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:
Gained an appreciation for the complexity of the Section 199A deduction for qualified business income, including the many limitations that reduce its effectiveness.
Understand which farmers and producers are not subject to preproductive cost capitalization, interest deduction limitations and wage restrictions on the deductibility of expenses.