Farm Business Associate

Duties

• Interacts with FBFM clients, becoming another “Face of FBFM”
• Works directly with the Support Staff II to develop a thorough understanding of and have responsibilities for the following:
  • PC Mars Program: Entering, balancing, reconciling, and editing
  • Check Accounting with PC Mars
  • Preparation of 2290 and 5500EZ documents
  • Preparation of responses to IRS and IDOR notices
  • W-2/1099 Software: Preparation of documents and delivery to the clients
  • Introduction to Lacerte
  • Understands the FBFM Model
  • Makes periodic farm visits with Farm Business Consultant
  • Comprehends the mechanics of the Manual Record Book and an introduction to the T-Book
  • Maintains PTIN and attends Tax School
  • Attends all training required by Illinois FBFM
  • Attends spring and fall conferences and may attend the NAFBAS conference
  • Works with Support Staff to understand resources required prior to processing
  • Compiles check in packets and composes client letters
  • Works directly with office Farm Business Consultant to develop an understanding of following:
    • Tax planning – The Lacerte tax planner
    • Checking in Business record books
    • Processing Business record books
    • Reviewing capital purchases, amounts paid plus loan amounts, enter into the FBFM asset manager
    • Reviewing capital sales, enter into the FBFM asset manager
    • Updating Fair Market Value report in FBFM asset manager. Review reports for accuracy
    • Transferring PC Mars files to E-Book
    • Understanding the “Why” of balancing an E-Book
    • Transferring the E-Book to the FBFM program
    • Completing the Enterprise allocation in the FBFM program
    • Printing preliminary set of FBFM reports
    • Printing current year E-Book
    • Printing current year depreciation schedule and FMV schedule
    • Rolling current year E-Book to New Year
    • Inputs the following tax information in the Lacerte Program:
      • Estimates
      • Wages
      • Interest
      • Dividends
      • Miscellaneous Income
      • Dispositions
      • Schedule E Activities
      • Schedule F
      • Pass Through K-1
      • Form 4562
      • IRA/Retirement Contributions
      • Health Insurance Adjustments
      • Schedule A
      • Fuel Used Off Highway
      • Maintains file server
      • Aids Farm Business Consultant as required.

Qualifications

• Analytical skills to grasp distinctive points of business strength and improvement
• Strong attention to detail
• Outstanding organizational skills and ability to prioritize workload
• Excellent interpersonal, communication, problem solving and analytical skills
• A self-starter who can manage time wisely and work under limited supervision
• The desire to work with farm families on business and tax matters
• Ability to handle a heavy workload from November through April
• Communication skills to explain their recommendations in confident conversation that others can easily understand
• Computer skills to be adept at using software tools to analyze financial & production data and prepare tax returns
• Ability to work effectively in a professional workplace
• Detail oriented to properly complete production, financial and tax documents
• Math skills to properly complete production, financial and tax documents

Required Qualifications and Educational Requirements

• Bachelor’s degree in Ag Business, Ag Education, Accounting, Business, Finance or a related field
• Agriculture/Farming background or a working knowledge of farm operations, the ag industry, and accounting/finance principles
• Willingness to work longer hours in fall and winter with more flexibility in other seasons
• The ability to travel throughout the region to conduct farm visits
• A valid driver’s license and reliable transportation

Preferred Skills

• Master’s degree in Ag Business, Ag Education, Accounting, Business, Finance, or a related field
• Enrolled Agent (EA) with the IRS
• Certified Public Accountant (CPA)
• Successful experience with current software applications
• Successful experience with tax return preparation
• Successful experience working with farm business operations
• Willingness to live in the service area.