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Section 199A: How TCJA Affects Ag Producers

  • 12/10/2018
  • 1:00 PM - 2:40 PM
  • webinar MNCPA

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The Tax Cuts and Jobs Act brought major changes that impact those working in the farming and ranching industry. In this live webinar, explore how TCJA will affect several typical farm operations. Get a deeper review of Section 199A, including common grouping and rentals, when to aggregate, how the new cooperative 199A deduction works and how to maximize the deduction. Also, learn more about net operating loss, bonus depreciation and Section 179 strategies.

Designed for: Tax practitioners advising farmers and ranchers on tax-related issues

Objectives:

  • Dissect the computational results of Section 199A, the deduction for qualified business income
  • Identify activities that may be included in qualified business income
  • Recognize strategies to optimize bonus and Section 179 depreciation

Major subjects:

  • Section 199A -- qualified business income
  • Impact of Section 199A on farm and ranch clients
  • Why net operating losses (NOLs) should be avoided going forward
  • Bonus depreciation and Section 179 optimization strategies

Level: Intermediate
Prerequisites: At least two years of experience with farm tax return preparation recommended.
Developer: MNCPA
CPE Credits: 2
Area of Study: Taxes - Technical

Instructor: Paul G. Neiffer, CPA, principal in agribusiness at CliftonLarsonAllen LLP, specializes in income taxation and accounting services related to farmers and processors. He also regularly speaks on tax and accounting topics for various organizations, authors a monthly column for Top Producer magazine, writes the Farm CPA Today blog and provides weekly commentary on RFD-TV, the nation’s first 24-hour television network featuring programming focused on agribusiness, equine and rural lifestyles. Notably, Neiffer was actively involved in the legislative process of fixing the "grain glitch" under Section 199A.



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