Description
2024 Specialty Business Certificate Program - LIVE:
Farming and Schedule F – A Thorough Approach to Understanding Farm Business Line by Line for Accurate Profit and Loss Tax Reporting
IRS Program #: X9QQU-T-01149-24-O
CTEC #: 6257-CE-0309
CE: 2 IRS & 2 CTEC credits
Speaker: Sean Fogarty, CIA, EA, NTPI Fellow
The 1040’s Schedule F was originally designed to accurately capture farm profit and loss while allowing certain special considerations related to income and expense to allow farmers to navigate the razor thin margins and high risk nature of a farming business. This presentation will explain specific terminology related to farming, accurately segregating different types of farm income on the correct lines, clarifying farm asset depreciation rules and correct expense classifications while identifying some basic farm tax advisory opportunities to guide your clients.
Learning objectives:
- Understand special and specific terminology related to farming businesses
- Explore the Schedule F line by line
- Cover key components of farm income and how it should be reported
- Review all relevant IRS guidance
- Clarify farm asset depreciation rules
- Discuss the concept of prepaid expenses for cash basis farmers
- View the different types of expense categories and segregate appropriately
- Identify basic farm tax advisory opportunities