Course

Farm Tax Update

View All Professional Development

Event Details

Thursday, September 26, 2019

8:00am – 4:00pm
(Registration: 7:30am)

Location

Elks - Lewistown

320 Country Club Ln

PO Box 719

Lewiston, MT 59457

406-538-5885

Field of Study

Taxes

CPE Credit

8 hours CPE credit

Course Code

FTR-24

Instructor

Level of Knowledge

Intermediate

Vendor

CliftonLarsonAllen LLP

Prerequisites

2 years of experience with farm tax return preparation.

Description

This session will help practitioners recognize unique tax opportunities and pitfalls for taxpayers in the agriculture industry. Our education sessions give tax professionals a forum to discuss current issues affecting their farm and ranch clients. Our materials contain the many accounting methods available for ag producers. We apply what we’ve learned from the 2017 Tax Cuts and Jobs Act to farm and ranch taxation.

This seminar is presented by CPAs and agribusiness professionals active in public accounting. All of our instructors have many years of experience in farm taxation and regularly present at national agribusiness conferences.

Highlights

  • An in-depth discussion of the deduction for qualified business income under Section 199A, and whether farms need to restructure for the maximum advantage
  • Learn how the new gross receipts limitations exempt farmers from other complex computations
  • Analysis of pass-through versus C corporation entity planning for operating enterprises
  • Evaluation of bonus depreciation versus the Section 179 alternative
  • Understand how the meals and lodging fringe benefit affects the entity planning analysis
  • Hear about tax reform provisions that remain unknown and that will require guidance from the IRS

Objectives

At the end of this session you will be able to:

  • Apply key tax planning concepts to farm and ranch taxation (cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments, and prepaid expenses).
  • Recognize key tax planning opportunities embedded in tax reform for the benefit of farm and ranch clients.
  • Describe the computational results of Section 199A, the Deduction for Qualified Business Income
  • Differentiate key points in entity structuring planning for clients in evaluating the C corporation alternative to pass-through taxation.
  • Recall tax updates from court cases, revenue rulings, and other authorities applicable to agriculture.

Designed For

Tax practitioners representing farmers and ranchers who need to be aware of new federal tax legislation, IRS guidance, and recent court decisions.

View All Professional Development