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Special Topics Winter Series | Live Stream: Farm Taxation: Unique Tax Issues of the Agricultural Industry

Course Price: $89.00
CPE Credits
January 22, 2021
Course Time
10:00 AM
Advanced Preparation
Course Level
Knowledge of Federal Tax Law
Kristina Rice CPA

Course Description

IRS: 2 CPE Federal Tax Law Topics

NASBA: 2 CPE Taxes

CTEC: 2 CPE Tax Law Topics

This course provides Tax Professionals with a discussion of the many unique and special tax provisions in the Internal Revenue Code for the farming industry and the preparation of Schedule F. The session introduces the Tax Professional to the concepts of unique valuation of plant stock inventory for the purchase and sale of nursery greenhouses. The course will also discuss the §179 Expense Election Deduction under the depreciation provisions that are unique to the farming industry. The course will address the §172 Net Operating Loss rule changes since the TCJA and will address Schedule J's income averaging provisions and the major policy initiatives of the 2018 Farm Bill, including the Specialty Crop Block Grants and Specialty Crop Research Initiatives. The presenter will review the provisions dealing with estimated tax payments and filing deadlines which are unique to farmers. The course will also provide a brief introduction into the concepts of the cannabis industry, with an introduction to §280E "Expenditures in Connection with the Illegal Sale of Drugs". As many states have legalized the sale of marijuana, and this course will share the current state positions.

Learning Objectives

At the conclusion of this session, the Tax Professional will have a better understanding of the unique tax provisions available to the farming industry and special rules allowed for income averaging. The participant will also have a good base knowledge about filing and payment dates that are allowed to farmers and growers. In addition, participants will be better prepared to properly report the transactions unique to Schedule F for farms.

Webinar is an interactive visual and audio presentation course, hosted by a NSTP Instructor. A great way to interact, submit questions and post comments. The course includes a pre-recorded webinar and may include PowerPoints slides, a PDF textbook or both.
  • Each participant must answer the poll questions during the webinar in order to be awarded CE credits failure to do will result in no CE credits per National Association of State Boards of Accountancy (NASBA) CE program standards.
Administration Policies: NSTP follows strict administrative policies
Webinar Registration

It is vital that each individual taking the webinar register under their own name and email. The webinar link will be sent to the email of the registrant. Because the links are unique for each email address, they will not work if forwarded to another email address.

Cancellation: NSTP reserves the right to cancel any program or course for circumstances that are not under direct control of NSTP. If a course or program is canceled, participants will be refunded 100% of their registration fee.

Refunds, Cancellations, Complaints

For more information regarding refund, cancellation and complaint policies, please contact our office at 800-367-8130.

Webinars are Interactive Visual and Audio Presentations

Each participant must answer the poll questions that appear on the screen during the webinar: failure to do so will result in no credits being awarded for that webinar.

There is no support to earn webinar CE by listening on a phone only.

Webinar Audio Troubleshooting

Keep all electronic handheld devices, such as Blackberries or cell phones, away from microphones and speakers.

A USB headset is recommended. If you are hearing an echo, try the following:

  • If using speakers for sound, reduce your speaker volume to a low level and keep your microphone away from your speakers
  • If you think the echo is from an attendee, see who is speaking and ask them to lower their speaker volume or alternately you can mute that attendee’s sound
  • If joining via telephone, make sure the audio setting on your Control Panel is not set to mic & speakers
  • Check to see if your built-in laptop microphone is turned off. If not, turn it off– built-in mics can cause echoes
  • If your webcam mic is on, turn it off – webcam mics can also cause echoes
  • If using a microphone, move it closer to you and away from sound-generating devices (computer fans, speakers, etc.)
  • Do not move or touch the microphone, especially when speaking

If there are delays, words are dropped or you hear robotic sounds:

  • This is often due to poor network performance, lack of memory or high CPU usage
  • Close all applications, tabs, programs you are not using for the presentation

VoIP users:

  • Dial-up Internet connections are inherently slow and can cause problems
  • Broadband Internet connections are recommended
  • If problem persists, switch to telephone and dial in to the meeting. You must select “Telephone” in the Audio pane to do this.

Although the NSTP has made every effort to ensure the accuracy of the materials and the seminar presentation, neither the author,the presenter nor the National Society of Tax Professionals assumes any responsibility for any individual's reliance on the written or oral information presented during the presentation. Each attendee should verify independently all statements made in the materials and during the seminar presentation before applying them to a particular fact pattern and should determine independently the tax and other consequences of using any particular device, technique or suggestion before recommending the same to a client or implementing the same on a client's or on his or her own behalf.