Farm Tax Update Part 1: CARES Act, TCJA and Other Tax Change (Webinar)  (FTU1-WEB)

4.00 CPE Credit Hours

Recent tax developments and legislative changes impact farmers in unique ways that require careful planning. Learn how to handle the latest tax legislation, income and deduction items affecting your farm and ranch clients, including the big impact of the Coronavirus Aid, Relief and Economic Security (CARES) Act and tax reform on this industry. Explore ways to enhance taxpayer cash flow due to COVID-19 developments, learn about the latest IRS guidance and come away with tax planning strategies for this specialized sector.

Designed For

CPAs and tax professionals with farm or ranch clients

Objective

• Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors
• 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 COVID-19 developments
  

Highlights

• Paycheck Protection Program loan origination, spending and forgiveness for self-employed farmers and farmers with payroll
• CARES Act changes and opportunities
• Tax reform provisions that remain unknown and require guidance from the IRS
• How to file for net operating loss (NOL) carrybacks
  

Prerequisites

None

Advanced Preparation

None

Developer
CliftonLarsonAllen

Presenters
Chris Hesse,
Paul Neiffer,

Level of Knowledge
Update