American Institute of CPAs

This class will review the basics of farm taxation including the following topics: * How the cash method of accounting applies to farmers * The elections available to increase taxable income after year-end * How prepaid farm expenses are calculated * Schedule J Farm Income Averaging rules and planning * Section 1031 issues specific to farmers

Learning Objectives:

Indicate how the income tax code has specific laws for farmers and how to plan accordingly
Identify how farm income averaging can save substantial taxes for your farm clients
Recognize how the cash method of accounting can help farmers but also understand how it can hurt at retirement

Speaker(s):

Paul G. Neiffer, CPA, Principal, CLA (Retired)
Roger McEowen, JD, Professor of Agricultural Law and Taxation, Washburn University School of Law

Tags:

Agriculture

Category: Pre-Conference Optional Workshop

Accounting for Cannabis Workshop (ONSITE ONLY)

Aug 14, 2023 9:00am ‐ Aug 14, 2023 11:30am

Identification: CAN23101

In this session you will learn the nuts and bolts of cannabis accounting and tax, from the origins of the specialty industry through the tax courts, through accounting for inventories under Code Section 471 to ASC 330, to the latest best practices on accounting with an eye towards the complications of tax. Learn best practices in dispensary accounting, cultivation and manufacturing accounting, and other cannabis specific accounting from the ground up.

Learning Objectives:

Identify best practices on cannabis accounting for retail operations, cultivation facilities, manufacturing facilities, and vertical operations.
Recall the concepts on costing inventory so that you can apply them to a number of different scenarios.
Recognize documentation requirements and audit defense on an accounting perspective.
Select tools for approaching cannabis accounting.

Speaker(s):

Melissa Abrams
Mitzi Keating, CPA, CFE, Partner, Citrin Cooperman
Lidia Moreno

Tags:

Cannabis

Category: Pre-Conference Optional Workshop

Welcome Remarks | Keynote: National Cannabis Policy Reform: An Insider's View

Aug 14, 2023 12:30pm ‐ Aug 14, 2023 1:25pm

Identification: CAN2301

CEO and Co-founder of the nation's largest cannabis industry trade association, Aaron Smith, will provide an overview on progress to advance cannabis terms at the federal level. This session will cover the political challenges the industry faces as well as an outlook on possible hope for progress in the 118th Congress on topics such as banking access, 280E reform, rescheduling vs de-scheduling, and the Biden Administration's stance on cannabis.

Learning Objectives:

Identify key federal policy issues and political factors impacting the industry.
Recognize the trends in state marijuana policy reform and shifting public opinion on the topic.

Keynote(s):

Aaron Smith, Co-founder & CEO, National Cannabis Industry Association

Tags:

Cannabis

Category: Conference Keynote Onsite and Online

New England Agritourism

Aug 14, 2023 2:00pm ‐ Aug 14, 2023 3:15pm

Identification: AG2302

You'll learn about an agritourism business in the Northeast. Farming in the Northeast provides both a unique set of challenges and opportunities. Bensons Pond Inc and Bogside Acres, LLC focus on providing high touch, experiential events and farm activities primarily centered around the family's cranberry bog. While primarily cranberry bog focused these events also highlighting locally grown food including the family's pasture raised proteins. These operations have provided an avenue for income diversification, allowing for succession planning and other improvements to the farm that traditional farming alone may not have provided. The family enjoys sharing their barn and cranberry bogs with guests and looks forward to sharing some of our farms highlights with attendees. We may even pack a few waders and cranberry scoops!

Learning Objectives:

Distinguish unique challenges and opportunities of agritourism and farm diversification.
Recognize agritourism tools and resources as an avenue for farm succession and sustainability.

Speaker(s):

Erin Williams, Agritourism Manger / Owner, Bogside Acres; The Barn on Bensons Pond

Tags:

Agriculture

Category: General Session Onsite and Online

A&A Part 1: Accounting Issues That Impact Your Operating Results in 2023

Aug 14, 2023 3:20pm ‐ Aug 14, 2023 4:35pm

Identification: CAN2303

This course addresses the unique industry accounting issues related to transactions that many cannabis companies are likely to encounter in 2023: restructurings; acquisitions and impairment. It will also provide an overview of the impact on the industry of new accounting pronouncements.

Learning Objectives:

Identify how to analyze cannabis M&A, impairment and restructuring transactions
Recognize the income tax implications of these unique industry issues
Identify accounting issues related to the ERTC

Speaker(s):

Scott A. Hammon, CPA, Partner, MGO
Garrett Ushiyama, CPA, Partner, CohnReznick
Todd W. Polyniak, CPA, Partner, Sax LLP

Moderator(s):

Eric H. Altstadter, CPA, Partner, EisnerAmper LLP

Tags:

Cannabis

Category: General Session Onsite and Online

Current Developments in Estate and Gift Taxation

Aug 14, 2023 3:45pm ‐ Aug 14, 2023 4:35pm

Identification: AG2303

This session provides an update of legislative, regulatory and court developments involving federal estate and gift tax including developments involving a decedent’s gross estate, asset valuation, gifts made during life, retirement plans and miscellaneous issues.

Learning Objectives:

Recognize the court rulings and IRS developments that impact the representation of farm and ranch clients.
Identify the best text strategies for clients in the face of uncertainty over the future of the transfer tax system.

Speaker(s):

Roger McEowen, JD, Professor of Agricultural Law and Taxation, Washburn University School of Law

Tags:

Agriculture

Category: General Session Onsite and Online

Buy-Sell Agreements and Farm/Ranch Transition

Aug 14, 2023 4:45pm ‐ Aug 14, 2023 6:00pm

Identification: AG2304

This session discusses the use of buy-sell agreements in transitioning the farming/ranching business. What is the best type and why does it matter from an income tax and estate tax standpoint? How should the agreements be structured and how can they best be used with life insurance as a funding mechanism?

Learning Objectives:

Interpret the distinguishing characteristics of various types of buy-sell agreements and what the language of the documents means for tax and non-tax purposes.
Evaluate the tax implications of the various types of agreements and the impact of entity-owned life insurance on entity value for tax purposes.

Speaker(s):

Roger McEowen, JD, Professor of Agricultural Law and Taxation, Washburn University School of Law

Tags:

Agriculture

Category: General Session Onsite and Online

A&A Part 2: How Internal Controls Can Help Your Company Survive Bad Times and Thrive in Good Times

Aug 14, 2023 4:45pm ‐ Aug 14, 2023 6:00pm

Identification: CAN2304

The cannabis industry deals with tremendous volatility, limitations on access to capital and a heavy regulatory burden. While internal controls have traditionally been viewed purely through a compliance lens, our panel will discuss how to use them for risk mitigation and operational improvements that can help your business leverage its existing funding and liquidity.

Learning Objectives:

Recognize important internal controls that affect cannabis companies
Identify how to leverage internal controls to improve profitability and liquidity

Speaker(s):

Susan Villare, Marimed
Jason Reposa, Founder and CEO, Good Feels
Charles Frieda, 818 Brands

Moderator(s):

Tripp Murray, Virentium

Tags:

Cannabis

Category: General Session Onsite and Online

People, Process and Product: The 3 P’s to Unlock the Ag CAS Opportunity, presented by Figured

Aug 15, 2023 8:00am ‐ Aug 15, 2023 8:50am

Identification: AG23SS01

Leverage staff & expertise that exist within your firm to provide high-value CAS through the use of ag-specific financial management & cloud accounting software.

Learning Objectives:

Identify approaches to establish ag Client Advisory Services within your firm.
Analyze potential to build CAS capabilities with existing staff, expertise and resources.

Speaker(s):

James Higgie, Director of Growth (US), Figured
Mike Potter, Partner/Development Manager for Large Accounting Firms, Intuit

Tags:

Agriculture

Category: Early Riser Onsite and Online

The Cannabis Cash Conundrum: Best Practices for Success in Automating & Managing Your Cash, presented by Avivatech

Aug 15, 2023 8:00am ‐ Aug 15, 2023 8:50am

Identification: CAN23SS01

Shawn Kruger, SVP of product and strategy of Avivatech, is excited to share a panel with Tammy Little, CEO and founder of FTC Group, an accounting and business consulting firm servicing businesses in the cannabis space. Using their partnership with Takoma Wellness, Washington D.C.'s family-owned and operated medical marijuana dispensary, as a case study, the panel will explain how “cash automation,” or leveraging technology to better count, secure and manage cash, has minimized risk, reduced costs and eased cash handling for both associates and managers. Additionally, they can share how to develop your cash automation strategy to save time and costs, ensuring the security and visibility of cash volumes in and across dispensaries and maintaining compliance with state and federal regulations.

Learning Objectives:

Determine how to manage process compliance with tracking, reporting and balancing of net cash to POS receipts and cash payment tracking.
Identify how to optimize cash flow to reduce banking fees and minimize armored security pickups and related costs.
Analyze how leveraging technology can reduce the hours counting and recounting, often by over 70%, while informing operational decisions such as how much money should be maintained in a recycler on a Monday versus a Thursday and when armored transport of cash is necessary

Speaker(s):

Shawn Kruger, SVP Product & Strategy, Avivatech
Tammy Little, CEO and Co-Founder, FTC Group