This includes sessions from the conference: Agriculture Conference 2018
A look at some key features and timing for the new farm billSpeaker(s):
The non-farm economy is humming along very well. A record stock market, near full employment, low inflation and low interest rates all contribute to a sense of optimism about 2018 and beyond. But the farm economy is a different story. This is the push-pull phase of the farm economy. Many producers are in great financial shape and want to push ahead with new expansion plans because they see great opportunities ahead. At the same time a smaller number of producers are struggling with high debt levels, low earnings, and declining equity. 2018 could be the most challenging year of the great farm economic correction.
Federal tax legislative update
How to help your clients manage price risk
Providing an update on new tax laws and the impact on the agriculture industry
In many sectors of the agricultural economy, the financial condition for producers remains difficult. This can present unique issues for tax practitioners. This session covers various tax issues associated with clients in financial distress. Form 982 attributes, insolvency, bankruptcy tax issues, and tax issues associated with the sale of farm/ranch assets will be addressed.
By the end of this session, you should be able to:
Attend this session to learn how agricultural enterprises might be structured to take advantage of the changing landscape under tax reform. Compare the results of the 21% tax on C corporations to the benefits of Section 199A, the qualified business income deduction.
By the end of this session, the attendee should be able to:
QBIA, wage limitation, excess business losses, interest expense limitations: where is the simplicity in the Tax Cuts and Jobs Act promised to us? Agricultural taxation is now more complex than ever. Attend this session for the most up-to-date information from the Vice-Chair of the AICPA Tax Executive Committee, who happens to be a national speaker on agricultural tax matters.
By the end of this session, the participant will have:
This session will discuss the value of financial benchmarking for agricultural operations. We will take a look at benchmark data from FINBIN, the largest public database in the country. Whole farm, crop and dairy performance will be reviewed. In addition, we will discuss some of the challenges in benchmarking financial information.
Overview of recent changes to generally accepted accounting principles (GAAP) and their impact on the financial statements of agricultural producers.
1. Identify recent changes to generally accepted accounting principles (GAAP).
2. Recognize the impact of recent GAAP changes to financial statements.