Farm Tax Update
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.
- An in-depth discussion of the deduction for qualified business income under Section 199A and whether farms need to restructure for the maximum advantage
- How the new gross receipts limitations exempt the farmer 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
- How the meals and lodging fringe benefit affects the entity planning analysis
- Tax reform provisions that remain unknown and that will require guidance from the IRS
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.
Tax practitioners advising farmers and ranchers on current and long-term tax planning, tax reform, and the effects of recent court cases, rulings, and other guidance.