newsletter from Jim Wiesemeyer, he indicates that USDA is still in the process of determining when to issue PARP payments. If the USDA Secretary has not issued final guidance by the end of next week, it appears that FSA may not be able to get the checks issued this year due to the holiday season.
PARP had minimal funding to begin with and now the delay in getting payments out may compound the pain that farmers relying on those payments could help alleviate. However, if the payments are received in January, the only good news is that it would be taxable in 2024, not 2023 for calendar year farmers.
We are not hearing any chatter now about increasing the funding for PARP, therefore, don’t expect more than about 10-20% of the claim you submitted. If it is higher than that, be pleasantly surprised.
We will keep you posted, but as of right now, it appears no one knows when these payments will be issued at USDA and that has not changed for at least the last couple months.
I’m. Knot worried about the tax part but sure could use the payment. If a farmer is making so munch that the max payout is going to hurt them on taxes sounds like they didn't need to begin with once aging the greedy getting more and leaving the ones that really could use it. In the dark
I’m sure it’s the ones that have ways around the 125 k cap because they claim the farm in every family member name.
That stuff needs to be stopped.
The farmers who actually need the money aren't worried about tax avoidance. Any amount of profit on my 2023 taxes would help my banker fund my 2024 season. It's time to stop playing games and send the checks.