Farm Taxation Update (Simulcast)  (FTU-SIM)

8.00 CPE Credit Hours

Notice: This course is also being offered in-person in Sioux Falls. Register for the in-person attendance here.

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. Learn more about them at this virtual/live event, where you'll hear from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply key tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

CPAs and tax professionals with farm or ranch clients

NOTE: These learning objectives are subject to change if major income tax laws are passed before the session. If so, the majority of the session will deal with how these new laws will affect farmers.

• Apply key tax planning concepts to farm and ranch taxation
• Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
• Review the tax guidance on utilizing Research and Development Tax Credits for farmers
• Excess fertility deduction - Update on trends developing regarding this deduction
• Why Rural Opportunity Zones might make sense for your farm clients
• A review of what CPAs need to know about Farm Service Agency rules and how to help their farm clients optimize their payment options since OBBBA has substantially increased the payments
• When is an accounting method change required and how to report it
• A potpourri of various farm tax refreshers on income deferral, farm deductions, and other related topics

• Review of major income tax law changes
• Review of the 5th Circuit Appeal on SE tax and how it affects Manager-Managed LLCs
• OBBBA -- impact, planning opportunities, what's still unknown and what requires more IRS guidance
• Other relevant tax developments, court cases and rulings affecting farmers and ranchers
• Examples pertinent to small and mid-sized farm operations

A refresher on various farm tax planning topic such as:

• Installment sales of hot assets
• Liquidation of S corporations
• The deferral of income tax under new Section 1062
• Review of Farm Income Averaging