At this in-depth course, learn how to handle the latest tax legislation, income and deduction items affecting your agriculture clients, including the impact of tax reform. Discuss current tax issues impacting farmers and ranchers as you learn from Paul Neiffer, a seasoned practitioner who works within the nuances of this specialized industry each day.
Designed for: CPAs and tax practitioners representing farmers and ranchers
- Apply key tax planning concepts to farm and ranch taxation
- Recognize key tax planning opportunities embedded in tax reform for farm and ranch clients
- Describe the computational results of Section 199A, the deduction for qualified business income
- Differentiate key points in entity structure planning for clients when evaluating the C Corporation alternative to pass-through taxation
- Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
- Planning opportunities related to the Tax Cuts and Jobs Act (TCJA)
- In-depth discussion of the Section 199A qualified business income (QBI) deduction
- Do farms need to restructure for maximum tax advantage?
- How the new gross receipts limitations exempt farmers from other complex computations
- Pass-through vs. C Corporation entity planning for operating enterprises
- Bonus depreciation vs. the Section 179 alternative
- How the meals and lodging fringe benefit affects entity planning
- Key tax planning concepts for farm and ranch taxation -- cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments, prepaid expenses and more
- Tax reform provisions that remain unknown and require more IRS guidance
Prerequisites: Two or more years of experience with farm tax return preparation recommended.
CPE Credits: 8
Area of Study: Taxes – Technical
Instructor: Paul G. Neiffer, CPA