Date: August 9, 2023
Location: Virtual
Virtual Code: C57660
Credits: 8 CPE
Cost: $400 Member | $490 Non-Member

Register by July 19 to save $25!

Insurance Industry Conference

Co-sponsored by the Illinois CPA Society

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. Discover how to apply tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

  • Key farm tax planning concepts: cash accounting methods unique to agriculture, issues of constructive receipt, deferred payments and prepaid expenses
  • Passive activity and net investment income tax provisions to treat income as non-passive
  • How to maximize farm income averaging for when rates start to rise in 2026
  • Different cost recovery periods for agriculture: they're not what you might expect
  • Spreading income to other family members to reduce overall tax rates
  • Various ways to reduce self-employment tax
  • Inflation Reduction Act, SECURE 2.0 and other tax legislation: impact on farmers, planning opportunities, what's still unknown and what requires more IRS guidance
  • How fringe benefits and a 21% federal tax rate vs. pass-through taxation affects entity planning for farmers
  • How the Farm Service Agency definition of adjusted gross income is different from the IRS and why it’s important to your farm clients
  • Other relevant tax developments, court cases and rulings affecting farmers and ranchers
  • Examples pertinent to small and mid-sized farm operations
All program information is subject to change. Please verify upon registration. The Illinois CPA Society reserves the right to modify the delivery of conference sessions in response to ongoing changes in COVID-19 restrictions.
By registering to attend this event in person, I agree to abide by each of the COVID-19 safety protocols that are in place for the event. I understand that failure to comply may result in expulsion from the event with no refund. I acknowledge that my in-person attendance is voluntary, and I waive and release ICPAS from any liability arising from the contraction of communicable diseases.