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Farm & Ranch Conference

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(Check-In 7:30am)

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Holiday Inn Great Falls Convention Center

1100 5th St S
Great Falls, MT 59405

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8.00 Credits

Member Price $300.00

Price will increase by $50 after 7/18

Non-Member Price $350.00

Price will increase by $50 after 7/18

Overview

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. Learn more about these, where you'll hear from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply key tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

All materials will be electronic only - available in your portal account - up to 5 days before the event.

This is the LIVE option. Virtual option also available - find under the 'MTCPA Webcasts' tab in main CPE menu.

Highlights

Various ways to reduce self-employment tax * Excess fertility deduction for land purchase – both in current and prior years * Inflation Reduction Act, SECURE 2.0 and other Acts * Tax developments, court cases and rulings affecting farmers and ranchers * Examples pertinent to small and mid-sized farm operations * Crop insurance deferrals * Deferred payment contracts * Commodity wages and gifts * Basis issues at death

Prerequisites

None

Designed For

CPAs and tax professionals with farm or ranch clients

Objectives

After attending this presentation you will be able to . . .

*Apply key tax planning concepts to farm and ranch taxation 
*Excess fertility deduction – It might be more than the excess
*Understand how the Soroban Capital Tax Court Case might affect SE taxation of LLCs
*Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
*How to use a split-interest arrangement to reduce C corporation accumulated earnings
*Learn what SECURE 2.0 changes will occur in 2024 and how farmers might save on taxes
*Update on new Farm Bill (if passed by time of course) and how it affects your farmers
*Review of final GREET update from IRS for Section 45Z tax credits 
*A refresher on the Corporate Transparency Act
*Is a voluntary ERC payback applicable for your farm client
*Planning for life after bonus depreciation
*Estate and gift tax planning and review for farmers facing the 2026 estate tax cliff
*Using a charitable remainder trust or cash balance plan for retiring farmers

 

Preparation

None

Leader(s):

Leader Bios

Paul Neiffer, CliftonLarsonAllen LLP

Paul G. Neiffer, CPA, Principal, AgriBusiness Group, CliftonLarsonAllen LLP Paul Neiffer is an Agribusiness Certified Public Accountant and business advisor specializing in income taxation, accounting services, and FSA planning related to farmers and processors. Experience in serving clients: Works with farmers and processors providing income tax advice and compliance services. Actively consults with farm families on succession planning issues and opportunities. Helps farmers understand the proper use of accounting systems to more profitably run their business. Helps structure farm operations to maximize FSA opportunities. Technical expertise: Paul Neiffer obtained his CPA certificate in 1984. Educational/professional involvement: Paul Neiffer graduated from the University of Washington with a Business Administration Degree (concentration accounting) in March, 1983 and has also completed various upper level income taxation classes sponsored by Golden Gate University. Paul is president of the Farm Financial Standards Council (www.ffsc.org) which is the premier organization promoting the use of accrual basis financial statements for agricultural producers. Paul authors a monthly column for Top Producer magazine called “The FarmCPA”. Paul has written several articles for various farm magazines and media outlets and instructs many CPAs and CPA firms across the US. Paul is the primary author of the blog FarmCPAToday.com which reports several times a week on items specific to the Ag Industry. Paul is a nationally recognized speaker on many subjects related to farmers including (1) tax planning, (2) estate tax and succession planning, (3) farm management accounting, (4) farm bill and many other related topics. Paul grew up on a farm in Walla Walla County, Washington and still enjoys heading home each to summer to operate the combine for his cousins (this is his idea of a vacation).

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Non-Member Price $350.00

Member Price $300.00