Skip to main content

Farming & Sch. F


2024 Specialty Business Certificate Program - LIVE:
Farming and Schedule F – A Thorough Approach to Understanding Farm Business Line by Line for Accurate Profit and Loss Tax Reporting
IRS Program #:
CTEC #: 6257-CE-0309 
CE: 2 IRS & 2 CTEC credits 
Speaker: Sean Fogarty, CIA, EA, NTPI Fellow

The 1040’s Schedule F was originally designed to accurately capture farm profit and loss while allowing certain special considerations related to income and expense to allow farmers to navigate the razor thin margins and high risk nature of a farming business. This presentation will explain specific terminology related to farming, accurately segregating different types of farm income on the correct lines, clarifying farm asset depreciation rules and correct expense classifications while identifying some basic farm tax advisory opportunities to guide your clients.

Learning objectives:

  • Understand special and specific terminology related to farming businesses
  • Explore the Schedule F line by line
  • Cover key components of farm income and how it should be reported
  • Review all relevant IRS guidance
  • Clarify farm asset depreciation rules
  • Discuss the concept of prepaid expenses for cash basis farmers
  • View the different types of expense categories and segregate appropriately
  • Identify basic farm tax advisory opportunities


  • Sean Fogarty, CIA, EA, NTPI Fellow

    Sean Michael Fogarty holds a B.A. in Accounting from the University of St. Thomas in St. Paul, MN. He is a Master Graduate of Rapport Leadership International (Japanese kaizen style management philosophy). Mr. Fogarty strives to incorporate continuous improvement into his personal and professional thought processes. He has also achieved the Certified Internal Auditor designation via the Institute of Internal Auditors, as well as an Enrolled Agent designation which authorizes him to represent clients in front of the IRS and efile in all states.

    Sean is a amputee who is passionate about lawnmower safety and volunteer blood donation. Mr. Fogarty is Vice Chairman of the Stearns County MN Dairy Farm Advisory Board of Directors promoting the future of dairy farming in Minnesota. Fogarty Enterprises LLC is a boutique tax preparation, bookkeeping and project management firm based in Central Minnesota with over 900 clients. We offer mobile tax preparation at the client's home within 130 mile radius of Minneapolis. A secure cloud based portal enables us to provide tax prep services nationwide with phone and/or video conferencing follow up. We are currently helping clients in 15 states.

    Our expertise and background includes farming, construction, manufacturing, self employment, bitcoin/virtual currency, and many other unique niches.Approximately 80 clients possess farming businesses which include dairy, beef, poultry, vegetable and alfalfa, corn and soybean operations. He is also involved in providing relief milking and feeding labor to few mid size dairy operations. Sean has a lifetime of experience in the dairy farm business and knows that industry well.

July 29, 2024
Mon 3:00 PM EDT

Duration 2H 0M

You can access this item by buying entire course

Buy entire course:

Already Registered?