Farm Taxation Update - VIRTUAL

Overview

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. Learn more about them at this virtual event, where you'll hear from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply key tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

Prerequisites

None

Objectives

• Apply key tax planning concepts to farm and ranch taxation
• Excess fertility deduction - It might be more than the excess
• Understand how the Soroban Capital Tax Court Case might affect SE taxation of LLCs
• Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
• How to use a split-interest arrangement to reduce C corporation accumulated earnings
• Learn what SECURE 2.0 changes will occur in 2024 and how farmers might save on taxes
• Update on new Farm Bill (if passed by time of course) and how it affects your farmers
• Review of final GREET update from IRS for Section 45Z tax credits
• A refresher on the Corporate Transparency Act
• Is a voluntary ERC payback applicable for your farm client
• Planning for life after bonus depreciation
• Estate and gift tax planning and review for farmers facing the 2026 estate tax cliff
• Using a charitable remainder trust or cash balance plan for retiring farmers

Highlights

• Various ways to reduce self-employment tax
• Excess fertility deduction for land purchase - both in current and prior years
• Inflation Reduction Act, SECURE 2.0 and other Acts -- impact, 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: Crop insurance deferrals, Deferred payment contracts, Commodity wages and gifts, and Basis issues at death