New Tax Law Means New Tax Planning for Agriculture  (NTLAW)

8.00 CPE Credit Hours

CLA has designed educational materials to help practitioners understand the Tax Cuts and Jobs Act. Reform was supposed to simplify the tax code, but this legislation is anything but simple for the farmer, rancher, and their advisors. The legislation provides a mere skeleton of the promised tax cuts for business. This educational session will give tax professionals a forum to discuss issues affecting year-end and long-term tax planning for their farm and ranch clients. This seminar is presented by CPAs and agribusiness professionals. Our instructors have many years of experience in farm taxation and regularly present at national agribusiness conferences.

Designed For
Tax practitioners advising farmers and ranchers on current and long-term tax planning, tax reform, and the effects of recent court cases, rulings, and other guidance.

Objective

• Understand key tax planning opportunities embedded in tax reform for the benefit of farm and ranch clients
• Understand the computational results of Section 199A, the Deduction for Qualified Business Income
• Communicate to clients the tax reform provisions that remain unknown and that will require guidance from the IRS
• Apply entity structuring planning for clients in evaluating the C corporation alternative to pass-through taxation
• Identify and avoid some of the complex computations based upon taxable income and gross receipts
• List tax updates from court cases, revenue rulings, and other authorities applicable to agriculture
• Distinguish between qualifying and non-qualifying assets for Section 1031 exchanges

Highlights

• An in-depth discussion of the deduction for qualified business income under Section 199A and whether farms need to restructure for the maximum advantage
• How the new gross receipts limitations exempt the farmer from other complex computations
• Analysis of S versus C corporation entity planning for operating enterprises
• Evaluation of bonus depreciation versus the Section 179 alternative
• How the meals and lodging fringe benefit affects the entity planning analysis

Prerequisites
2 years of experience with farm tax return preparation

Advanced Preparation
None

Developer
CliftonLarsonAllen LLP

Presenters
Paul Neiffer,

Level of Knowledge
Intermediate