On July 4, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law following swift passage by both the House and Senate. This sweeping legislation brings significant changes to individual, business and nonprofit tax planning – many of which take effect in 2025 or 2026.

The livestock industry is thriving with high calf prices. Sound accounting principles are crucial for strategic investments and sustainable growth. Managerial accounting offers a broader perspective on expenses and profitability.

In today’s robust market, cattle producers have flexibility as aspects of the market are thriving, cattle prices are at a record high, and producers are witnessing a positive shift in revenues. When conditions are favorable, the critical question arises: What comes next?

Early indicators and predictions show that the beef industry is slowly considering rebuilding the herd. Fewer heifers are being placed on feed and many producers’ current stocking rates are so low that they have nowhere to go but up in numbers.

There is usually a period of uncertainty during the months prior to national elections that can cause many individuals, organizations and companies to delay making major decisions until after the votes are counted and more is known about the next administration.

For the past several years, I’ve spoken to numerous groups about tax policy and where we are headed as a nation. I started these discussions by saying, “Where do we stand today …” and began talking through my views.

Land is our largest investment, asset and expense. So how exactly can we add to its production? One key goal to start with: Convert unproductive land to productive. Cattle perform miracles in converting poor land into production.

Just as the steam engine and mechanization revolutionized agriculture during the first and second industrial revolutions, today's digital technologies are ushering in what some call the third industrial revolution.