2024 Agriculture Tax & Accounting Conference - VIRTUAL

Overview

This conference is offered in collaboration with the Iowa Society of CPAs and the Minnesota Society of CPAs.

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. In this virtual seminar, learn more on these key areas from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

Highlights

Prerequisites

Designed For

CPAs and tax professionals with farm or ranch clients

Objectives

Key farm tax planning concepts -- cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments and prepaid expenses
Passive activity and net investment income tax provisions to treat income as nonpassive
How to maximize farm income averaging for when rates start to rise in 2026
Different cost recovery periods for agriculture -- they're not what you might expect
Spreading income to other family members to reduce overall tax rates
Various ways to reduce self-employment tax
Inflation Reduction Act, SECURE 2.0 and other tax legislation – impact on farmers, planning opportunities, what's still unknown and what requires more IRS guidance
How fringe benefits and a 21% federal tax rate vs. pass-through taxation affects entity planning for farmers
How the Farm Service Agency definition of adjusted gross income is different from the IRS and why it’s important to your farm clients
Other relevant tax developments, court cases and rulings affecting farmers and ranchers
Examples pertinent to small and mid-sized farm operations