This class will review the basics of farm taxation including the following topics:     * How the cash method of accounting applies to farmers     * The elections available to increase taxable income after year-end     * How prepaid farm expenses are calculated     * Schedule J Farm Income Averaging rules and planning     * Section 1031 issues specific to farmers

Learning Objectives:

• Indicate how the income tax code has specific laws for farmers and how to plan accordingly
• Identify how farm income averaging can save substantial taxes for your farm clients
• Recognize how the cash method of accounting can help farmers but also understand how it can hurt at retirement

In this session you will learn the nuts and bolts of cannabis accounting and tax, from the origins of the specialty industry through the tax courts, through accounting for inventories under Code Section 471 to ASC 330, to the latest best practices on accounting with an eye towards the complications of tax. Learn best practices in dispensary accounting, cultivation and manufacturing accounting, and other cannabis specific accounting from the ground up.

Learning Objectives:

• Identify best practices on cannabis accounting for retail operations, cultivation facilities, manufacturing facilities, and vertical operations.
• Recall the concepts on costing inventory so that you can apply them to a number of different scenarios.
• Recognize documentation requirements and audit defense on an accounting perspective.
• Select tools for approaching cannabis accounting.

Global and domestic economic trends that are influenced by geopolitics, trade issues, consumer and social trends, weather and other factors require a management mindset for agricultural profitability. Dr. Kohl's decades of work and engagement as an academic, global speaker and agribusiness owner will connect the dots of the business and financial practices that the proactive peak performers in agriculture exhibit. Discussion will focus on components of business and financial IQ and the KPIs or key performance indicators in a challenging but opportunistic environment. He will also discuss how accountants can be an integral part of agricultural business advisory teams to provide value-added to these businesses. Don’t miss this informative session with Dr. Kohl.

Learning Objectives:

• Analyze the domestic and global economic mega trends impacting the management mindset of agricultural producers and the agricultural industry.
• Identify key elements that make up the management mindset of agricultural producers and place the odds in their favor for business and personal prosperity.

CEO and Co-founder of the nation's largest cannabis industry trade association, Aaron Smith, will provide an overview on progress to advance cannabis terms at the federal level. This session will cover the political challenges the industry faces as well as an outlook on possible hope for progress in the 118th Congress on topics such as banking access, 280E reform, rescheduling vs de-scheduling, and the Biden Administration's stance on cannabis.

Learning Objectives:

• Identify key federal policy issues and political factors impacting the industry.
• Recognize the trends in state marijuana policy reform and shifting public opinion on the topic.

Comparing and contrasting the regulatory differences between Massachusetts, New York, New Jersey and Pennsylvania. State-by-state comparison including: regulatory, revenue forecast, types of products that are popular, market size.

Learning Objectives:

• Analyze and compare the evolution of the cannabis industry across New York, New Jersey, Pennsylvania, and Massachusetts, highlighting key legislation, market growth, societal impacts, and opportunities for entrepreneurs and investors.
• Identify the challenges and obstacles faced by the cannabis industry in these four states, including regulatory hurdles, public perception issues, and economic constraints, and propose strategic solutions for overcoming these challenges to support sustainable industry growth.

You'll learn about an agritourism business in the Northeast. Farming in the Northeast provides both a unique set of challenges and opportunities. Bensons Pond Inc and Bogside Acres, LLC focus on providing high touch, experiential events and farm activities primarily centered around the family's cranberry bog. While primarily cranberry bog focused these events also highlighting locally grown food including the family's pasture raised proteins. These operations have provided an avenue for income diversification, allowing for succession planning and other improvements to the farm that traditional farming alone may not have provided. The family enjoys sharing their barn and cranberry bogs with guests and looks forward to sharing some of our farms highlights with attendees. We may even pack a few waders and cranberry scoops!

Learning Objectives:

• Distinguish unique challenges and opportunities of agritourism and farm diversification.
• Recognize agritourism tools and resources as an avenue for farm succession and sustainability.

This course addresses the unique industry accounting issues related to transactions that many cannabis companies are likely to encounter in 2023: restructurings; acquisitions and impairment. It will also provide an overview of the impact on the industry of new accounting pronouncements.

Learning Objectives:

• Identify how to analyze cannabis M&A, impairment and restructuring transactions
• Recognize the income tax implications of these unique industry issues
• Identify accounting issues related to the ERTC

This session provides an update of legislative, regulatory and court developments involving federal estate and gift tax including developments involving a decedent’s gross estate, asset valuation, gifts made during life, retirement plans and miscellaneous issues.

Learning Objectives:

• Recognize the court rulings and IRS developments that impact the representation of farm and ranch clients.
• Identify the best text strategies for clients in the face of uncertainty over the future of the transfer tax system.

This session discusses the use of buy-sell agreements in transitioning the farming/ranching business. What is the best type and why does it matter from an income tax and estate tax standpoint? How should the agreements be structured and how can they best be used with life insurance as a funding mechanism?

Learning Objectives:

• Interpret the distinguishing characteristics of various types of buy-sell agreements and what the language of the documents means for tax and non-tax purposes.
• Evaluate the tax implications of the various types of agreements and the impact of entity-owned life insurance on entity value for tax purposes.

The cannabis industry deals with tremendous volatility, limitations on access to capital and a heavy regulatory burden. While internal controls have traditionally been viewed purely through a compliance lens, our panel will discuss how to use them for risk mitigation and operational improvements that can help your business leverage its existing funding and liquidity.

Learning Objectives:

• Recognize important internal controls that affect cannabis companies
• Identify how to leverage internal controls to improve profitability and liquidity

Leverage staff & expertise that exist within your firm to provide high-value CAS through the use of ag-specific financial management & cloud accounting software.

Learning Objectives:

• Identify approaches to establish ag Client Advisory Services within your firm.
• Analyze potential to build CAS capabilities with existing staff, expertise and resources.

Shawn Kruger, SVP of product and strategy of Avivatech, is excited to share a panel with Tammy Little, CEO and founder of FTC Group, an accounting and business consulting firm servicing businesses in the cannabis space. Using their partnership with Takoma Wellness, Washington D.C.'s family-owned and operated medical marijuana dispensary, as a case study, the panel will explain how “cash automation,” or leveraging technology to better count, secure and manage cash, has minimized risk, reduced costs and eased cash handling for both associates and managers. Additionally, they can share how to develop your cash automation strategy to save time and costs, ensuring the security and visibility of cash volumes in and across dispensaries and maintaining compliance with state and federal regulations.

Learning Objectives:

• Determine how to manage process compliance with tracking, reporting and balancing of net cash to POS receipts and cash payment tracking.
• Identify how to optimize cash flow to reduce banking fees and minimize armored security pickups and related costs.
• Analyze how leveraging technology can reduce the hours counting and recounting, often by over 70%, while informing operational decisions such as how much money should be maintained in a recycler on a Monday versus a Thursday and when armored transport of cash is necessary

Over the last several decades institutional investors have been attracted to the US Farmland Sector. Pension funds, endowments, foundations, family offices, insurance companies and other large-scale investors have found the sector to be ripe for investment providing stability and attractive fundamentals. As tracked by the National Council of Real Estate Investment Fiduciaries (NCREIF) Farmland Index, institutional investment in prime US farmland has grown from nearly zero to over $15 billion.

Learning Objectives:

• Determine why and who invests in the US Farmland Sector.
• Analyze performance of US farmland investments as reported by NCREIF.
• Differentiate challenges and opportunities of investing in the US Farmland Sector.

This session will focus on the unique challenges of valuing cannabis license rights, ownership interests and related intellectual property. Differences between established and emerging markets will be highlighted. Financial forensics in cannabis litigation matters will be discussed. Where to find data and resources will also be covered.

Learning Objectives:

• Identify the unique nuances of cannabis industry appraisal and consulting matters
• Analyze the level of competence necessary to adequately provide services in this niche area
• Determine where to look for industry resources and data

In this session we will get to hear from 3 “real” CEOs of cannabis companies from both coasts. We will learn how they have navigated all of the complex issues and hurdles in the industry as well as the differences in state markets. Topics will include, tax, saturated markets, price volatility, state “walls” and lack of interstate commerce, competing with “illegal market competition”, craft “grows” vs big multi state operators (MSOs), compliance issues, and what its like when a great brand has to shut down after 10 years.

Learning Objectives:

• Identify the complexities around accounting and tax from a CEO perspective, including 280e, 471 and inventory accounting
• Identify key controls cannabis companies need around inventory and cash, as well as reporting issues
• Determine key components of a good cannabis start-up financial model including scenario analysis, and key drivers
• Analyze software issues and how these create more need for accounting controls and reconciliations

Learn about recent and upcoming provisions from the FASB and AICPA, with a specific focus on changes that will affect agricultural financial statements and CPAs, including:
•    FASB ASU 2023-01: Common Control Lease Arrangements
•    FASB ASU 2022-04: Disclosure of Supplier Finance Program Obligations
•    FASB ASU 2021-10: Disclosures by Business Entities about Government Assistance
•    AICPA SQMS 1, 2, & SAS 146: Quality Management Standards

Learning Objectives:

• Identify recently issued disclosure requirements from the FASB and how they would impact farm financial statements.
• Analyze the new Quality Management Standards and how they will impact their firm

This session will review the options available to farmers to save on estate taxes. GRATs, IDGTs and SLATs will be reviewed and how they relate to estate taxes. The session will also review how CRATs can help retiring farmers.

Learning Objectives:

• Determine how GRATs, IDGTs, and SLATs can help farm couples save on estate taxes.
• Analyze why CRATs make sense for retiring farmers facing large income tax bills and how it can help them save.

Accounting Firm/Outsourced CFO: This session is intended to explore the specific value prop that business owners are looking for when they hire an outsourced CFO in order to secure strong client relationships. We will also discuss how to properly approach, scope, and close a cannabis industry client. Finally, we'll provide advice on how to monitor and address scope creep.

Learning Objectives:

• Identify the value proposition of an outsourced CFO from the business owner perspective.
• Determine how to properly scope engagements and avoiding scope creep.

Given the regulatory environment and the Federal illegality of the cannabis industry, there are unique issues that face cannabis businesses in times of financial distress. Please join our panel as they navigate though these complex issues, what factors can lead up to these challenges, and what solutions are available to businesses in financial distress.

Learning Objectives:

• Determine legal remedies and frameworks available to a cannabis business in distress.
• Identify elements that lead to distressed businesses
• Apply strategies to navigate financial complexities derived from a business in distress.

Learn how the definition of farm income by FSA is different than the IRS and why that's important.

Learning Objectives:

• Analyze how FSA uses AGI in its program.
• Identify potential traps in the FSA use of AGI.

Deep dive into what it takes to be a world class CFO in the industry from MSO to single dispensary. What do you do as a full time CFO? We’ll cover a wide range of topics from entity structuring, capital raise, controls and governance, accounting, bookkeeping, reporting, tax, software, compliance, HR and more, as well as a typical “day in the life” and how to land your dream job or first client.

Learning Objectives:

• Identify business and operational needs a CFO will manage in the CBD industry.
• Recognize key issues encountered in the CPD industry from the a CFO perspective.

We will discuss the issues and options to navigate this market starting with the current state of the capital markets and impacts and tools to survive including extending the runway to increase options, cost accounting to analyze profitability, operational efficiency techniques to better manage and present the business, and other proven methods.

Learning Objectives:

• Recognize the current Cannabis capital markets and finance options.
• Identify tools and techniques to support sustainability and success of clients in the Cannabis industry.
• Identify tools and information to support better financial metrics and reporting.

This session is intended to explore the recommended tech stack for cannabis companies of different sizes: small, medium, and large. We will also review which commonly used tech tools are non-cannabis compliant so you can avoid implementing a solution that will not ultimately work for you or your client. Finally, we will discuss creative ways to approach cannabis specific processes for which a tech tools do not yet provide a solution.

Learning Objectives:

• Choose an ideal technology stack for any size cannabis company.
• Determine factors for avoiding non-cannabis compliant technology solutions.

Running a cannabis niche practice requires thinking about accounting in a different light. With Federal illegality sitting as the canopy under which you practice, you must arm yourself with knowledge and surround yourself with a team of professional service experts in order to protect your practice and to be most valuable to your clients. Learn how CPAs in public practice have leveraged their relationships with cannabis legal experts to provide comprehensive services to their clients while balancing risk.

Learning Objectives:

• Recognize how to form appropriate relationships with other professional service providers.
• Identify the nuances and barriers between providing legal advice and accounting advice.
• Determine how to navigate key accounting issues in the CBD industry from experts who have created meaningful relationships with other professional service providers.

This session offers helpful frameworks for understanding family business dynamics, and practical tips and strategies to help manage the challenges your family business clients face. A grasp of these key issues and solutions will help you strengthen your client relationships while offering opportunities to increase the advising, estate planning, and succession services you provide.

Learning Objectives:

• Identify and understand the family business lifecycle and the three-systems model of family business interaction, for use in diagnosis of interpersonal and group dynamics in family businesses.
• Recognize how to apply communication, decision-making, and conflict resolution models to the interaction and governance processes used by the participant’s family business clients.

Join this session to learn why accountants should use the FFSC Standards from a banker's perspective. Learn what ratios bankers consider to be the most important and how to utilize those ratios for your clients to identify, measure, and manage financial risk.

Learning Objectives:

• Recognize who the Farm Financial Standards Council is and what value their standards and guidelines provide the Agricultural industry.
• Identify how the use of the standards and guidelines benefit Agricultural Producers and the Agricultural Industry.

Nathaniel “Nate” Pollock recently launched a tax controversy practice at a law firm called SouthBank Legal. Before that, Nate briefed and argued numerous Section 280E cases in the Ninth and Tenth Circuits for the government as a senior litigation counsel in the U.S. Justice Department Tax Division’s Appellate Section. He will discuss issues and challenges faced by individuals and businesses in the cannabis industry in determining their federal income tax liability, as well as IRS statements and policies related to taxation of cannabis businesses. Representative David Joyce will give an update on cannabis banking legislation and other news of the day out of Washington D.C.

Learning Objectives:

• Identify common issues cannabis industry participants face in determining tax liability, particularly with respect to IRC section 280E.
• Identify IRS policies regarding cannabis businesses’ treatment of costs of goods sold.

Find out why Agriculture in New England is different than Agriculture in your backyard. You'll enjoy learning about the unique types of agriculture in the Northeast.

Learning Objectives:

• Recognize how agriculture in Massachusetts is adapting to climate change through the Climate Smart Agriculture Program (CSAP) and building a more resilient food system through programs and statewide policy initiatives.
• Identify and understand trends in agriculture in Massachusetts and the New England region, and regional initiatives helping to shape the future of farms.

Every Farmers Mission Statement is "Keeping the Farmland in the Family", but they don't always have the time or expertise to focus on the HOW.

Learning Objectives:

• Recognize how to change your perspective from Compliance focused work using lagging data - to a Trusted Advisor role using real time leading indicators to help lead the strategic implementation of change in their business.
• Recognize how to build a team that includes Non-CPA Professionals; in complementary industries that add value to the relationship and help lead that change.
• Identify new tools, tricks, and techniques to help you advise in non-traditional ways.

This session will feature a panel of experts that will provide insights on a wide range of industry hot topics, including their outlook for regulatory and legislative change, banking issues, employee benefits issues and beyond. Join us for a lively discussion with an opportunity for you to also ask questions, time permitting.

Learning Objectives:

• Recognize and gain insight how to address some of the unique challenges facing state legal, regulated cannabis
• Identify where to look for resources and support

No better way to spend an evening in Boston. Join your peers, speakers, exhibitors, and sponsors for a private charter cruise along the waterways of the Boston Harbor in a custom designed 75’ authentic two-level paddle wheel boat. Take in the breathtaking sights at sunset, enjoy a delicious dinner and a full, open bar, a lively DJ, and exclusive networking and connection opportunities.

Motor coaches will be available to transport you from the hotel to the boat dock in time for the 6:45 pm launch, and then back to the hotel.

Attire: We recommend smart, business casual attire with comfortable footwear. Please be aware that the temperature is normally cooler on the water, even on warm summer nights.

Dinner Cruise fee: $99/person through June 30. $149/person thereafter.

Land is the backbone of farm equity. It's important to understand all of the options and nuances to how this asset can be improved, increase revenue, and receive possible government funding. This discussion will be an industry update that covers capital improvements, land, water, easements/renewables, and conservation funding/planning.

Learning Objectives:

• Evaluate capital improvement opportunities, how the change across the agricultural landscape, and what synergies may exist.
• Formulate the proper process when considering land improvement.
• Assess the easement/renewable energy opportunities for farms and a general industry understanding.
• Evaluate conservation opportunities and government funding opportunities.

Three tax professionals with a combined 30+ years of cannabis accounting experience will go through two sets of client data - a cultivator and a retail.

Learning Objectives:

• Analyze how three tax professionals with a combined 30+ years of cannabis accounting experience build their COGS position from client data.
• Compare different perspectives on tax return presentation.
• Determine and understand risk management in taking various tax positions.

The Farm Bill occurs every five years, and sets U.S. agricultural policy for the next five years. The policy decisions in the Farm Bill affect all aspects of agriculture - from producers, to lenders, to agricultural processors. In addition to the Farm Bill, there are always issues in the agricultural space that matter to those in financial services. This session will give you updates on happenings in the agricultural policy world and how potential policy changes will affect our industry. Lastly, this session will touch on the conflict between Ukraine and Russia and how it continues to affect American agriculture.

Learning Objectives:

• Determine important aspects of agricultural policy and the Farm Bill.
• Analyze the role of financial services in agriculture and agricultural policy.
• Determine merging issues in agriculture both domestically and globally.
• Identify the tools available to lenders to assist farmers and ranchers through USDA.

Lawyers to join and discuss important Tax Court opinions and the arguments the IRS is making in current matters. The discussion will consider the IRS approach to various Cannabis industry tax positions including Section 471(c), how it differs from Section 471(a) and how it might be defended. Discussion will also center on the process of defending a tax position (settle, appeal, trial) and the IRS’s current position on some key issues including Bonus Depreciation, Section 263A, tax collections, and penalties.

Learning Objectives:

• Determine how attorneys defend COGS on a tax return.
• Analyze how attorneys look at practitioners work, how do they make a compelling argument, and how can accountants support that as collaborative process and professionals.

In this Fireside Chat panelists will recap content covered earlier throughout the conference. They will also help to answer questions from participants that may not have been previously addressed.

Learning Objectives:

• Analyze and review content covered in earlier sessions.
• Identify answers to audience questions related to the agriculture industry, and explore questions that may not have been previously answered throughout the conference.

Earlier this year, reports of the struggling cannabis market made headlines as supply increased while prices and profits fell. Now, as we inch closer to mid-year, how is the market trending? Join this session for a lively discussion on cannabis market trends and opportunities. During the presentation, panelists will share data and insights to help answer questions on the mind of every cannabis entrepreneur:     * Is now the time to enter the cannabis market or sell existing holdings?     * What does cannabis cultivation licensing and harvest data tell us about expected supply in the summer and fall of 2023?     * How might new retail storefronts increase opportunities across different areas of the country?     * Is flower on the decline while manufactured products take market share?     * Will wholesale and retail prices continue to decline or might we see a rebound?

Learning Objectives:

• Analyze the economics that drive the cannabis industry and the unique characteristics associated with the industry
• Determine the maturity in various markets and the challenges that operators face