As our farm businesses use tax planning tactics to reduce current tax liability impacts, we do not completely reduce the tax but move the tax to a future year. This webinar will provide details on the importance of identifying and calculating your operation’s deferred tax liability and how that can affect your current and future strategic farm management decisions.
Presenter: Dick Wittman, Wittman Consulting, Farm Manager/Family Business Consultant, and Todd Doehring, Centrec Consulting Group, Director
Dick Wittman is a former manager and board chair of a 20,000-acre Idaho family farm partnership involving crops, cattle and timber and provides consulting services in family farm business and financial management in the U.S. and abroad. A former FCS lender, Wittman has also served on numerous commodity and financial institution boards, is a director and past president of the Farm Financial Standards Council and past president/founding member of the PNW Direct Seed Association. He is an adjunct faculty member of Texas A&M University teaching annually at the TEPAP Executive program and King Ranch Institute.
Todd Doehring is a director at Centrec Consulting Group, LLC, and has been with the firm since 1991. Centrec has worked extensively in the food and agriculture sector since its founding in 1983, including considerable research activities with producer groups, data analytics, and quantitative economic analysis. During his professional career, Doehring has led numerous projects and activities, including development of analytical tools/models, financial and economic assessment, data analysis/modeling and visualization, economic and market analysis, strategic planning, value chain analysis, client advisory roles, project management, educational program development and delivery of classroom-based training. Doehring earned a bachelor’s and master’s degree in agricultural economics from the University of Illinois.
The Illinois Soybean Association (ISA) checkoff and membership programs represent more than 43,000 soybean farmers in Illinois. The checkoff funds market development, soybean production and government relations efforts, while the membership program, Illinois Soybean Growers (ISG) and the Illinois Soybean Growers PAC actively advocates for positive and impactful legislation for farmers at local, state and national levels. ISA upholds the interests of Illinois soybean farmers through promotion, advocacy, research and education with the vision of becoming a trusted partner of Illinois soybean farmers to ensure their profitability now and for future generations.