2020 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 Monday, July 20 and Tuesday, July 21, 2020 at Lodge at Deadwood in Deadwood, South Dakota. 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 125 individuals.
(see "Information for Online Attendees" in the sidebar).

Register and Pay Online

NOTE: All times shown below are Mountain Time (MT); e.g., 8:00 a.m. MT = 10:00 a.m. Eastern Time = 9:00 a.m. Central Time = 7:00 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.

The Honorable Elizabeth Crewson Paris was appointed to the United States Tax Court by President George W. Bush in February 2008; she was sworn in on August 1, 2008 and her term on the Court expires July 29, 2023. Paris earned a bachelor's degree from the University of Tulsa in 1980, a law degree from the University of Tulsa College of Law in 1987, and an LL.M. in taxation from the University of Denver in 1993. She is a former partner at Brumley Bishop and Paris, senior associate at McKenna and Cueno, and tax partner at Reinhart Boerner Van Deuren in the firm's Denver office. Paris served as Tax Counsel to the United States Senate Finance Committee from 2000 to 2008. She formerly taught in Georgetown University Law Center's LL.M. Taxation Program and the University of Tulsa College of Law.

Photograph: Jeffrey Jackson.Jeffrey D. Jackson, '92, is the Director of Washburn Law's Center for Excellence in Advocacy. He was a law clerk for the Honorable Mary Beck Briscoe in the U.S. Court of Appeals for the Tenth Circuit; law clerk to The Honorable Justice Robert E. Davis at the Kansas Supreme Court; an associate at Bennett & Dillon L.L.P., in Topeka; and staff attorney for the Kansas Court of Appeals. While in law school, Jackson was an assistant editor for the Washburn Law Journal. He teaches in Washburn Law's Legal Analysis, Research, and Writing Program.
Learn more about Jeffrey Jackson.

Photograph: Brandon Ruopp.Brandon W. Ruopp is a graduate of Simpson College and the University of Iowa College of Law. He is a partner in the law firm of Moore, McKibben, Goodman & Lorenz, LLP in Marshalltown, Iowa, where he has a general practice focusing primarily in the areas of real estate, probate, estate planning and taxation.
Learn more about Brandon Roupp.

Photograph: Marc Vianello.Marc Vianello has diversified experience in accounting, finance, and business since 1975. He is the owner of Vianello Forensic Consulting, LLC (VFC), a CPA firm licensed in Kansas. Prior to forming VFC, Vianello was managing partner of Vianello & Leonard, LLC, a CPA firm licensed in various states, and was employed by the CPA firms Baird, Kurtz & Dobson (and predecessor); Grant Thornton; and Arthur Andersen & Co. The American Institute of Certified Public Accountants has accredited him in the area of business valuations and has certified him in the area of financial forensics. Vianello has testified as an expert witness on many occasions. Since 1982, he has owned and managed a licensed operator of oil and gas wells, and also owns and operates a large farm that grows row crops, hay, and beef.
Learn more about Marc Vianello.

Photograph: Shawn Leisinger.Shawn S. Leisinger, '99, is the Associate Dean for Centers and External Programs at Washburn Law. Previously he served as Assistant General Counsel to the Kansas Corporation Commission Oil and Gas Conservation Division and as Assistant Shawnee County (Kansas) Counselor. Leisinger has coached the Washburn Law American Bar Association Client Counseling competition team since 2003 and the Negotiation competition team since 2008. He has also taught the Interviewing and Counseling and the Professional Responsibility courses and regularly teaches continuing legal education sessions.
Learn more about Shawn Leisinger.

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Schedule

Monday, July 20, 2020

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

8:00-8:15 a.m. — Welcome, Announcements and Comments from Vendors

8:15-9:15 a.m. — Farm Income Tax Caselaw and IRS Update (McEowen)

What have been the big agricultural tax issues in the courts and with the IRS over the past year? This session provides a review of the significant developments of importance to tax practitioners with an agricultural clientele base.

9:15-10:00 a.m. — GAAP Accounting Update (Neiffer)

This session will update the major accounting changes that will affect farmer's financial statements. Topics will include revenue recognition and lease accounting changes.

10:00-10:20 a.m. — Break

10:20-11:00 a.m. — Miscellaneous Topics (McEowen)

This session takes a look at several topics of importance to farm and ranch clients. Discussed will be tax issues associated with restructuring credit lines; deducting bad debts; forgiving installment sale debt; selected passive loss issues.

11:00 a.m.-Noon — I.R.C. §199A Advanced Planning (Neiffer)

We have now had two tax seasons under our belt on Section 199A. This session will review what we have learned and go over the planning needed to maximize the deduction.

Noon-1:00 p.m. — Lunch (provided)

1:00-2:30 p.m. — A U.S. Tax Court Practice--What You Need to Know Before You File That Petition (Paris)

This session will present information all attorneys and CPAs need to consider if they are interested in representing clients in the U.S. Tax Court. U.S. Federal Judge Elizabeth Crewson Paris will lead a discussion that will include topics such as: successful satisfaction of Tax Court notice pleading requirements; exploring multiple exclusive jurisdictions of the Tax Court; troubleshooting potential conflicts and innocent spouse issues; utilizing S-Case procedures to your client's advantage; and exploring Tax Court website resources available to you.

2:30-2:50 p.m. — Break

2:50-3:30 p.m. — NOLs and EBLs: How Do the New Rules Work? (McEowen)

Legislation enacted in late 2016 changed the rules for net operating losses (NOL) and excess business losses (EBL). How do the new rules work? Topics covered include NOL carrybacks and carryforwards; limitations; guidance (or lack thereof); business and non-business income; and entity sales.

3:30-4:15 p.m. — FSA Advanced Planning (Neiffer)

We sometimes strive to save $10,000 in self-employment taxes not realizing we may cost farmers $250,000 or more of Agriculture Program payments. This session will review the pertinent Farm Service Agency rules on payments and review the planning needed to maximize those payments.

4:15-4:35 p.m. — Like-Kind Exchanges When I.R.C. §1245 Property Is Involved (McEowen)

This brief session will wrap up the day with a discussion of real estate trades when I.R.C. §1245 property (such as grain bins and hog confinement buildings and other structures) is involved in the exchange. What are the rules? How to identify and avoid the traps. What are the necessary forms to be filed?

4:35 p.m. — Adjourn

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Tuesday, July 21, 2020

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

8:00-8:05 a.m. — Welcome and Announcements

8:05-9:00 a.m. — Farm Estate and Business Planning Caselaw and IRS Update (McEowen)

This session provides an update of key developments in the courts and the IRS over the past year that impact estate, business, and succession planning for farmers and ranchers. It's a fast-paced survey of cases and rulings that practitioners must be aware of when planning farm and ranch estates and succession plans.

9:00-10:00 a.m. — Incorporating a Gun Trust Into An Estate Plan? (Jackson)

This session explores the basic operation of a gun trust to hold firearms and the mechanics of such a trust's operation. It will discuss the reasons to create a gun trust; their effectiveness as an estate planning tool to hold firearms; common myths and understandings about what a gun trust can do; special rules associated with gun trusts; and client counseling issues associated with gun trusts.

10:00-10:20 a.m. — Break

10:20-11:35 a.m. — Retirement Planning (Ruopp)

This session involves a comprehensive review of the rules concerning contributions, rollovers, and required minimum distributions for IRAs and qualified retirement plans following the passage of the SECURE Act.

11:35 a.m.-Noon — Common Estate Planning Mistakes of Farmers and Ranchers (McEowen)

This session looks at common errors that can derail the estate and business succession plans of a farm or ranch family. These are "foot-faults" that can easily be avoided but are nevertheless fairly common. With the many technical rules that govern estate and business planning, sometimes the "little things" loom large. This session reviews common issues that must be addressed with clients.

Noon-1:00 p.m. — Lunch (provided)

1:00-1:30 p.m. — Post-Death Management of the Family Farm or Ranch Business (McEowen)

What are the issues that must be dealt with after the death of family member of the family business? This session examines probate administration issues that commonly arise with respect to a farm or ranch estate, including the application of Farm Service Agency Rules and Requirements. Also addressed will be distributional and tax issues; issues associated with partitioning property; handling marital property and disclaimers; potential CERCLA liability; and issues associated with estate tax audits.

1:30-2:40 p.m. — Estate and Gift Tax Discounts for Lack of Marketability (Vianello)

The appropriate amount of discount for lack of marketability ("DLOM") has long been critical for valuation professionals, investors in and issuers of illiquid securities, financial statement issuers and auditors, the courts, and others. The determination of an appropriate discount has been extensively discussed and debated. Yet, before Mr. Vianellos's research, an empirical study using defined and objective data that could actually justify a methodology for a lack of marketability discount was lacking. This session is a summary of Mr. Vianello's research into the market evidence of discounts for lack of marketability. The presentation will challenge broadly used methodologies for determining discounts for lack of marketability, and illustrate why such discounts should be supported by probability-based option modeling.

2:40-3:00 p.m. — Break

3:00-3:25 p.m. — Valuation of Farm Chattels and Marketing Rights (McEowen)

The valuation of tangible personal property in an agricultural estate presents unique issues. Similarly, the valuation of growing crops and livestock can present challenges. This session provides some basic guidelines for determining estate tax value of such property.

3:25-4:25 p.m. — Ethical Issues Related to Risk: Understanding and Advising Clients (Leisinger) (1 hour ethics)

This session examines ethical issues related to risk in the legal context. The presentation will look at how different people, and different attorneys, approach risk taking through a live exercise and application of academic risk approaches to the outcomes. Then, the discussion looks at how an attorney can get competent and ethically advise clients concerning risk decisions in practice. Participants will be challenged to contemplate how their personal approach to risk may impact, or fail to impact, client decisions and choices.

4:25 p.m. — Adjourn

Register and Pay Online

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

Register and Pay Online

In-person attendance is limited to 125 individuals.

Dates / Location
Photograph: Lodge at Deadwood (South Dakota).

Monday, July 20, 2020 and
Tuesday, July 21, 2020

Location (in-person attendees):
Lodge at Deadwood
100 Pine Crest Lane
Deadwood, South Dakota
Get Directions and Maps

See below for lodging information.

Registration Fee

Paid Through Sunday, July 5, 2020
» $405 both full days
» $275 Monday only
» $275 Tuesday only

Paid Monday, July 6, 2020 or After
» $455 both full days
» $300 Monday only
» $300 Tuesday 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 Friday, July 17, 2020.

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.

Continuing Legal Education (CLE) Credit
  • Kansas: 16 hours (total for both days; 8 hours per day, including 1 hour ethics for 3:25 p.m. session on July 21) (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
Logo: Internal Revenue Service continuing education approved provider.
  • Continuing education credit for Enrolled Agents (EAs) and Other Tax Return Preparers (OTRPs) will be reported to the IRS by Washburn University School of Law, 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
  • NOTE: Kansas CPAs may only receive credit for attendance in person. This webinar is not NASBA approved, so does not qualify/provide CPA credit for online attendance.
  • 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.
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.

Lodging and Dining

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.

A block of rooms is set up under Washburn University School of Law at a rate of $169 per night plus tax and fees. This rate is valid from July 17 thru July 22. The room block will release June 19, 2020.

The Lodge does not have an online link for reservations, but guests can call the front desk at (877) 393-5634 and tell them they need to make reservations under the Washburn University Law School room block.

Lists of other hotels, motels, and specialty lodging are on the Deadwood Chamber website.

Cancellations

If you cannot attend the seminar, you may send a substitute. If you cancel your registration before midnight on Monday, July 13, 2020, 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 Gabriel Bezpaletz, Director of Catering, at (605) 571-2121.

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