Kansas Farm Management Association

Final income tax filing as an employee of Northwest Kansas Agricultural Tax Services, Inc. (with consulting leave time taken from Extension Agricultural Economist position). Bachelor’s degree in Agricultural Economics, Accounting, Finance or related field. Master’s degree in Agricultural Economics, Accounting or related field. At least three years of acceptable performance in a position in agricultural economics, agricultural finance, agribusiness, accounting or closely related field. Complete requirements to achieve IRS Enrolled Agent status

agricultural economist

Responsibilities The foundation of the KFMA program is providing education and consultation to member farms in the area of farm business management. KFMA Economists strive to provide cooperating farms with resources to make informed financial, production, and tax management decisions. In order to achieve this goal, an Extension Agricultural Economist is expected to:1.    Develop and maintain a relationship with membership of approximately 80-90 cooperating commercial farms2.    Assist cooperating farms with development of a comprehensive and accurate accounting of the farm. Complete records are the essential foundation of all KFMA services provided3.    Provide KFMA members with: a. Regular, scheduled on-farm visits each year (at times requiring extensive travel within the association) b. An annual accrual whole-farm business analysis utilizing KFMA software to collect and process information c. An annual economic analysis of farm enterprises d. Benchmarks of farm performance in comparison to similar farms and/or industry standards e. Guidance based on interpretation of whole-farm, enterprise, and benchmark analysis f. Guidance and recommendations in estate planning, farm succession planning, and business entity structure 4.    Learn and understand federal and state income tax regulations as they apply to farm businesses. This includes significant time spent working with members on: a. Tax implications of farm business management decisions b. Year-end tax planning and management c. Preliminary income tax related work for KFMA NW members d. Final income tax filing as an employee of Northwest Kansas Agricultural Tax Services, Inc. (with consulting leave time taken from Extension Agricultural Economist position)5.    Collect, process, and verify financial and production information from cooperating farms to be utilized by K-State Research and Extension for research, teaching, and other Extension programs6.    Market and promote KFMA by supporting county, area, and state Extension personnel with technical expertise in the area of farm business and farm income tax management7.    Participate in continuing education to expand farm income tax and farm management technical skills QualificationsRequired:         •    Bachelor’s degree in Agricultural Economics, Accounting, Finance or related field •    Minimum GPA of 3.0 (on a 4.0 scale) in all college coursework•    Minimum of 6 hours of coursework in accounting•    Ability to effectively communicate with individuals and groups •    Evidence of solid planning, prioritization and organizational skills•    Good understanding of production agriculture•    Ability to effectively utilize computer technology, software and applications•    Demonstrated expertise in understanding and communicating sound farm accounting principles and economic relationships in agriculture•    Strong attention to detail•    Self-discipline to work independently, and flexibility to work as part of a team•    Ability to handle a workload that varies depending on the time of year (heavy workload required November-April) Preferred:          •  Master’s degree in Agricultural Economics, Accounting or related fieldOr•    At least three years of acceptable performance in a position in agricultural economics, agricultural finance, agribusiness, accounting or closely related field Applicants who meet the required qualifications, but do not meet the preferred qualifications for this position may be considered for an Associate Extension Agricultural Economist position with KFMA, NW. An Associate position is expected to successfully develop the skills and knowledge required for the position of Extension Agricultural Economist while providing support to the Extension Agricultural Economists working in the association. The position is designed to lead into an Extension Agricultural Economist position with KFMA NW within two years if all objectives are met, based on regular evaluations during the training period. Specific responsibilities during the training period include: 1.    Become proficient in farm record keeping systems used within the association (QuickBooks and Manual Record Book)2.    Learn to efficiently use proprietary programs and spreadsheets for farm economic analysis and tax planning (K-MAR-105 Analysis System, K-MAR-105 Depreciation, and Microsoft Excel)3.    Develop an understanding of agricultural accounting, estate planning, business entity structure, and income tax management as they apply to farm businesses4.    Learn KFMA NW procedures to collect, process, and verify information from member farm businesses in order to complete a whole farm and enterprise analysis5.    Complete requirements to achieve IRS Enrolled Agent status6.    Provide support to KFMA NW Extension Agricultural Economists as they deliver economic analysis and technical expertise to KFMA member farm businesses7.    Develop skills necessary to complete tax forms (Forms 1096/1099, W-2/W-3, 1040, 1065, 1120, and 1120S) through Northwest Kansas Agricultural Tax Service, Inc (Consulting Leave days taken from Extension position to complete final tax preparation activity)

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