Tax Accounting Options and Methods for Meat and Livestock Operations, two-part webinar series

In this series, business educator Poppy Davis will demystify the basic requirements and methods for livestock and meat tax accounting.

This series is perfect for anyone running a livestock or meat operation, for professionals who support livestock and meat producers, and anyone with a curiosity about tax accounting methods for producers. Just in time for tax season!

Tax Accounting Basics, Part I: Introduction to Options and Requirements for Livestock and Meat Tax Accounting, Thursday February 10th

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 (below), to help you integrate the information seamlessly into your systems.

Tax Accounting Basics, Part II: Choosing the Right Tax Accounting Methods for Your Livestock and Meat Operations, Thursday February 24th

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.

To register, visit https://quiviracoalition.org/events/tax-basics/2022-02-10/.

Poppy Davis

Business Consultant

Wednesday, February 16 @ 9:30 am – 11:00 am MST

Inventory Basics for Meat and Livestock Operations

Join educators Olivia Tincani (SWGLA) & Mariam Furmanau (Bernoulli Finance) as they walk attendees through the “why, what, how”, and “now what” of managing inventory. This course is geared towards time- and money-constrained small and medium businesses.

We will help connect the dots with how your inventory systems intersect with your accounting methods. We will review physical systems for fresh and frozen inventory and dive into understanding your necessary level of complexity.

To register, visit: https://quiviracoalition.org/events/inventory/