NEBRASKA SOCIETY OF
Certified Public Accountants
SERVING NEBRASKA AND ITS CPAS SINCE 1928
TCJA and Farm Taxation
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Online Registration Form
Date: September 25, 2020
Location: Divots Conference Center, Norfolk
Course Time: 8:30 AM to 4:30 PM
Registration Begins: 8:00 AM
Summary
Our education sessions give tax professionals a forum to discuss tax reform issues affecting their farm and ranch clients. This session will focus on the Tax Cuts and Jobs Act (TCJA) and its effects on taxation for agricultural producers and processors.
Objectives
*Recognize key tax planning opportunities embedded in tax reform for agricultural producers and processors *Describe when an activity rises to the level of a trade or business for the Section 199A Qualified Business Income deduction, Excess Business Loss, and business interest expense limitations *Demonstrate common ownership for purposes of aggregation and deemed trade or business status for the QBI deduction *Differentiate key points in entity structure planning for clients when evaluating the C corporation alternative to pass-through taxation *Recall recent IRS notices, revenue procedures and other IRS releases guiding taxpayers in the application of the TCJA
Highlights
*An in-depth discussion of the deduction for qualified business income under Section 199A, and how producers might restructure for additional advantages *Revisit examples of gross receipts limitations and application to related parties for purposes of determining exemption from complex accounting methods and limitations *Analysis of pass-through versus C corporation entity planning for operating enterprises *Application of bonus depreciation in applying Sec. 754elections in partnerships *Understand how FSA planning affects the entity selection process *Hear about tax reform provisions that remain unknown and that will require guidance from the IRS
Who Should Attend
Tax practitioners representing agricultural producers and processors who need to be aware of released and necessary IRS guidance.

Course Level Intermediate
Prerequisites 2 years of experience with farm tax return preparation
Course IDTCJA
Discussion LeaderClifton Larson - Paul Neiffer
CPE Credit8
Additional Information: Parking and lunch are provided on-site.
Fee: $315 - Society Member
$365 - Society Nonmember
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