20SR-0005: Farm Tax Update Bundle (Virtual)

If you have questions about this event, please call us at 952-831-2707.

Multi-day course:
Tuesday, September 22, 2020 - Thursday, September 24, 2020
8:30am - 12:00pm Central Time
8 CPE ()  |  8 IRS CE

Register for this event to attend both parts of the Farm Tax Update.

During the checkout process, specify your date choices under the "Sessions" heading. Please check only one option for "Part 1" of the program and one option for "Part 2" of the program.

Part 1: Recent tax developments and legislative changes impact farmers in unique ways that require careful planning. Learn how to handle the latest tax legislation, income and deduction items affecting your farm and ranch clients, including the big impact of the Coronavirus Aid, Relief and Economic Security (CARES) Act and tax reform on this industry. Explore ways to enhance taxpayer cash flow due to COVID-19 developments, learn about the latest IRS guidance and come away with tax planning strategies for this specialized sector.

Part 2: This is a tough time for farmers, and luckily, some relief is available to help them. Learn about current Farm Service Agency (FSA) programs available for farmers. Explore the additional programs brought about by the Coronavirus Aid, Relief and Economic Security (CARES) Act and find out how entity selection affects program payments. Learn about disaster relief payments, disaster loss elections and other tax changes affecting the agricultural industry.

Major subjects

• Paycheck Protection Program loan origination, spending and forgiveness for self-employed farmers and farmers with payroll
• CARES Act changes and opportunities
• Tax reform provisions that remain unknown and require guidance from the IRS
• How to file for net operating loss (NOL) carrybacks
• U.S. farm program eligibility and payment limits planning
• Resources available through the FSA and CARES Act
• Disaster relief payments and disaster loss election
• Other tax changes, court cases and rulings affecting ag producers and processors

Learning objective(s)

• Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors
• 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 COVID-19 developments
• Review of the current FSA programs that farmers qualify for
• Understand how the CARES Act has provided additional farm programs
• Recognize how the entity selection process affects FSA payments
• Identify provisions of court cases, rulings and other authorities significant to agriculture

Who should take this program?

CPAs and tax professionals with farm or ranch clients

Fees

Standard Member Fee	$325.00
Standard Nonmember Fee	$375.00