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Tax Accounting Options and Methods for Meat and Livestock Operations
February 24 @ 9:30 am - 11:00 am
If you’re running or interested in running a livestock or meat operation, come join us February 10 and 24 for a free two-part webinar on tax accounting to demystify the basics, requirements and methods for livestock and meat tax accounting.
Both parts of the webinar series will be taught by Poppy Davis, business and policy consultant for businesses, nonprofits, and local governments working for healthy food and farming. This webinar is for anyone currently running or interested in running a livestock or meat operation, for professionals who support livestock and meat producers, and anyone with a curiosity about this important topic.
Part I: Introduction to Options and Requirements for Livestock and Meat Tax Accounting
In this session we will explore options and requirements for tax reporting for livestock and meat with a focus on when inventory is required and tax alternatives to formal inventory accounting. We will compare tax options and requirements for livestock accounting to those for meat accounting and understand how tax options and requirements may create differences between what is reported for tax purposes and what is reported for formal financial statements or in common bookkeeping systems. We will explore how each method is shown on your balance sheet and income statement and study how to determine the cost of goods sold for each method. This is a two part course, and we highly recommend you attend both courses, as well as the inventory basics course, to help you integrate the information seamlessly into your systems.
Part II: Choosing the Right Tax Accounting Methods for Your Livestock and Meat Operations
This session is designed to help you make a decision about how to account for livestock and meat inventory for tax purposes. Building on the prior two sessions we will analyze how different tax methods affect your tax liability, which are easier or more burdensome for you to manage, and which correspond most closely to the methods that are best for management purposes. Finally, you will learn how to keep track of the differences between how you report livestock and meat inventory for financial statements and for income tax purposes. You will receive an Excel file with examples from class and a template for you to use in your own calculations.
This event is developed by the Southwest Grassfed Livestock Alliance, with support from the Quivira Coalition. And thanks to Mad Agriculture for support of these workshops as part of the Conservation Collaboration Grant.
Poppy Davis is a business and policy adviser to agricultural and food and beverage enterprises, and to nonprofits and local governments. She provides training and technical assistance on issues such as business formation, land tenure, value-added inventory, accounting and taxation, federal programs, and nonprofit management. She works directly with nonprofits, associations, and local governments to help them develop financial and managerial capacity and programs to improve the environment for farming, ranching, and healthy food access. She worked eight years at the USDA, most recently as the National Program Leader for Small Farms and Beginning Farmers and Ranchers. Previously she was a California CPA with an emphasis in agricultural enterprises and non-profits. She holds a Juris Doctor with a Certificate in Food and Agriculture from Drake University Law School, a Masters in Journalism from Georgetown, and a BS in Agricultural Economics from the University of California at Davis.