CARES Act, TCJA and Farm Taxation Update (IN PERSON ATTENDANCE)More Courses
FTU-SF | Virtual Live | Intermediate | Scheduled
Please note: This course is co-sponsored with the South Dakota CPA Society and will be held in-person until further notice. Attendees will be made aware of changes as they arise. You may also attend this program via live webcast from your own computer. Register for the live webcast option HERE.
Two years of experience with farm tax return preparation
CPAs and tax professionals representing farmers and ranchers
- Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors
- Describe when an activity rises to the level of a trade or business for the Section 199A Qualified Business Income deduction,
- Excess Business Loss and business interest expense limitations
- Demonstrate common ownership for purposes of aggregation and deemed trade or business status for the QBI deduction
- Identify costs qualifying for debt forgiveness under the Paycheck Protection Program
- Recognize opportunities for Net Operating Loss and Excess Business Loss changes in the CARES Act
- Identify other opportunities to enhance taxpayer cash flow due to 2020 COVID-19 developments
Updated title and course description that incorporates the CARES Act and other recent legislative developments.
- An in-depth discussion of the deduction for qualified business income under Section 199A, and how producers might restructure for additional advantages
- Revisit examples of gross receipts limitations and application to related parties for purposes of determining exemption from complex accounting methods and limitations
- Application of bonus depreciation in applying Sec. 754 elections in partnerships
- Understand how FSA planning affects the entity selection process
- Hear about tax reform provisions that remain unknown and that will require guidance from the IRS
- Review of the Paycheck Protection Program loan origination, spending and forgiveness for the self-employed farmer and farmer with payroll
Paul Neiffer, CPA, is a principal in agribusiness at CliftonLarsonAllen. He is based out of Yakima, Washington, and specializes in income taxation and accounting services related to farmers and processors. Neiffer authors a monthly column for Top Producer magazine and writes the Farm CPA Today blog located at www.farmcpatoday.com.