As harvest winds down and year-end tax planning and conversations ramp up, deferred payments are a common strategy and practice. As you manage year-end income, keep the following dates in mind:
- If your tax advisor is suggesting deferring CHS payments for grain sold in 2021, we will need to know your intentions no later than Dec. 10, 2021.
- If you’re holding uncashed checks from CHS, those need to be cashed or returned for deferral by Nov. 29, with no exceptions.
If you’re uncertain whether you want to defer payments, you may as well request them now. Deferred payments can be reversed, and funds issued in December, if the request is made no later than Dec. 10.
Your local CHS grain merchandiser may have already mentioned this one-time business system change to how CHS will manage deferred payments. Don’t hesitate to contact them now with any questions or to confirm which contracts you may wish to place into deferred payments.
We understand we’re asking you to make some important financial decisions earlier than you may have in previous years. But again, if you’re in doubt, ask to have payments deferred. If you change your mind, the deferrals can be reversed.
If you have any questions, please contact your local CHS grain merchandiser. They will review your contracts and payments and answer any questions.
Thank you in advance for your attention to the Nov. 29 deadline for those needing to return payments to CHS. We appreciate your business and look forward to hearing from you about year-end payment intentions.