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Interested in expanding your practice to include farm tax return preparation? Learn the unique tax issues applicable to farm tax preparation and why farmers are highly scrutinized under the hobby rules.

2 CPE for EA, CPA, CRTP, CFP®

 

$52 for Members and $64 for Nonmembers

Includes webinar recording and PowerPoint presentation. CPE is issued after exam is successfully completed.

Farming is a unique activity with its own set of special tax issues. This webinar is a beginner's guide for tax preparers who want to learn the basics and begin preparing individual income tax returns for farmers. This webinar will discuss depreciation rules specific to farming, farm income averaging, farm income and its association with social security benefits, sales of assets unique to farmers, etc..

Upon the completion of this on-demand webinar, you will be able to:

  • Determine if the farming activity is a hobby or for profit.
  • Identify various types of farm income and whether or not it is taxable.
  • Differentiate taxable and tax-exempt government program payments.
  • Determine the depreciation methods unique to assets used in farming.
  • Assess when the rules regarding excess farm losses apply.
  • Explain what farm income averaging is and when to use it.

Presented by: Les A. Marti, EA
Les earned his B.S. from the University of Illinois.  He has been in the income tax planning and preparation business since 1987 and formed his own practice, Marti Consulting, in 1997.  His firm, located in Gibson City, Illinois, specializes in farm and small business returns.  He has been teaching income tax schools since 2005 for a variety of organizations.  Les teaches for the University of Illinois, for NATP at the national and chapter levels, and has developed farm tax sessions for beginning as well as experienced preparers.

A career-long member of NATP, Les is also active with the Illinois Chapter. He served as board member from 2000 until 2010.  While on the board, he filled the offices of President, Vice-President, and Treasurer.

CPE Sponsor Information

Duration: 100 minutes
Course Level: Basic
Prerequisite: None
Advanced Preparation: None
Delivery Method: QAS Self-Study

 

CPE CreditsDesignationField of Study
IRS2EAFederal Tax Law Topic
NASBA2CPATaxes
CTEC2CRTPFederal Tax Law Topic
CFP Board2CFP®Income Tax Planning

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