Agriculture Tax & Accounting Conference (VIRTUAL CONFERENCE)

Tuesday, August 23 7:30am - 5:00pm

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123 Webinar Way
Webinar, IA 00000

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8.00 Credits

Member Price $349.00

Non-Member Price $399.00

Overview

 AGCONF

Highlights

See "Agenda" tab for session descriptions.

Designed For

CPAs and other business professionals representing farmers and clients in the agriculture industry.

Objectives

To cover unique tax and accounting opportunities and pitfalls in the agriculture industry.

Tuesday, August 23

General Session

7:30am - 8:20am BONUS SESSION | Delivering More Client Value and Firm Profitability Amid Exploding Farm Data Revolution

Attend this session and receive one (1) additional hour of CPE credit (9 hours total).

Technology and the exploding need for comprehensive data is only getting more pervasive. As farming becomes more complex, there is a strong demand for advisers who can analyze the data and transform it into actionable advice that drives business success for the farm. In this bonus session, learn how to use digitized farm data and farm management systems (FMS) to boost your competitive edge, provide more valuable insights to clients and stake your claim as a trusted business adviser. Learn how an FMS connects the dots between information points, improves client processes and equips you with ways to advise clients with timely and accurate strategies. See how to use an FMS to provide strategic advice related to cash flow, loans, inventory, legacy planning, revenue opportunities and more, so you can take the conversation to the next level and boost profitability for clients. This session is sponsored by Conservis.

Speakers: Patrick Christie and Scott Schmidt | Conservis LLC; Steve Troyer | Eide Bailly LLP

This session is available to registrants only.

General Session

8:30am - 8:35am Welcome and opening remarks

This session is available to registrants only.

General Session

8:35am - 9:25am Economic Update: Continuing Change and Uncertainty to Manage

Unknowns have dominated the world lately, including the agricultural landscape. With changes in technology, weather-related challenges and uncertain markets, it's been a turbulent journey – and it only seems to be getting more disruptive. Gain the insights you need to provide helpful guidance and encouragement to your clients. Examine current economic shifts and long-term drivers to be aware of as you help clients navigate the risks, challenges and opportunities. Take a look at the economic picture so you can continue to guide clients through these fast-paced changes.

Speaker: Sam Funk, Ph.D. | AgServe, LLC

This session is available to registrants only.

General Session

9:35am - 10:25am Farm Tax Update: Riding the Tax Policy Tilt-a-Whirl

Feeling a little dizzy from recent tax developments? Get your bearings with this session. Review new tax updates affecting farmers, including under-covered tax issues and guidance for dealing with problems. Explore last-minute deduction opportunities for disgruntled farmers who are saying, "I've never owed on my taxes before!" Look at tax challenges related to C Corporations, depreciation, "small" taxpayers, the March 1 filing deadline and more. Come away with specialized tax planning opportunities to talk about with your farm clients. 

Speaker: Joe Kristan, CPA | Eide Bailly LLP

This session is available to registrants only.

General Session

10:40am - 11:55am A Review of Estate Tax Rules and Tax Planning Options for Farmers

In the hustle and bustle of running a farm, it's easy to set aside the topic of estate planning. But this critical topic should be a part of your regular planning conversations with farm clients. Learn about the latest developments in estate taxation and tax planning for farmers so you're prepared to lead that discussion. Review the current estate tax system and related proposals by President Biden and Congress. Explore estate tax freezes available to farmers and brush up on major trusts farmers should consider using. Get the information you need to put smart plans in place and ease your clients' minds about the future.

Speaker: Paul Neiffer, CPA | CliftonLarsonAllen LLP

This session is available to registrants only.

General Session

12:45pm - 1:35pm Accounting Update

Keep up with the latest GAAP accounting standards so you can avoid unexpected surprises. Walk through new accounting pronouncements from the FASB and see how they apply to your agricultural clients. Make sure you understand the new rules for lease accounting and explore recent and upcoming changes with other accounting standards.

Speaker: Ed Grossman, CPA, CFE, CMA, CGMA | CliftonLarsonAllen LLP

This session is available to registrants only.

General Session

1:45pm - 2:35pm Income Tax Planning on the Transfer of Operating Assets

Take a close look at the tax-related aspects to consider when transferring operating assets. Find out when a charitable remainder trust makes the most sense and learn when and how to use an entity to transfer assets to the successor. Learn when to use a land holding entity for transfers to the next generation and come away with other income tax planning ideas to effectively guide your farm clients.

Speaker: Paul Neiffer, CPA | CliftonLarsonAllen LLP

This session is available to registrants only.

General Session

2:45pm - 3:35pm Business Valuations in an Ag World

What goes into valuing something as complex and unique as a farm? Gain an overview in this session as you dig into basic concepts of business valuations, with specific reference to ag-related entities. See how business valuations can vary depending on the purpose. Explore the importance and use of buy-sell agreements and how they impact value in different settings. Learn more about discounts for lack of control and lack of marketability, with examples of how these discounts can be beneficial for gift and estate tax purposes.

Speaker: Richard Berning, CPA/ABV, CBA, CVA, ABAR, CFF, CMA | ValuationUSA

This session is available to registrants only.

General Session

3:45pm - 5:00pm Succession Planning: Are You Prepared?

Transitioning a business is difficult, especially when you've spent your whole life building it. But succession planning is critically important. Discuss the succession planning process and learn how to prepare both the people and the business for this important step, whether it's for yourself or your clients. Look at some of the nuanced considerations that should be carefully mapped out before the business must be transitioned. Come away with action steps you can take now to ensure future success.

Speaker: Chad Flanagan, CPA/ABV and Brent Roeder, CPA | Eide Bailly LLP

This session is available to registrants only.

Leader(s):

Leader Bios

Brent Roeder

Brent Roeder, CPA, partner at Eide Bailly, provides tax consulting and compliance services to clients primarily within the agricultural industry. His clients include agricultural producers, cooperatives, trucking companies and short-line railroads. Brent prides himself on taking the time to understand his clients’ unique situations and goals, and helps them understand the consequences and opportunities facing them.

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Chad Flanagan

Chad M. Flanagan, CPA/ABV, has been with Eide Bailly for more than 24 years. He specializes in performing business valuation and succession planning services for a variety of industries. Chad helps clients determine future ownership, leadership and management with solid succession planning. He also performs financial projections and strategic planning services for clients.

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Ed Grossman

Ed Grossman, CPA, CFE, CMA, CGMA, is a principal with CliftonLarsonAllen LLP (CLA) with almost 40 years of experience in public accounting. He is a member of the firm’s national assurance technical group, where his responsibilities include being a technical resource for the audit and assurance practice and performing quality reviews of engagements for CLA’s agribusiness and cooperative clients. Ed is a frequent presenter on subjects including accounting, assurance and ethics, and has been recognized twice by the Florida Institute of CPAs as their discussion leader of the year.

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Joseph Kristan

Joe Kristan is a partner with Eide Bailly in Des Moines. He works primarily with closely-held businesses to help clients succeed by finding a tax-friendly path to their goals. In addition to client service, Joe teaches practitioner tax schools and writes tax articles. He is a principal contributor to the Eide Bailly Tax News and Views blog, providing daily updates on tax reform and other tax news and is a regular at the ISU Center for Agricultural Law and Taxation Farm and Urban Tax Schools. Joe is a Certified Public Accountant, as well as a member of the Iowa Society of Public Accountants and the AICPA Tax Section. Clients value Joe’s knowledge. He’s been a tax practitioner since 1984 and knows how to reach the best solution for clients. Joe’s extensive writing and teaching experience make him an effective communicator and advisor.

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Patrick Christie

Patrick Christie is a founder and president of Conservis, where he also serves on the board of directors. An entrepreneur, he founded his first company at age 20, which later sold to Cybernet, a technical systems integrations company. Patrick purchased Cybernet, grew that business, and sold it to WAM!NET, which would later win the contract to build communications platforms for the U.S. Navy. As executive vice president, he oversaw an expansion and executed a $20 billion project, the largest federal IT program to date. Patrick founded Conservis in 2009 to focus on enterprise sustainability and solve meaningful problems for farmers.

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Paul Neiffer

Paul G. Neiffer, CPA, a tax principal, is an agribusiness and business adviser specializing in income taxation and accounting services related to farmers and processors. He’s a member and past chair of the Farm Financial Standards Council and authors a monthly column for Top Producer magazine called “The Farm CPA.” Paul has written numerous articles for various agribusiness publications and is the primary author of the farmcpatoday.com blog. Paul presents on various tax and accounting subjects, including many related to farm taxation and management. 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. Paul is the current chair of the AICPA Ag Conference committee.

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Richard Berning

Richard C. Berning, CPA/ABV/CFF, CVA, CBA, ABAR, CMA, is president of ValuationUSA, a firm that has evolved over the past two plus decades to become a recognized leader in business valuation services. ValuationUSA practices exclusively in the business valuation and litigation support arena. Rick has taught numerous courses locally and nationally and has testified more than 140 times in the past 35 years on business valuation and related topics.

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Sam Funk

Dr. Sam Funk, CEO of AgServe, LLC, provides insights on agriculture, trade and the economy with an ability to focus on factors impacting target audiences. He is a proven leader providing evidence-based information for consideration in decision-making. Sam brings experience as a farmer, Extension economist, the chief economist of a national checkoff organization, and consultant to several Fortune 500 firms and family farms. He has shared his expertise with the United States Congress, USDA Agricultural Outlook forums, and several farm and professional organizations.

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Scott Schmidt

Scott Schmidt, vice president of business development and partnership at Conservis, cultivates strategic relationships with companies serving agricultural producers. He collaborates with CPA firms throughout North America that are committed to serving large family farms and corporate farms and are evolving to differentiate their practices. Scott helps facilitate stronger farm-client relationships by combining farm management systems (FMS) with the more comprehensive advice delivered by CPAs.

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Steve Troyer

When Steve joined Eide Bailly in 1998, he was already a seasoned tax and accounting professional and quickly became one of the firm’s leaders in serving the agricultural industry. Today, as Director of Eide Bailly’s Agricultural Producers Committee, he devotes all of his energy to working with agricultural producers, providing them with tax consultation, financial statement presentation, assistance with Farm Service Agency requirements and farm transition and succession planning. Steve has worked with more than 500 ag clients in the Red River Valley of North Dakota, Minnesota and South Dakota and has presented multiple times at the bi-annual American Institute of Certified Public Accountants’ National Agricultural Conference. When working with Steve, you get a highly experienced, highly professional tax professional that knows the Ag industry through and through. But he doesn’t let his experience turn into ego—every client engagement is an opportunity to learn something new, and that’s how Steve approaches his work. He will do everything he can to understand your specific business needs so the solutions he presents are custom fit to your goals. When he’s not working with one of his many ag clients, Steve takes part in a great Fargo, ND, tradition … leaving town for Minnesota’s Lakes Country’’ with his family. He likes to stay in shape, mostly so his golf game doesn’t suffer, and when he needs to wind down he enjoys immersing himself in a good biography.

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Non-Member Price $399.00

Member Price $349.00