Farm Tax Issues 

CPE Credits: 2
Course Level: Basic
Prerequisites: Basic Knowledge of Income Taxation
Advance Preparation: None

Fees: $49 for Members and $60 for Nonmembers

Summary 
This webinar is designed to give you a comprehensive and practical understanding of major agricultural issues. After your participation, you will be able to guide your clients regarding the due diligence required to ensure proper treatment of migrant workers. Learn how to apply income averaging rules and when it should be utilized. We will discuss how to properly report conservation reserve program (CRP) payments. Identify which relief provisions are available to your farm clients. If you have farm clients, this webinar is for you!

Objectives
Upon completion of this webinar, you'll be able to:   

• Determine whether a taxpayer should be filing Schedule F or another form or schedule.
• Identify the proper accounting for various types of farm inventory and potential capitalization of expenses. 
• Discuss where sales of farm products are to be reported. 
• Determine the proper tax treatment of agricultural program payments.
• Calculate net operating losses from farm activities.
• Determine if income averaging is beneficial for your client.
• Compare and contrast the pros and cons of electing the farm optional method for paying self-employment tax.
• Elect to postpone gain on weather related sales of livestock.

Presenter: Tom O'Saben, EA, CFP®