Farm Tax Update

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities.

August 9, 2023, 8:30 am-4:30 pm  |  Online  |  KSCPA

Members: $349.00, Non-members: $459.00

CPE Categories: Taxation (8 CPE)

Interest Areas: Agriculture, Taxation

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

Who Should Attend?

CPAs and tax professionals with farm or ranch clients.


  • Apply key tax planning concepts to farm and ranch taxation
  • Understand how to structure LLCs to reduce self-employment taxes
  • Determine entities excluded from complex accounting method provisions, including overall accrual method and UNICAP
  • Recall tax updates from court cases, revenue rulings and other authorities applicable to agriculture
  • Know how to use S Corporations to reduce taxes on transfer of assets to the next generation
  • Recognize key tax planning opportunities for farm and ranch clients,especially considering pandemic tax law changes
  • Learn how the Farm Service Agency calculates adjusted gross income and why it is important to your farm clients


  • Key farm tax planning concepts -- cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments and prepaid expenses
  • Passive activity and net investment income tax provisions to treat income as nonpassive
  • How to maximize farm income averaging for when rates start to rise in2026
  • Different cost recovery periods for agriculture -- they're not what you might expect
  • Spreading income to other family members to reduce overall tax rates
  • Various ways to reduce self-employment tax
  • Inflation Reduction Act, SECURE 2.0 and other tax legislation – impact on farmers, planning opportunities, what's still unknown and what requires more IRS guidance
  • How fringe benefits and a 21% federal tax rate vs. pass-through taxationaffects entity planning for farmers
  • How the Farm Service Agency definition of adjusted gross income is different from the IRS and why it’s important to your farm clients
  • Other relevant tax developments, court cases and rulings affecting farmers and ranchers
  • Examples pertinent to small and mid-sized farm operations



About the Speaker

Paul Neiffer, CPA, is an Agribusiness and business advisor specializing in income taxation and accounting services related to farmers and processors. He’s a member and past chair of the Farm Financial Standards Council and authors a monthly column for Top Producer magazine called “The Farm CPA.” Paul has written numerous articles for various agribusiness publications and is the primary author of the blog. Paul presents on various tax and accounting subjects, including many related to farm taxation and management. He was instrumental in the Congressional discussions that resulted in the “grain glitch fix” in early 2018, after the enactment of the Tax Cuts and Jobs Act. Paul is the current chair of the AICPA Ag Conference Committee.