This session will help practitioners recognize unique tax opportunities and pitfalls for taxpayers in the agriculture industry. Our education sessions give tax professionals a forum to discuss current issues affecting their farm and ranch clients. In addition to covering income and deduction items unique to agribusiness producers, we will also cover what we have learned from the 2017 Tax Cuts and Jobs Act.
• Apply key tax planning concepts to farm and ranch taxation (cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments, and prepaid expenses)
• 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
An in-depth discussion of the deduction for qualified business income under Section 199A, and whether farms need to restructure for the maximum advantage
• Learn how the new gross receipts limitations exempt farmers from other complex computations
• Analysis of pass-through versus C corporation entity planning for operating enterprises
• Evaluation of bonus depreciation versus the Section 179 alternative
• Understand how the meals and lodging fringe benefit affects the entity planning analysis
• Hear about tax reform provisions that remain unknown and that will require guidance from the IRS
Designed For: Tax practitioners representing farmers and ranchers who need to be aware of new federal tax legislation, IRS guidance, and recent court decisions.
Instructor: Paul Neiffer
Area of Study: 8 Taxes
Prerequisite: 2 years of experience with farm tax return preparation