Agenda
GENERAL SESSION
LAUNCH GENERAL SESSION
8:30 AM – 9:20 AM
KEYNOTE PRESENTATION: Michigan’s Agribusiness Economic Update
Change is sweeping today’s agribusiness industry. We summarize and look ahead to the 2023 Farm Bill, challenges and opportunities presented by the high input and output price environment, as well as climate and pest issues for Michigan’s specialty crops and the U.S. Department of Agriculture’s changing attitude toward environmental goals. Find out what it all means for you and your farming clients.
Matthew Gammans, PhD | Assistant Professor, Department of Agricultural, Food, and Resource Economics, Michigan State University, East Lansing
Credits: 1.0 OT
9:30 AM – 11:10 AM
KEYNOTE PRESENTATION: Everything Agri-Tax
Agribusiness is growing, which means the tax code is evolving around it. Explore everything you need to know about tax situations specific to the industry including the following updates on Section 1031 exchanges, self-employment tax considerations utilizing manager-managed LLCs, using a Spousal Lifetime Access Trust (SLAT) to save on estate taxes, and the IRS’ recently updated crop insurance deferral rules.
Paul G. Neiffer | Principal, CliftonLarsenAllen LLP, Yakima, WA
Credits: 2.0 OT
11:20 AM – 12:10 PM
KEYNOTE PRESENTATION: All Things in Succession
Family Farm and Business Succession Planning is for CPAs who advise farm and business owners that are ready to begin succession planning, as well as other retirement and estate planning decisions. This presentation leads you through creating a “transition plan to help your clients successfully transition a farming business to the next owner or owners, thereby helping your clients avoid the costly and unnecessary taxes, disputes, and legal battles that can arise from simply willing a business upon death.
Learn how to implement a plan that meets your clients’ goals, considering the federal gift and estate tax, and income tax implications of the business transition, keeping in mind that sometimes the tax ramifications are not the most important priority in the succession plan. A variety of planning techniques will be discussed to facilitate a successful business succession plan including, but not limited to, trusts, patterned gifting, outright transfers, sales, and buy-sell agreements.
Julius H. Giarmarco, J.D., LL.M | Chair of Trusts and Estates Practice Group, Giarmarco, Mullins & Horton, P.C.
Credits: 1.0 OT
1:00 PM – 1:50 PM
KEYNOTE PRESENTATION: Valuation: An Apple in Hand Worth Two on the Tree?
If only it were so simple to determine the value of an orchard, or any agribusiness. Instead, there are three ways in which these types of business can be valued, the asseet approach, the income approach, and the market value approach. Determine which practice makes the most sense for a given client, based on the metrics specific to their business.
Christopher Sheridan, CPA, CVA | Senior Manager, Yeo & Yeo, Saginaw
Mike Oliphant, CPA, CVA | Principal, Yeo & Yeo, Kalamazoo
Credits: 1.0 AA
CHANNEL ONE
2:00 PM – 2:50 PM
A Michigan Dairy Update
The dairy industry in Michigan is facing unique challenges in the post-COVID, inflation-driven era. Examine the lasting impacts of the pandemic on Michigan’s dairy farms and why some farmers are pushing for new legislative policy aimed to help them compete against corporate operations.
Gary Sipiorski | Gary Sipiorski Consulting, LLC, Wausau-Stevens Point Area, WI
Credits: 1.0 OT
3:00 PM – 3:50 PM
New Standards for Farm Financials
Recent changes issued by the Farm Financial Standards Council (FFSC) have implications for deferred taxes and financial measures. Find out why the FFSC reduced financial measures from 21 to 13, how to calculate deferred taxes and depreciation under the new guidance and check out the latest agriculture financial guidelines for non-accountants.
Jonathan Shepherd | Farm Management Specialist. Lexington, University of Kentucky
Credits: 1.0 AA
4:00 PM – 4:50 PM
Making a Case for Research & Development Credits (EA Credit)
Farming operations are not without innovation and can prove eligible for certain research and development (R&D) tax credits on both the federal and state level. Determine the guidelines for credit eligibility as well as how to claim and track them.
Kyle Riddel | Shareholder, McGuire Sponsel, Indianapolis, IN
Credits: 1.0 OT
CHANNEL TWO
2:00 PM – 2:50 PM
USDA Farm Services: What’s New for MI Farmers
The U.S. Department of Agriculture (USDA) Farm Services Agency offers multiple programs and services to farmers in need of assistance. Discover how Michigan farms can receive support under existing, new (American Rescue Plan) and future programs sponsored by the USDA.
Kyle Knapp | Production Adjustment Chief, Michigan FSA
Dave Russ | Farm Loan Chief, Michigan FSA
Credits: 1.0 OT
3:00 PM – 3:50 PM
No session offered in this channel at this time.
4:00 PM – 4:50 PM
Banking on Agriculture: The Lender Perspective
How deeply can banking policy affect farmers and the financial advisors? Join this panel discussion for the latest on what lenders are seeing and hearing in the current market, including predictions for the future of banking as it relates to the agricultural industry and the accounting firms that serve it.
Moderator: Jeff Bushey | Managing Principal, Nietzke & Faupel, P.C.
Panelist: Bob Fulling | Vice President of Agrifinance, AXA Equitable
Panelist: Tara Parr | VP of Agribusiness Lending, GreenStone Farm Credit Services
Panelist: Marisa Bramer | Vice President Relationship Manager, Rabo AgriFinance
Credits: 1.0 OT