AG20101. A Farm Tax Update

The economic response to the COVID-19 pandemic has created a lot of new income tax changes. This session will review all of the changes that occurred due to the CARES Act and other legislation enacted in response to the pandemic. We will also review relevant court cases and other rulings that will help you properly assist your farm taxpayers.

Learning Objectives:

• • Recognize key tax planning opportunities embedded in COVID-19 economic relief
• • Identify costs qualifying for debt forgiveness under the Paycheck Protection Program and related income tax treatment.
• • Recognize opportunities for Net Operating Losses and Excess Business Lost changes in the CARES Act.
• • Identify other opportunities to enhance taxpayer cash flow due to 2020 COVID-19 developments.