Save the date! Farm Tax Update - Iowa Society of CPAs

Overview

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. In this virtual seminar, learn more on these key areas from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

Highlights

Review of major income tax law changes
How to help farm families deal with land in multiple entities and ownership
Inflation Reduction Act, SECURE 2.0, CTA and other Acts -- impacts, 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:

Interplay of Section 199A, SE and Net Investment Income taxes
Section 1245 Real Property Tax-Deferred Exchanges
Installment sales, easement proceeds and other gain recognition issues
Interplay of NIIT, SE and Passive Income and Losses
Will farmers be switching to a C corporation soon

Designed For

CPAs and tax professionals with farm or ranch clients.

Objectives

NOTE: The topics listed below are subject to change if significant income tax laws are passed before the seminar. Should that occur, the seminar will primarily focus on how these new laws impact farmers.
Apply key tax planning concepts to farm and ranch taxation
Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
Review the tax guidance on rearranging land holders by related parties
Review trends and development for excess the fertility deduction
Review of SECURE final guidance and SECURE 2.0 new guidance
Review the Farm Service Agency rules and how to help farm clients optimize payment options
Section 45Z benefits
A potpourri of various farm tax refreshers on income deferral, farm deductions and other related topics
Why to watch out for a “mixing bowl.”

Notice

Note: This seminar is in collaboration with other Midwest state CPA societies and hosted by the Minnesota Society of CPAs. (MNCPA).

Fees

Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Paul Neiffer, Author & Speaker, Paul G. Neiffer, CPA

Leader Bios

Paul Neiffer, Author & Speaker, Paul G. Neiffer, CPA

Paul Neiffer, CPA provides income and estate tax planning services and FSA planning related to farmers and their families. Paul is past president of the Farm Financial Standards Council and current chair of the AICPA Ag Conference. He writes the "FarmCPA" column for Top Producer magazine along with their Top Producer Podcast and is also the primary author of the "FarmCPAReport.com" blog. Paul is a nationally recognized speaker on many subjects related to farmers and processors including tax planning, estate tax and succession planning, farm management accounting, farm bill, farm economics and many other related topics. He was instrumental in the Congressional discussions that resulted in the "grain glitch fix" in early 2018, after the enactment of the Tax Cuts and Jobs Act.

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