Farm Taxation Update

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This session will help practitioners recognize unique tax opportunities and pitfalls for taxpayers in the agriculture industry. Our education sessions give tax professionals a forum to discuss current issues affecting their farm and ranch clients. In addition to covering income and deduction items unique to agribusiness producers, we will also cover recent tax developments affecting agribusiness.

This seminar is presented by CPAs and agribusiness professionals active in public accounting. Our primary instructor has many years of experience in farm taxation and regularly presents at national agribusiness conferences.

Course highlights

  • An in-depth discussion of the deduction for qualified business income under Section 199A, and how farms may restructure for the maximum advantage
  • Learn how the new gross receipts limitations exempt farmers from other complex computations
  • Analysis of pass-through versus C corporation entity planning for operating enterprises
  • Evaluation of bonus depreciation versus the Section 179 alternativet
  • Understand how the meals and lodging fringe benefit affects the entity planning analysis
  • Hear about tax reform and Cares Act provisions that remain unknown and that will require guidance from the IRS
  • Discuss tax proposals of the new Congress post-2020 election

At the end of this session you will be able to:

  • Apply key tax planning concepts to farm and ranch taxation (cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments, and prepaid expenses)
  • Recognize key tax planning opportunities for farm and ranch clients considering pandemic tax law changes
  • Differentiate key points in entity structure planning for clients when evaluating the C corporation alternative to pass-through taxation add-on
  • Recall tax updates from court cases, revenue rulings, and other authorities applicable to agriculture

Who should attend?

Tax practitioners representing farmers and ranchers who need to be aware of new federal tax legislation, IRS guidance, and recent court decisions.

CLA Instructors

Sponsoring organization is responsible for printing participant materials. Materials are not CLA branded.

For pricing or to schedule a session, contact Cathy Olson.

CPE

Recommended CPE: 8 hours taxes
Prerequisites: 2 years of experience in farm tax return preparation
Program level: Intermediate
Advance preparation: None
Delivery method: Group — Live session

Note: The sponsoring organization (not the vendor) will be considered the CPE sponsor for the event and is responsible for adherence to CPE Sponsor requirements, including issuance of CPE and other credits.

For more information: