ISCPA Agriculture Tax & Accounting Conference Livestream

ISCPA Agriculture Tax & Accounting Conference Livestream

ISCPA Agriculture Tax & Accounting Conference Livestream

Overview

If you have agriculture clients, you won't want to miss this specialized conference. Dig into the latest farm tax issues and planning opportunities in the agricultural world. Understand the current economic situation and outlook for those in the agriculture industry. Explore issues in estate planning, succession planning, profitability and valuation for farms.

Learning Objectives:

  • Learn about the latest farm tax issues
  • Understand the current economic situation and outlook for farmers and ranchers
  • Learn about estate planning, succession planning and valuation issues for farms

Designed for: CPAs, accountants and financial professionals who advise agricultural clients

8.0 CPE Credits

Registration

Registration is open through 08/23.

Member Price

$399

Nonmember Price

$449

Tuesday, August 23

7:30am to 5:00pm (Check-In 7:30am)

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Agenda

Tuesday, Aug 23rd

7:30AM TO 8:20AM / Breakout Sessions

Patrick Christie, Conservis LLC

Scott Schmidt, Conservis LLC

Steve Troyer, Eide Bailly, LLP

Technology and the exploding need for comprehensive data is only getting more pervasive. As farming becomes more complex, there is a strong demand for advisers who can analyze the data and transform it into actionable advice that drives business success for the farm. In this bonus session, learn how to use digitized farm data and farm management systems (FMS) to boost your competitive edge, provide more valuable insights to clients and stake your claim as a trusted business adviser. Learn how an FMS connects the dots between information points, improves client processes and equips you with ways to advise clients with timely and accurate strategies. See how to use an FMS to provide strategic advice related to cash flow, loans, inventory, legacy planning, revenue opportunities and more, so you can take the conversation to the next level and boost profitability for clients. This session is sponsored by Conservis.

Attend this session and receive one (1) additional hour of CPE credit (9 hours total).

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8:35AM TO 9:25AM / General Session

Sam Funk, AgServe, LLC

Unknowns have dominated the world lately, including the agricultural landscape. With changes in technology, weather-related challenges and uncertain markets, it's been a turbulent journey – and it only seems to be getting more disruptive. Gain the insights you need to provide helpful guidance and encouragement to your clients. Examine current economic shifts and long-term drivers to be aware of as you help clients navigate the risks, challenges and opportunities. Take a look at the economic picture so you can continue to guide clients through these fast-paced changes.

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9:35AM TO 10:25AM / General Session

Joe Kristan, Eide Bailly, LLP

Feeling a little dizzy from recent tax developments? Get your bearings with this session. Review new tax updates affecting farmers, including under-covered tax issues and guidance for dealing with problems. Explore last-minute deduction opportunities for disgruntled farmers who are saying, "I've never owed on my taxes before!" Look at tax challenges related to C Corporations, depreciation, "small" taxpayers, the March 1 filing deadline and more. Come away with specialized tax planning opportunities to talk about with your farm clients.

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10:40AM TO 11:55AM / General Session

Paul Neiffer, Principal, CLA

In the hustle and bustle of running a farm, it's easy to set aside the topic of estate planning. But this critical topic should be a part of your regular planning conversations with farm clients. Learn about the latest developments in estate taxation and tax planning for farmers so you're prepared to lead that discussion. Review the current estate tax system and related proposals by President Biden and Congress. Explore estate tax freezes available to farmers and brush up on major trusts farmers should consider using. Get the information you need to put smart plans in place and ease your clients' minds about the future.

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12:45PM TO 1:35PM / General Session

Ed Grossman, CLA

Keep up with the latest GAAP accounting standards so you can avoid unexpected surprises. Walk through new accounting pronouncements from the FASB and see how they apply to your agricultural clients. Make sure you understand the new rules for lease accounting and explore recent and upcoming changes with other accounting standards.

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1:45PM TO 2:35PM / General Session

Paul Neiffer, Principal, CLA

Take a close look at the tax-related aspects to consider when transferring operating assets. Find out when a charitable remainder trust makes the most sense and learn when and how to use an entity to transfer assets to the successor. Learn when to use a land holding entity for transfers to the next generation and come away with other income tax planning ideas to effectively guide your farm clients.

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2:45PM TO 3:35PM / General Session

Richard Berning, ValuationUSA

What goes into valuing something as complex and unique as a farm? Gain an overview in this session as you dig into basic concepts of business valuations, with specific reference to ag-related entities. See how business valuations can vary depending on the purpose. Explore the importance and use of buy-sell agreements and how they impact value in different settings. Learn more about discounts for lack of control and lack of marketability, with examples of how these discounts can be beneficial for gift and estate tax purposes.

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3:45PM TO 5:00PM / General Session

Chad Flanagan, Eide Bailly, LLP

Brent Roeder, Eide Bailly, LLP

Transitioning a business is difficult, especiall when you've spent your whole life building it. But succession planning is critically important. Discuss the succession planning process and learn how to prepare both the people and the business for this important step, whether it's for yourself or your clients. Look at some of the nuanced considerations that should be carefully mapped out before the business must be transitioned. Come away with action steps you can take now to ensure future success.

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