2018 Farm and Ranch Income Tax/Estate and Business Planning Seminar/Webinar

Washburn University School of Law presents the two-day seminar "Farm and Ranch Income Tax/Estate and Business Planning Seminar" on Thursday, June 7 and Friday, June 8, 2018 at Shippensburg University in Shippensburg, Pennsylvania. This program is appropriate for agribusiness professionals, attorneys, certified public accountants, enrolled agents, and tax practitioners.

This program may be attended either in person or online
In-person attendance is limited to 100 individuals.
(see "Information for Online Attendees" in the sidebar).

Register Online

NOTE: All times shown below are Eastern Time (ET); e.g., 8:00 a.m. ET = 7:00 a.m. Central Time = 6:00 a.m. Mountain Time = 5:00 a.m. Pacific Time.

About the Presenters

Photograph: Roger McEowen.Roger McEowen, J.D., Kansas Farm Bureau Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas. He is a member of the Iowa and Kansas Bar Associations and is licensed to practice in Nebraska. McEowen publishes the online Washburn Agricultural Law and Tax Report (WALTR) which focuses on legal and tax issues that agricultural producers, agricultural businesses, and rural landowners face and he maintains the Agricultural Law and Taxation Blog. He is also widely published in law reviews and agricultural law publications and conducts agricultural tax and law seminars across the country. McEowen is also heard weekly on RFD-TV.
Learn more about Roger McEowen.

Photograph: Paul Neiffer.Paul Neiffer, CPA, is a principal in the Agribusiness Group at CliftonLarsonAllen. Based in Yakima, Washington, he specializes in income taxation and accounting services related to farmers and processors. Neiffer actively consults with farm families on succession planning issues and opportunities, and helps farmers understand the proper use of accounting systems to more profitably run their business. He authors a monthly column for Top Producer magazine and maintains the Farm CPA Today blog.
Learn more about Paul Neiffer.

Schedule

Thursday, June 7, 2018

7:30-8:00 a.m. — Check-in and Continental Breakfast

8:00-9:30 a.m. — Recent Developments in Agricultural Taxation

This session will address current developments of relevance to agricultural taxation. In addition to the coverage of critical cases and IRS rulings, significant time will be devoted to the impact of the "Tax Cuts and Jobs Act" on farmers and ranchers. Practical examples of how the changes in the law apply to agricultural clients will be provided and analyzed. This includes the application of the new qualified business income deduction; the change with respect to like-kind exchanges; new depreciation rules and related planning implications; rate bracket planning; commodity gifting; family and individual tax credits; remaining Schedule A deductions – fleshing out the myths vs. truths (property tax; interest expense; cooperative sales, etc.); charitable gift planning; changes with respect to personal casualty and theft losses; new tax rules associated with alimony; alternative minimum tax; handling moving expenses; loss limitation rules for non-corporate taxpayers; handling business interest; cash accounting rule changes; new rules surrounding business-provided meals; handling partnership losses; immediate expensing of assets; modified education-related provisions; changes concerning retirement-related provisions. Also addressed will be an update of the provisions that remained unchanged as well as those that have expired.

9:30-9:50 a.m. Break

9:50 a.m.-Noon — Recent Developments in Agricultural Taxation (continued)

The opening session on cases, rulings and the new tax law and its impact on farm and ranch clients continues.

Noon-1:00 p.m. — Luncheon (provided)

1:00-1:30 p.m. — Farm Income Averaging

This session will provide guidance on what income qualifies for farm income averaging. The tax practitioner faces numerous questions for farm clients surrounding averaging income. Among those are whether a farm taxpayer should elect income average even if it does not reduce current year tax. In addition, how much income should be elected? What should the tax preparer be looking for when determining whether an income averaging election makes sense for a farm client? These and other issues will be addressed in this session.

1:30-2:25 p.m. — Financial Distress and Tax-Related Issues (Including the Handling of Farm Losses)

In many sectors of the agricultural economy, the financial condition for producers remains difficult. This can present unique issues for tax practitioners. This session covers various tax issues associated with clients in financial distress. Addressed will be the Form 982 attributes, insolvency, bankruptcy tax issues, and tax issues associated with the sale of farm/ranch assets.

2:25-2:35 p.m. — Break

2:35-3:00 p.m. — Income Tax Deferral Opportunities

Farmers and ranchers have several income tax deferral planning strategies available. This session goes over the rules and planning opportunities involving deferred payment contracts, the crop insurance deferral election, the rules surrounding the excess sale of livestock due to weather-related conditions and the election to capitalize fertilizer costs.

3:00-4:10 p.m. — Self-Employment Tax Primer – Structuring Leases and Entities

Self-employment tax planning and avoidance is important to many farm and ranch taxpayers. This session examines self-employment tax planning and reporting from numerous angles: the structuring of leases (real estate and personal property); multiple-entity arrangements; the use of LLCs; contract production of agricultural commodities; impact of like-kind exchange rules no longer applying to personal property exchanges; conservation reserve program payments; the interrelated impact of the passive loss rules; and self-employment trigger issues for the IRS.

4:10-4:45 p.m. — Repair/Capitalization Regulations - An Update and Review

This session will provide an update on how the repairs and capitalization regulations apply to farm tax returns; when a Form 3115 is required; whether farmers should make the de minimis election; how to treat purchases greater than the de minimis amounts; and reporting sales and IRS Pub. 225.

4:45 p.m. — Adjourn

Register Online

Friday, June 8, 2018

7:30-8:00 a.m. — Check-in and Continental Breakfast

8:00-9:30 a.m. — Recent Developments in Agricultural Estate and Business Planning

This session covers the key court rulings and developments from the Treasury and IRS impacting decedents' estates and trusts and the succession of farm or ranch businesses. In addition, the transfer tax changes made by the "Tax Cuts and Jobs Act" will be discussed and their impact on estate/business planning for clients explained.

9:30-9:40 a.m. — Break

9:40-10:15 a.m. — Tax Planning Strategies for the Retiring Farmer

The retiring farmer presents numerous tax challenges for the tax practitioner. Among the issues addressed will be rate bracket planning; the use of the charitable trust; timing of crop sales; equipment sales and appraisals; gifts of commodities to charities and non-charities; and farm income averaging.

10:15-10:45 a.m. — Farm Program Payment Eligibility Planning

This session examines the provisions of the federal farm program rules and regulations that have an impact on tax and entity planning for farmers participating in federal farm programs. The discussion includes how to structure the farming operation to maximize farm program payments and various Farm Service Agency administrative issues.

10:45-10:55 a.m. — Break

10:55 a.m.-Noon — Farm C Corporations – Income Tax Planning Issues and Opportunities.

The "Tax Cuts and Jobs Act" ushered in a new, lower C corporate tax rate of 21 percent. Under what circumstances does it make sense to switch a client's non-C corporate business to a C corporation? What are the related issues in making such a switch? What are the C corporate issues that are unique to agricultural businesses? How can a C corporation be formed tax-free? What are the drawbacks to converting to a C corporation? What about converting an existing C corporation to a pass-through entity to utilize the qualified business income deduction?What will the impact of the built-in gain tax be? This session addresses these questions and more.

Noon-1:00 p.m. — Luncheon (provided)

1:00-1:45 p.m. — Farm Business Ownership Transition Strategies

What are the options for ag clients when it comes to transitioning the farming/ranching business to the next generation? What factors do those options depend upon? This session will provide some thought-provoking options based on scenarios and will examine the tax and non-tax considerations behind the choices.

1:45-2:30 p.m. — Long-Term Care Planning Strategies

This session covers the key concepts involved in long-term care planning. Addressed will be Medicare, strategies for the private payment of long-term care expenses, private long-term care insurance, Medicaid planning concepts and asset transfer rules, and the use of trusts as part of long-term care planning.

2:30-2:40 p.m. — Break

2:40-3:30 p.m. — Special Use Valuation and Installment Payment of Federal Estate Tax

For agricultural estates, special use valuation is a technique that can be utilized to minimize the impact of any federal estate tax that might apply. However, the qualification rules are complex and detailed. This session will go through the rules, how to plan an estate to avoid them and client communication pre-death and with the qualified heirs post-death. Also, addressed will be the rules surrounding the use of the installment payment provisions of I.R.C. §6166. When would it be useful to make the I.R.C. §6166 election. What events trigger recapture under both the special use provision and the installment payment provision? These topics and more will be covered in this session.

3:30-3:40 p.m. — Break

3:40-4:45 p.m. — Trust and Estate Taxation

A key aspect of estate planning is the associated income tax issues associated with trusts and estates. This session covers how an estate and trust is taxed; the different types of trusts a practitioner must deal with; handling specific assets post-death; calculating the income tax liability for an estate; the excess deduction rule; handling the decedent's residence post-death, and other issues.

4:45 p.m. — Adjourn

Register Online


Short URL for this page:
http://washburnlaw.edu/farmandranchtax

Register Online

In-person attendance is limited to 100 individuals.

Dates / Location
Photograph: Shippensburg University Conference Center.

Thursday, June 7, 2018 and
Friday, June 8, 2018

Location (in-person attendees):
Shippensburg University
Conference Center
(49 on the campus map (272 KB PDF))
500 Newburg Road
Shippensburg, Pennsylvania
Get Directions and Maps

Free parking is available next to the conference center.

Registration Fee

Paid Through Thursday, May 24, 2018
» $405 both full days
» $275 Thursday only
» $275 Friday only

Paid After May 24, 2018
» $455 both full days
» $300 Thursday only
» $300 Friday only
See registration form.
See Washburn W-9 (taxpayer ID)

Program fee includes materials in electronic form.

Registration Deadline:
Registrations will be accepted until all seats are full. Attendees must pay the registration fee prior to start of the program.

Program Materials in Hard Copy

All attendees will receive access to the program materials in electronic form. The link to the electronic materials will be sent via email no later than Tuesday, June 5, 2018.

Attendees (in person and online) who would like hard copy of the materials may purchase them for an additional $95 as indicated on the registration form.

In person attendees: if purchased, hard copy materials will be handed out at the seminar.

Online attendees: if purchased, hard copy materials will be mailed as soon as they are available. Please note that you may not receive hard copy materials until after the seminar.

Non-Attendees can purchase program materials:
» $95: Hard copy
» $50: Electronic format (PDF)
» $125: Hard copy and electronic

Hard copy materials will be mailed to non-attendees as soon as they are available but may not be received until after the seminar. A download link for electronic materials will be sent after payment is received.

Information for Online Attendees

This seminar will be streamed using Adobe Connect, a Flash-based product. Some institutions/agencies block Flash-based products on their network. There is no charge to use Adobe Connect. Return to this page on the day(s) of the seminar and click the link that appears on the page; the link will also be sent to online attendees via email.

Online attendance at this program falls under the Kansas Continuing Legal Education Commission's "Live programming" definition; 12 CLE credit hours may be earned through online attendance each compliance period. See Rule 802(k) and Rule 803(a) (196 KB PDF; requires Adobe Acrobat Reader) at the Kansas CLE Commission website for more information.

Nontraditional programming limitations may vary in other jurisdictions; it is the responsibility of the attendee seeking credit to verify any limitations.

Continuing Education Credit

Continuing Legal Education (CLE) Credit

  • Kansas: 16 hours (total for both days) (Traditional and Online).
    YOU MUST PROVIDE YOUR CORRECT KANSAS BAR NUMBER FOR CREDIT TO BE REPORTED.
  • Other jurisdictions: all other attorney attendees will receive documentation and be responsible for submitting for credit in their home state.

CPE for IRS Practice credit

  • Continuing education credit for Enrolled Agents (EAs) and Other Tax Return Preparers (OTRPs) will be reported to the IRS by the Kansas State University Department of Agricultural Economics, which is an IRS Approved Education Provider. YOU MUST PROVIDE YOUR CORRECT PTIN NUMBER FOR CREDIT TO BE REPORTED. The program is approved for EAs and OTRPs for 11 hours of Federal Tax Law and 6 hours of Federal Tax Update, for a total of 17 hours over both days. Day 1 is 8 hours of CPE (4 hours of tax law and 4 hours of tax update); day 2 is 9 hours of CPE (7 hours of tax law and 2 hours of tax update).

CPE for NON- IRS Practice (CPA’s and Accountants) credit

  • This program is not currently approved for online credit in Kansas though we are in the process of pursuing that national certification. All other online attendees in states other than Kansas will receive documentation and shall be responsible for confirming that credit will be granted in their home state and applying for that credit, if so. See the IRS CPE standards for types of hours provided in the program.
Lodging and Dining
Photograph: Entrance to Courtyard by Marriott Shippensburg.

Attendees are responsible for making their own lodging arrangements. Continental breakfast, and lunch, are provided as part of the registration fee. Dinner is on-your-own.

Courtyard Shippensburg is offering a reduced rate of $89 for the nights of 6/6, 6/7, 6/8, and 6/9/2018.
Use this link to book your room through Sunday checkout. Must book by May 6, 2018 to receive the reduced rate.
(Note that the Courtyard is adjacent to the Shippensburg University Conference Center.)

Lists of other hotels, motels, and specialty lodging, as well as restaurants, are on the Shippensburg Area Chamber of Commerce website and the Cumberland Valley Visitors Bureau website.

Cancellations

If you cannot attend the seminar, you may send a substitute. If you cancel your registration before midnight on Monday, June 4, 2018, your registration fee will be refunded. After that date, non-attending registrants will receive the course materials in electronic form and be subject to a $50 cancellation fee.

The sponsors reserve the right to cancel this seminar and return all fees.

Assistance for Special Needs and Other Questions

If you require special services or auxiliary aids to assist you while attending the event, please contact Lisa Ginsburg, Learning Experience Designer for Pennsylvania Institute of Certified Public Accountants, at (267) 675-2262 or lginsburg@picpa.org.

Questions regarding registration or the program can be directed to Donna Vilander at Washburn Law at (785) 670-1105 or donna.vilander@washburn.edu.

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Video on Demand

Video from this program will be available at vimeo.com beginning approximately July 1, 2018 for $300.

Washburn University School of Law
Continuing Legal Education
1700 SW College Ave.
Topeka, KS 66621
(785) 670-1105
cle@washburnlaw.edu