Farm Taxation Update

Overview

The agriculture industry’s unique tax rules are closely linked to specialized income and tax deduction opportunities. Learn more about them at this virtual/live 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

• Review of major income tax law changes
• How to help farm families deal with land in multiple entities and ownership
• Inflation Reduction Act, SECURE 2.0, CTA 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: ú Interplay of Section 199A, SE and Net Investment Income taxes ú Section 1245 Real Property Tax-Deferred Exchanges ú Installment sales, easement proceeds and other gain recognition issues ú Interplay of NIIT, SE and Passive Income and Losses ú Will farmers be switching to a C corporation soon

Prerequisites

None

Designed For

CPAs and tax professionals with farm or ranch clients

Objectives

• Apply key tax planning concepts to farm and ranch taxation
• Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
• Review the tax guidance on rearranging land holders by related parties
• Excess fertility deduction - Update on trends developing regarding this deduction
• Review of SECURE final guidance and SECURE 2.0 new guidance
• A review of what CPAs need to know about Farm Service Agency rules and how to help their farm clients optimize their payment options
• Will farmers be able to get any benefit from the Section 45Z
• A potpourri of various farm tax refreshers on income deferral, farm deductions, and other related topics
• Why you need to watch out for a "mixing bowl" NOTE: These learning objectives are subject to change if major income tax laws are passed before the session. If so, the majority of the session will deal with how these new laws will affect farmers.