Brad Palen
Principal

Brad Palen
AgKnowledge Service

Salina, KS

3030 Cortland Circle
PO Box 1100
Salina, KS 67401

Industry Areas

Service Areas

If Brad Palen wasn’t an accountant, he’d be a farmer. To him, just as to the ag producers he helps, success is not only short-term financial management and oversight, but also involves passing on legacies from generation to generation without strife and unnecessary financial consequences. By providing a road map of the optimal route to achieve a family’s specific vision, he puts business owners’ minds at ease.

Brad specializes in business consulting for agriculture producers, and creates strategies around income tax and estate planning for family-owned and closely held farming businesses. Owners count on his expertise to minimize their income taxes and guide them successfully through succession planning, restructuring, and other challenges. Some recent examples of his work include:

  • Restructuring a $10-million family-owned farming business to accommodate an additional family member, divide ownership fairly, achieve equitable division of profits, and minimize income tax liability.
  • For a high-net-worth family with a large cattle-farming business and investments in real estate, oil, and banking, he implemented tax-advantaged estate planning practices and ironed out details of how each asset should be passed on to the next generation.
  • Hosting family business meetings to educate and involve the children in current operations and facilitating strategic planning so that the business can stay intact after the parents pass away.
  • Providing CFO services on-demand to help agriculture producers make sound business decisions with insightful information such as financial analysis, crop profitability and cash flow projection, budgeting, and lender education.

Brad Palen helps family-owned businesses succeed. He grew up in, and remains an owner of, his family’s farm business about 75 miles from Salina. Having first-hand experience in farming and serving other agriculture producers for the last 25 years, he thoroughly understands the financial, operational, and emotional challenges they face. He merges each individual’s goals and opinions into one creative solution that is both sensitive to family dynamics and financially advantageous for everyone involved.

Education

B.S., accounting, Fort Hays State University

Credentials

Licensed CPA in Kansas
Kansas Agriculture and Rural Leadership Class VII graduate

Professional Associations

American Institute of Certified Public Accountants
Kansas Society of Certified Public Accountants

Civic Associations

Knights of Columbus
Sacred Heart Junior/Senior High School Endowment Board
St. Mary's Parish

Personal Interests

Camping, boating, water and snow skiing, wake boarding, hunting, and playing golf

Recent Insights related to Brad Palen

IRS Waives Estimated Tax Payment for Farmers Filing and Paying Tax by April 15

The IRS has agreed to last-minute relief for farmers by extending their filing due date to April 15, 2019 – and withdrawing the underpayment penalty for those not making the Jan...

Look Before You Leap on Tax Conversions

The flashy headlines around the lower tax rates as part of the new tax code are not always cut-and-dry, and businesses need to take a deep-dive look at the long-term impact these...

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Congressional Tax Bill: Benefits and Concerns for Ag

Farm Businesses May Need to Restructure to Maximize Benefits The national ag accounting and business advisory firm K·Coe Isom said the House-Senate tax bill released today...