How to Exit Ag Without Paying a Monster Tax Bill Webinar
I was talking with an older farm yesterday and I asked him when he was thinking about retirement and he said “I wish I had done it a couple of years ago.”. There are many farmers in the same shoes that would like to retire now, but are worried about the large tax bill that might come due.
Most farmers defer grain sales and prepay farm expenses for many years and in the final year of farming, they have very little expenses to offset all of that deferred grain income. Nick Houle (a principal in our Minneapolis office) and myself will be doing a webinar for DTN/Progressive Farmer next Thursday February 18 at 9 am CST. We will cover how to exit Ag without paying a monster tax bill (although taxes will still be owed). Some of the subjects we will cover are:
- Using a charitable remainder trust to dispose of grain and farm equipment,
- Using a cash balance plan to help get rid of that built-up grain inventory,
- Eliminating the tax on farmland trapped inside of a C corporation.
There are many other items we will cover in the webinar. If you are interested in listening to the hour and half webinar (the sign-up indicates an hour, but we pushing it out to an hour and half), you can access the registration form here.
If you are unable to listen live next Thursday, it will be recorded and available at a later time. There is a nominal fee to access the webinar.
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.
Paul,
I am a retired banking assisting two former farm clients that are considering some exit strategies in regards to their machinery and deferred grain rollover at retirement. This a considerable amount and found the possibility of Charitable Trusts as a possible option.
My question is your webinar on, How to exit Ag without paying a Monster bill still available? Ihave tried to call 952 882-4337 and continue to get voice mail.
Thank you for any assistance you might be able to give.
Sincerely,
Les Johnson