Tuesday, May 16, 2017
This coming July 13-14 the Washburn University School of Law in conjunction with the Kansas State University, Department of Agricultural Economics and the Wyoming Society of CPAs are co-sponsoring a two-day CLE/CPE conference on agricultural tax and estate and business planning at Sheridan College in Sheridan, Wyoming. The event will also be streamed live over the internet. If you represent agricultural clients in the handling of tax work or the preparation of estate and business plans, this conference will be tailor-made for you. The presenters will be myself and Paul Neiffer of CliftonLarsonAllen. Paul and I have worked together for several years and it will be a joy to do join forces again in Sheridan.
Day 1 – Farm and Ranch Tax Day
Thursday, July 13, will be devoted to agricultural tax-related topics. We will start the day with an overview of recent developments in ag taxation. While it appears doubtful at this time that there will be any significant tax legislation to discuss in July, there have been many key court developments and IRS rulings impacting agriculture that will be covered. We will also have sessions on this day concerning farm income averaging, financial distress and income tax deferral opportunities for ag clients. During the afternoon session, we will take a deep look at the continued IRS attack on the cash method of accounting, including analysis of the recently decided Agro-Jal Farms case from California and the Estate of Backemeyer case from Nebraska. We will also provide an update on the capitalization/repair regulations, and go over in some detail various tax planning strategies for farmers and ranchers. To round out the day will be coverage of numerous miscellaneous ag tax topics.
Day 2 – Farm and Ranch Estate and Business Planning
On Friday, July 14, we will focus on estate and business planning issues for farm and ranch clients. Any legislative developments will be covered along with their impact on the planning process, as will recent case and rulings. We will also cover the use of charitable trusts, and the present planning landscape in light of higher exemptions and portability. Also addressed on Friday will be FSA planning and tax issues associated with the sale of a decedent’s residence. The afternoon session will focus on how the business structure can impact self-employment tax liability, long-term care planning strategies, profits interests and portability planning.
As noted above the two-day session will be webcast. Glen McBeth, Instructional Technology at Washburn Law School, will be handling the webcasting. You will be able to see and hear both myself and Paul and interact with us if you wish.
There are plenty of things to see and do in the Sheridan area if you are attending the conference in person. Sheridan is just east of the Bighorn Mountains and there are plenty of things to see and do. The 87th Annual PRCA Sheridan Rodeo will be on while we are there. It starts on July 12 and goes through the 15th. Paul and I are planning a fishing event for Saturday the 15th. If, you would like to join us, please let us know so that we can plan accordingly.
We certainly hope that you will join us in Sheridan. If you can’t join in person, you can join via the web. Either way, the conference will be a great opportunity for you to pick up concepts that you can use with your clients.
You can learn more about the conference and register here: http://washburnlaw.edu/employers/cle/farmandranchincometax.html