Overview
This course is offered in collaboration with multiple state societies and is hosted by the Indiana Society of CPAs.
The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. Learn more about them at this virtual event, where you'll hear from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply key tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.
Highlights
Various ways to reduce self-employment tax
Excess fertility deduction for land purchase - both in current and prior years
Inflation Reduction Act, SECURE 2.0 and other Acts -- impact, planning opportunities, what's still unknown and what requires more IRS guidance
Other relevant tax developments, court cases and rulings affecting farmers and ranchers
Examples pertinent to small and mid-sized farm operations
A refresher on various farm tax planning topic such as: Crop insurance deferrals, Deferred payment contracts, Commodity wages and gifts, and Basis issues at death
Prerequisites
None
Designed For
CPAs and tax professionals with farm or ranch clients
Objectives
Apply key tax planning concepts to farm and ranch taxation
Excess fertility deduction - It might be more than the excess
Understand how the Soroban Capital Tax Court Case might affect SE taxation of LLCs
Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
How to use a split-interest arrangement to reduce C corporation accumulated earnings
Learn what SECURE 2.0 changes will occur in 2024 and how farmers might save on taxes
Update on new Farm Bill (if passed by time of course) and how it affects your farmers
Review of final GREET update from IRS for Section 45Z tax credits
A refresher on the Corporate Transparency Act
Is a voluntary ERC payback applicable for your farm client
Planning for life after bonus depreciation
Estate and gift tax planning and review for farmers facing the 2026 estate tax cliff
Using a charitable remainder trust or cash balance plan for retiring farmers
Preparation
None
