VIRTUAL ONLY: 7th Annual Agriculture Conference

Description

CARES Act, TCJA, and Farm Taxation!

Our education sessions give tax professionals a forum to discuss tax reform and economic recovery issues affecting their farm and ranch clients. This session will focus on the Coronavirus Aid, Relief and Economic Security (CARES) Act, and their effects on taxation for agricultural producers and processors.

This seminar is presented by CPAs and agribusiness professionals active in public accounting. Our instructors have many years of experience in farm taxation as well as experience in agricultural processing and distribution; they regularly present at national agribusiness conferences.

Highlights

  • An in-depth discussion of the deduction for qualified business income under Section 199A, and how producers might restructure for additional advantages
  • Revisit examples of gross receipts limitations and application to related parties for purposes of determining exemption from complex accounting methods and limitations
  • Application of bonus depreciation in applying Sec. 754 elections in partnerships
  • Understand how FSA planning affects the entity selection process
  • Hear about tax reform provisions that remain unknown and that will require guidance from the IRS
  • Review of the Paycheck Protection Program loan origination, spending and forgiveness for the self-employed farmer and farmer with payroll

Objectives

  • Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors
  • Describe when an activity rises to the level of a trade or business for the Section 199A Qualified Business Income deduction, Excess Business Loss and business interest expense limitations
  • Demonstrate common ownership for purposes of aggregation and deemed trade or business status for the QBI deduction
  • Identify costs qualifying for debt forgiveness under the Paycheck Protection Program
  • Recognize opportunities for Net Operating Loss and Excess Business Loss changes in the CARES Act
  • Identify other opportunities to enhance taxpayer cash flow due to 2020 COVID-19 developments


Leaders

Paul Neiffer

Paul Neiffer is an Agribusiness Certified Public Accountant and business advisor specializing in income taxation and accounting services related to farmers and processors. Technical expertise Paul obtained his CPA certificate in 1984. He is a member of the Farm Financial Standards Council and authors a monthly column for Top Producer magazine called “The Farm CPA”. Paul has written articles for the Farm Journal Media companies and maintains a blog on www.agweb.com called the “The FarmCPA”. This blog is also accessible at www.farmcpatoday.com. Paul has given numerous talks on various tax and accounting subjects including many related to farm taxation and management. Educational/professional involvement Paul graduated from the University of Washington with a BS in Business Administration (concentration accounting) in March, 1983. He has completed upper level income taxation classes sponsored by Golden Gate University in Income Taxation of Partnership, Corporations and the Time Value of Money.