8.00 CPE Credit Hours
The Tax Cuts and Jobs Act was supposed to simplify the tax code, but this tax reform legislation is anything but simple for farmers and ranchers -- as well as for you, as their adviser. The legislation provides a mere skeleton of the promised tax cuts for business. Examine the issues affecting year-end and long-term tax planning for your farm and ranch clients. Hear from seasoned CPAs who have years of agricultural tax experience and know the challenges facing the world of agribusiness today.
Tax practitioners advising farmers and ranchers on tax planning, tax reform and the effects of recent court cases.
- Understand key tax planning opportunities embedded in tax reform for the benefit of farm and ranch clients
- Understand the computational results of Sec. 199A, -- 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 Sec. 1031 exchanges
- In-depth discussion of the deduction for qualified business income under Sec.199A
- Should farms restructure to take maximum advantage of the Sec. 199A deduction?
- How the new gross receipts limitations exempt farmers from other complex computations
- S Corporation vs. C corporation entity planning for operating enterprises
- Bonus depreciation vs. the Sec. 179 alternative
- How the meals and lodging fringe benefit affects the entity planning analysis
Two or more years of experience with farm tax return preparation recommended.
Level of Knowledge