A field of opportunity: New conference takes root
July 28, 2022 | Lynn Kletscher
If you cruise any Minnesota road long enough, I bet you pass at least one cornfield, turkey barn or herd of grazing cows — and it’s not by coincidence. Approximately
68,000 farms make up more than half of the state’s land area.
So why am I writing about farms? Because farms are businesses and businesses need CPAs.
Here’s how it goes: Farmers talk the language of crops, yield, production. CPAs talk the language of tax planning, accounting methods, valuation. Working together, CPAs help farmers cultivate and nurture their businesses as well as preserve their livelihoods.
And this is where the MNCPA enters the picture with its new, virtual
Agriculture Tax & Accounting Conference on Aug. 23. Developed in partnership with the Iowa Society of CPAs, the conference provides CPAs with essential updates and guidance to enable them to better serve their farm clients.
This brainchild stems from feedback we’ve received from CPAs who have attended our farm tax updates in the past. (Yes, we really do read the evaluation comments!) Up for the challenge, we now have a conference featuring seven core sessions — plus one bonus session — which address the latest farm-related tax issues and more:
- Economic Update: Continuing Change and Uncertainty to Manage
- Farm Tax Update: Riding the Tax Policy Tilt-a-Whirl
- A Review of Estate Tax Rules and Tax Planning Options for Farmers
- Accounting Update
- Income Tax Planning on the Transfer of Operating Assets
- Business Valuations in an Ag World
- Succession Planning: Are You Prepared?
- Bonus session! Delivering More Client Value and Firm Profitability Amid Exploding Farm Data Revolution
Apparently, we hit the content bullseye! As I write this, we have nearly 150 Minnesota CPAs signed up to reap what we’ve sowed.
Now, in full transparency, I’m no farm expert. My family’s roots are in northern Minnesota, where my grandfathers and uncles worked for, and in, the mines. Yet, I enjoy learning as much as anyone and discovering interesting tidbits like these FFFs (farm fun facts):
- We’re No. 5, we’re No. 5! Minnesota ranks No. 5 in total agricultural production, while our neighbor to the south, Iowa, ranks No. 2. Interestingly, California ranks No. 1.
- Families that farm together, stick together! This year the Minnesota Farm Bureau Federation honors 36 sesquicentennial and 78 centennial family farms.
- Oh Deere! A 310 HP tractor costs about the same as a modest single-family home but lacks a kitchen.
Whether you have farm clients, or not, I hope you see the bigger takeaway in this post.
We listen to our members. If you are looking for a CPE program or resource to help you elevate your impact, please plant the seed by reaching out to the MNCPA first. We love hearing from you.
Topics: Economy, Accounting & Auditing, Business & Industry, Taxation-Business
Lynn Kletscher
Lynn Kletscher is the MNCPA director of education, working to secure innovative and informative continuing education programs for CPAs. When she’s not researching the latest NASBA CPE rules, she is at her hobby farm tending to her horses and chickens. She is a fair-weather motorcyclist and a year-round fan of The Walking Dead. Next time you attend an MNCPA event or seminar, ask her about her zombie escape plan. Lynn can be reached at 952-885-5513 or lkletscher@mncpa.org.
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