Farm Tax Update

Overview

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

• 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 -- impacts, 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:
• Interplay of Section 199A, SE and Net Investment Income taxes
• Section 1245 Real Property Tax-Deferred Exchanges
• Installment sales, easement proceeds and other gain recognition issues
• Interplay of NIIT, SE and Passive Income and Losses
• Will farmers be switching to a C corporation soon

Prerequisites

None

Designed For

CPAs and tax professionals with farm or ranch clients.

Objectives

• NOTE: The topics listed below are subject to change if significant income tax laws are passed before the seminar. Should that occur, the seminar will primarily focus on how these new laws impact farmers.
• 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
• Review trends and development for excess the fertility deduction
• Review of SECURE final guidance and SECURE 2.0 new guidance
• Review the Farm Service Agency rules and how to help farm clients optimize payment options
• Section 45Z benefits
• A potpourri of various farm tax refreshers on income deferral, farm deductions and other related topics
• Why to watch out for a "mixing bowl."

Preparation

None

Notice

Login information and eMaterials will be available in the “My CPE” section of the NESCPA website two business days prior to the seminar. Once eMaterials are downloaded, no cancellation/transfer/refund is available.