Attend this session to hear an overview of recent changes to generally accepted accounting principles (GAAP) and their impact on the financial statements of agricultural producers.

This session will explore certain tax compliance issues in the cannabis industry, including the determination of costs of good sold and the deductibility of expenses for state tax purposes.  The session will also review various structuring and tax planning opportunities for eligible cannabis-related businesses, such as opportunity zones, R&D credits and choice of entity considerations.

Many small and start-up cannabis companies do not operate with an internal accounting staff. For years, this has been feasible under ambiguous regulations, rapid industry growth and huge influx of cash. In today’s cannabis landscape, where every transaction is highly scrutinized and securing capital is harder than ever, the financial direction these companies receive is critical to their success.

Zachary Gordon of Grassi’s Cannabis Practice will present on value of an outsourced CFO function in the cannabis industry, as well as the capital, banking and tax issues to consider when entering or growing in this unique sector.

During this session, the panelists will discuss connecting Farmers and trusted advisors with technology, using financial management software, production management platforms, and commodity management tools.

Tax reform is behind us. Farms now need to address the uncertainties generated by the worldwide pandemic. The Federal government provided tax relief and deferral. Farms need to save for repaying some loans and paying deferred taxes.

Market prices, trade issues, virus-related marketing problems and other matters have put numerous producers in a financial "squeeze." This session examines how the tax practitioner can aid clients in financial distress from a tax perspective as well as a broader non-tax perspective.

This session will discuss the introduction of the farmland asset class to the Delaware Statutory Trust (DST) marketplace. DST's provide the fractional securitized ownership of professionally managed assets through with tax deference advantages of section 1031 exchanges. DST Farms is a new DST sponsor business that is bringing farmland to the DST marketplace. Farmland provides unique capital preservation characteristics for DST investors when compared to commercial and multi-family residential offerings that currently dominate the DST marketplace. The DST structure also provides unique opportunities for farmland going through generational transition with multiple heirs that having conflicting goals and objectives. 

The economic response to the COVID-19 pandemic has created a lot of new income tax changes. This session will review all of the changes that occurred due to the CARES Act and other legislation enacted in response to the pandemic. We will also review relevant court cases and other rulings that will help you properly assist your farm taxpayers.