Presented in partnership with the Iowa Society of
CPAs.
Discover the agricultural industry's future prospects,
its distinct tax and accounting challenges, and the opportunities these present
for you and your clients.
Program Agenda
9:30 AM - 9:35 AM
Welcome and Opening Remarks
9:35 AM - 10:25 AM
Inflation, Interest Rate, and the Impact
on Agriculture (1.0 Other)
After surging in 2022, inflation has
slowed with rising interest rates. Many are wondering if the rollercoaster rise
of inflation is over or is this another 1970s/1980s cycle. This session will
discuss the drivers of inflation and the prospects for inflation and interest
rates heading forward. Then, the session will explore the impacts on farm
incomes and balance sheets and how farmers are responding to
both.
Jason Henderson, Ph.D. - Department of Economics, Iowa
State University
10:35 AM - 12:15 PM
Farm Tax Update (2.0
Other) (also counts for EA credit)
The agriculture industry's unique tax rules are closely linked to
specialized income and tax deduction opportunities. This session explores the
key areas on how to apply tax planning concepts unique to agribusiness and gain
guidance on how to maximize tax benefits for your farm clients.
Paul
Neiffer, CPA - Past President, Farm Financial Standards Council and
Current Chair, AICPA Ag Conference
12:30 PM - 1:45 PM
Maximizing FSA Program Payments and the
Latest on the Farm Bill (1.5 Other) (also counts for EA credit)
Review and discuss the new Farm
Bill and items CPAs need to know to help their clients maximize FSA program
payments.
Paul Neiffer, CPA - Past President, Farm Financial
Standards Council and Current Chair, AICPA Ag Conference
1:45 PM - 2:35 PM
Break for Lunch
2:35 PM - 3:25 PM
Accounting Update: Digesting Recent
Changes in Accounting (1.0 Accounting & Auditing)
Explore the
impact of recent accounting standards effecting agricultural clients. Stay ahead
of the curve by keeping pace with the latest industry updates, ensuring you're
equipped to spotlight current issues to your clients.
John Rassi,
CPA - Principal, CLA, Bloomington, IL
3:40 PM - 4:55 PM
Long-Term Care Issues for Farmers and
Strategies to Protect Assets (1.5 Other)
Long-term care costs can
exceed $100,000/year. Many farm operations do not have adequate income to absorb
these substantial long-term care costs. When savings run out, farm assets may
need to be sold which jeopardizes the farming operation for the current owners
and future generations. This session will discuss long-term care issues for farm
operations and address strategies that can be used to help mitigate the risk of
long-term care costs.
Robert Moore, J.D. - Attorney &
Research Specialist, Agriculture and Resource Law Program, Ohio State
University
5:10 PM - 6:00 PM
Tax Considerations for Farm Succession
Planning in 2024 (1.0 Other) (also counts for EA credit)
Review key farm succession tax
considerations for 2024 including the impact of current gift, estate, and income
tax rules and analyze common tools to address them.
Kristine Tidgren,
J.D. - Leonard Dolezal Adjunct Associate Professor, Center for
Agricultural Law & Taxation, Iowa State University
6:00 PM
Program Adjourns