This presentation provides an overview of the basics of tax returns for farmers, including ordinary income and expenses reported on Schedule F, and sale of farm assets on Form 4797. The presenter will discuss what activities may (or may not) be reported as farm income, special rules for estimated tax payments, types of farm income and expenses, some of which may be unique to farmers; and tax credits available to farmers. The presenter will provide examples based on his 30+ years of experience in preparing farm returns.

Learning Objectives:

- Learn what activities may (or may not) be reported as farm income
- Learn how and where income items for farmers are reported on the tax return
- Learn special rules for estimated taxes for farmers
- Receive an overview of income and expenses that may be unique to farming
- Discuss credits that may be available to farmers

Presenter:

Jeff Bruce is an Enrolled Agent and owner/tax accountant at Redman Bruce Accounting and Tax, LLC, in Louisa, Virginia. Jeff graduated from Virginia Commonwealth University with a B.S. in Business Administration in 1984. He previously worked as a tax accountant at Andrew Brabrand Accounting and Tax, LLC before starting his own firm in 1989. Jeff has served as the President of the VASEA Richmond chapter since 2013. He also serves his community as a volunteer treasurer for the Adult Community Education program in Louisa.

Participants earn up to 1.0 CE/CPE credits.

Field of Study: Federal Tax Law Topics / Taxes

Pre-Requisites: Basic knowledge of federal taxation in the U.S.

Who Should Attend: CPAs, EAs, and other Tax Professionals

Advanced Preparation: None

Program Level: Basic

Delivery Method: Group Internet Based

IRS Program Number: QSRNU-T-00598-23-O

Registration Fees

Individual Webinar
Members: $30 / Non-Members: $50*

Bundle Discount for All 6 Webinars
$150 for members / $250 for non-members

*Join VASEA for $90 and enjoy member rates at events all year long.

Member Discount Eligibility

Member pricing applies to NAEA and VASEA Members, Associates, and current VASEA Annual CE Pass holders, and their staff. Staff are only eligible for VASEA member rates if registration is paid for by a VASEA Member, Associate or current CE passholder.

Group discounts at education functions are given to multiple attendees from a single firm when there is one payment for all registrations: 3‐5 attendees = 5% each; 6‐10 = 10%; 11 or more = 15%.

Phone or Email Registration Options

There is a $25 additional fee for registrations taken over the phone or via email.

Refund Policy

Refunds will be honored if written notification is received at the Administrative Office fourteen days prior to event. A processing fee of $25 will be deducted from the refund. Cancellations within 14 days of the event will not be accepted. Substitutions are always allowed for in-person registration. Substitutions are only allowed for webinar registrations if received 48-hours prior to the start of the webinar. “No Shows” forfeit their fees.

Cancellation

VASEA reserves the right to cancel any program or course for circumstances that are not under direct control of VASEA. If a course or program is cancelled, registrants will be notified via email at the address listed on their registration form.

Complaint Resolution Policy

For more information regarding refund, cancellation and complaint policies, please contact VASEA Administrator, Heather Greenwell at admin@vasea.org or call (804) 723-5888.

Questions

Contact Heather Greenwell, CAE, VASEA Administrator, at (804) 723-5888.