2015 - 2016 Agricultural Tax Update
Author: Stuart P. Sobel
Stuart will provide an overview of a variety of significant farm and depreciation tax issues.
Designed For: All tax practitioners in public and private practice who need to understand the basics and recent changes in the tax law and procedures.
- Cash method of accounting for farms
- Tax issues associated with easement payments
- CRP payments as self-employment income
- Income deferral for agricultural producers
- Sale of farm partnership interest
- Meals and lodging
- Qualified farm indebtedness
- Post-death sale of livestock, unharvested crops, and land
- New depreciation legislation
- Review of basics
- Depreciation transactions involving related parties
- Depreciation after incorporating
- Depreciation of assets acquired as a gift
- Depreciation of assets acquired in like-kind exchanges
- Home office
- Correcting depreciation
- Properly apply taxes to farm depreciation issues.
- Avoid mistakes in the preparation of 2015 tax returns.
- Identify ways of reducing tax liability through effective tax planning.
NASBA & IRS Field of Study: Taxes
CPE Credit: 1 hour
Prerequisites: A basic understanding of tax preparation.
Advance Preparation: None