CARES Act, TCJA, and Farm Taxation  (TCJA)

8.00 CPE Credit Hours

Special Note: This program is also available to attend via live simulcast. Register for the live simulcast option HERE.

**Updated title and course description that incorporates the CARES Act and other recent legislative developments.

Our education sessions give tax professionals a forum to discuss tax reform and economic recovery issues affecting their farm and ranch clients. This session will focus on the Coronavirus Aid, Relief and Economic Security (CARES) Act, and their effects on taxation for agricultural producers and processors.

• Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors
• Describe when an activity rises to the level of a trade or business for the Section 199A Qualified Business Income deduction, Excess Business Loss and business interest expense limitations
• Demonstrate common ownership for purposes of aggregation and deemed trade or business status for the QBI deduction
• Identify costs qualifying for debt forgiveness under the Paycheck Protection Program
• Recognize opportunities for Net Operating Loss and Excess Business Loss changes in the CARES Act
• Identify other opportunities to enhance taxpayer cash flow due to 2020 COVID-19 developments

• An in-depth discussion of the deduction for qualified business income under Section 199A, and how producers might restructure for additional advantages
• Revisit examples of gross receipts limitations and application to related parties for purposes of determining exemption from complex accounting methods and limitations 
• Application of bonus depreciation in applying Sec. 754 elections in partnerships 
• Understand how FSA planning affects the entity selection process
• Hear about tax reform provisions that remain unknown and that will require guidance from the IRS
• Review of the Paycheck Protection Program loan origination, spending and forgiveness for the self-employed farmer and farmer with payroll