CARES Act, TCJA, and Farm Taxation – NEW! – Webcast

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Jun 22, 2020

Registration: 7:30 AM / Program: 8:00 AM - 4:00 PM

Fees

Member Fee: $339.00
Nonmember Fee: $439.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -169.00

Description

This seminar provides tax professionals with a forum to discuss tax reform and economic recovery issues affecting their farm and ranch clients. This session will focus on the Coronavirus Aid, Relief and Economic Security (CARES) Act, and their effects on taxation for agricultural producers and processors. 

Nationally recognized speakers Chris Hesse and Paul Neiffer will be co-presenting. Both speakers are CPAs and agribusiness professionals active in public accounting. They have many years of experience in farm taxation as well as experience in agricultural processing and distribution; they regularly present at national agribusiness conferences.  

Designed For

Tax practitioners representing farmers and ranchers, who need to be aware of new federal tax legislation, IRS guidance and recent court decisions.

Objectives

At the end of this session you will be able to:
  • 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

Major Subjects

  • 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

Leaders

Christopher Hesse

Chris Hesse, CPA, is a tax principal with over 35 years of tax experience in public accounting with regional and national CPA firms, and over 30 years of speaking and training experience before tax professionals on a variety of update topics. His career has included tax leadership of a 200-person practice, and extensive tax writing and analysis services. He is an author and instructor of Tax Advisors Update and Farm Taxation Update. Chris has spoken at numerous seminars and conferences throughout the country on taxation, agricultural and estate tax topics and is a past chair of the AICPA Ag Conference committee. He has testified before Congressional and legislative committees as well as presenting at IRS and Treasury Department regulation hearings. Chris has been instrumental in federal and state tax law changes, including an Alternative Minimum Tax provision affecting agricultural producers, farm income averaging, and Washington state excise and estate tax issues. Chris is currently serving as the vice-chair of the AICPA Tax Executive Committee and is a former chair of the AICPA S Corporation Technical Resource Panel.

Rev. 12/18

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen (CLA) in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com.

Paul regularly publishes timely content on CLA’s agribusiness blog, Farm CPA Today. He covers topics, including taxation, accounting, succession planning, new laws, major agribusiness events, and other issues that are unique to farmers and agribusiness processors.

Raised on a farm in central Washington, Paul has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. In addition, he is the previous owner of a 1031 exchange company.