Agenda
8:30 AM – 8:35 AM
Welcome & Announcements
8:35 AM – 10:15 AM
2023 Tips for Harvesting Tax Savings (also qualifies for EA credit)
Agricultural businesses are eligible for unique tax savings opportunities, but taking advantage of these situations requires specialized insight. Review key farm tax planning concepts, including cash accounting methods specific to agriculture, deferred payment, prepaid expenses and more. Plus, understand the nuances of passive and nonpassive income and determine ongoing impacts of the Inflation Reduction Act and SECURE 2.0 on farmers.
Paul Neiffer, CPA – FarmCPAReport.com blog, Parker, CO
Credits: 2.0 OT
10:25 AM – 11:15 AM
Agrinomics: Industry Trajectory & the CPA Response
According to the U.S. Department of Agriculture, farm sector income is expected to decrease throughout 2023, but what does that mean for your agribusiness clients? Review the latest industry developments and determine strategies for creating an actionable client response.
Jim Byrum – Former President, Michigan Agri-Business Association, Lansing
Credits: 1.0 OT
11:25 AM – 12:15 PM
AAA: Auditing & Accounting for Agriculture
Recent and upcoming changes issued by the Financial Accounting Standards Board (FASB) and the AICPA will affect agriculture financial statements and CPA firms with agribusiness clients. Examine the four key provisions initiating these changes and determine best practices for implementation.
Elizabeth F. Hardenburg, CPA – Manager, Nietzke & Faupel PC, Pigeon
Credits: 1.0 OT
12:15 PM – 1:10 PM
Break for Lunch
1:10 PM – 2:00 PM
A Family Approach to Farmland Advisement
Keeping a farm in the family is about more than passing down a legacy. Help family-owned farm clients define their vision by focusing on real-time indicators of industry change. Plus, determine strategies for building a diverse team of non-CPA professionals familiar with complementary sectors and identify leading tools and techniques for non-traditional advisement.
Brett MacNeil – Founder & President, Scythe & Spade, Grand View, ID
Doug Lamm, CPA – Retired Firm Shareholder & Board Chair, The Nichols Accounting Group PC, Nampa, ID
Credits: 1.0 OT
2:10 PM – 3:00 PM
Harnessing the Power of Benchmarking (Accounting & Auditing)
This session will discuss the value of financial benchmarking for agricultural operations. We will take a look at benchmark data from FINBIN, the largest public farm financial database in the country. Whole farm, crop, and dairy performance will be reviewed, and we’ll look specifically at what sets top producers apart. We will also discuss challenges and opportunities in farm financial benchmarking.
Pauline Van Nurden – Extension Economist, Center for Farm Financial Management, University of Minnesota, St. Paul, MN
Credits: 1.0 AA
3:10 PM – 4:00 PM
The Fundamentals of Bankruptcy Matters (Agribusiness Edition)
The U.S. Bankruptcy Code and Courts exist to provide debtors with relief from their debts through procedures that modify, forgive or eliminate debtor obligations to creditors. Familiarize yourself with updates from the bankruptcy arena and relevant questions/issues those in the agribusiness sector should consider.
David L. Puskar, Esq. – Member, Braun Kendrick Attorneys at Law, Saginaw
Credits: 1.0 OT
4:10 PM – 5:00 PM
Thinking Ethically: The “Science” of Ethical Decision Making (Ethics)
Are our ethics “hard wired” as part of our DNA, or are our ethics developed as part of our habit formation over time? In other words, is our personal morality a matter of nature or nurture? Even the most seasoned professionals find it challenging to consistently exercise practical judgment and strong objectivity. This session considers the influences that create this tension, taking into account neuroscience, moral development, and the ethical parameters of professional ethics.
Albert D. Spalding, CPA, JD, PhD – Associate Professor Emeritus, Wayne State University, Detroit
Credits: 1.0 ET
5:00 PM
Program Adjournment