Agricultural Tax Seminar

Agricultural Tax Seminar
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The seminar will review the fundamentals that tax preparers should be aware of when serving agricultural tax clients. Common agricultural business activities, situations that involve non-farm income, and considerations of filing agricultural taxes under legal business structures will be covered.

This is intended for tax preparers and other business consulting specialists who want to improve their ability to serve farmers in preparing farm tax returns and offering business advice. 

Learning Objectives

  1. Understand 'what’s a farm' and 'who’s a farmer' for IRS income tax reporting. 
  2. Become familiar with common farm business issues to address when filing farm tax returns.
  3. Being able to differentiate between farm and non-farm business activities and implications for reporting.
  4. Become aware of issues to consider when forming and preparing tax returns for a farm operating through a legal business structure other than a sole proprietorship.

IRS Program Code: RR9HG-T-00057-24-O

IRS CE credits: 6 

UNH Professional Development will offer UNH CEUs and IRS CE credits upon completion of this program. Attendees may request a comprehensive certificate and additional documentation if looking to self-submit for other professional associations’ CEU/CE credits.

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Agenda

8:00 am      Zoom Room Open and "Tech Check"

8:30 am      Welcome | Kelly McAdam

8:40 am     What’s a Farm, Who’s a Farmer?  Brief Overview of Sample Farm Tax Returns | Jason Entsminger & Michael Sciabarrasi

9:30 am     What Fundamentals Do You Need to Know About Preparing Farm Tax Returns? | Adam Kantrovich

  • This session will address farm income and farm expenses reported on the Schedule F (Profit or Loss Form Farming), depreciation and sales of farm business property, dealing with weather-related losses, farm labor issues, farm income tax averaging, and paying estimated taxes.  

10:30 am   Break

10:45 am   (Resume) Fundamentals You Need to Know

Noon          Lunch

12:40pm   (Resume) General Q&A Session

1:00 pm     Preparing Tax Returns for Farm Businesses With Sales From Non-Farming Activities | Dario Arezzo

  • Topics addressed in this session include when and how to report non-farm business activities separately from farm income. There will be a discussion of reporting income and expenses from value-added products and agri-tourism activities, products not grown on the farm, Christmas tree and maple syrup enterprises, and related leasing activity.

1:50 pm     Operating a Farm Business Through a Business Structure | Adam Kantrovich & Dario Arezzo

  • Session topics include identifying the reason(s) for forming one or more business entities, record keeping and reporting requirements for different business entities, income tax considerations upon formation and dissolution of the business, and leasing assets to the business. 

2:45 pm     Break

3:00 pm     (Resume) Business Structures, followed by General Q&A | Adam Kantrovich & all Presenters

  • Wrap up from previous Business Structures session. Q&A Session.

4:00 pm     Evaluation and Adjourn