Day 1 at Traverse City
I am in Traverse City yesterday and today putting on a joint farm tax update for about 65 CPAs with three other CPAs from around the country.
Yesterday was an update on farm income tax planning and whenever I give a presentation like this I always worry about running out of things to say. As usual, the opposite happened and we could not get through all of the material.
Michigan is three hours ahead of my time zone and I had my computer still set to my time zone. I talked about common reporting issues and about five minutes into it, I was told we had two minutes to go. I was an hour off on my time, but I must admit I was not unhappy about not having to talk for another hour.
There is a lot of discussion on how the 3.8% net investment income tax is going to apply to our farmers for this year. For many farmers, they will still be able to keep their income under the threshold level, however, for those over the income levels, many will be hit with the tax that are not expecting it.
If this tax might apply to you, now is the time to talk to your tax advisor.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
[…] Co-panelist Paul Neiffer covers Day 1 at Traverse City […]