Thursday, June 4, 2020

Summer 2020 – National Farm Income Tax/Estate and Business Planning Conference

Overview

On July 20-21, Washburn Law School will be conducting a national conference on farm income tax and farm estate and business planning in Deadwood South Dakota.  Also occurring nearly simultaneously will be the law school’s first “CLE Excursion.”  In today’s post I provide a preview of the conference and the excursion.

Farm Income Tax/Estate and Business Planning Conference

If you represent ag clients in handling tax issues and or work with them on estate and business plans, this conference is a focused event on issues tailored to the farm clientele that will be useful to your business.  Numerous tax rules as well as the rules surrounding estate and business planning for the ag client are unique.  The unique rules and the planning challenges and opportunities they present will be discussed.

The conference will be held at the Lodge at Deadwood, a premier conference facility in just outside Deadwood, South Dakota in the beautiful Black Hills with proximity to Mount Rushmore, Devils Tower, Spearfish Canyon and other beautiful locations. 

Day 1 (July 20) – Farm Income Tax

On Monday, July 20, the discussion will focus on various farm income tax topics.  Speakers for the day include myself, Paul Neiffer, and U.S. Tax Court Judge Elizabeth Crewson Paris   The topics for the day include:

  • Caselaw and IRS update (including tax provisions in the CARES Act)
  • CARES Act Update (PPP and EIDL)
  • GAAP Accounting Update
  • Restructuring Credit Lines
  • Deducting Bad Debts
  • Forgiving Installment Sale Obligations
  • Passive Losses
  • R.C. §199A Advanced Planning
  • Practicing Before the U.S. Tax Court
  • NOLs and EBLs
  • FSA Advanced Planning
  • CFAP Update (including payment limitation planning)
  • Like-Kind Exchanges and I.R.C. §1245 property

Day 2 (July 21) – Farm Estate and Business Planning

On Tuesday, July 21, the focus will shift to farm estate and business planning.  Speakers for the day along with myself will be Prof. Jeff Jackson, Brandon Ruopp, Marc Vianello and Prof. Shawn Leisinger

  • Caselaw and IRS update
  • Incorporating a Gun Trust Into an Estate Plan
  • Retirement Planning
  • Common Estate Planning Mistakes of Farmers and Ranchers
  • Post-Death Management of the Family Farm and Ranch Business
  • Estate and Gift Tax Discounts for Lack of Marketability
  • Valuation of Farm Chattels and Marketing Rights
  • Ethical Issues Related to Risk

You can learn more about the conference and find registration information here:  http://washburnlaw.edu/employers/cle/farmandranchtax.html

CLE Excursion

Corresponding with the farm income tax and estate/business planning conference will be Washburn Law School’s “CLE Excursion.  While this event is primarily for Washburn Law Alumni, others are welcome to register.  An informal gathering will be on Friday evening, July 17.  On Saturday, July 18, with two hours of CLE that day.  A day of sightseeing is planned for Sunday, July 19 with a CLE conference also at the Lodge at Deadwood.  CLE topics for July 20 will be: 

  • Ethics
  • Gun Trusts
  • Law and Technology

On July 20 an excursion will also take place to Mount Rushmore and Crazy Horse mountain.  You can learn more about this event and register here: http://washburnlaw.edu/employers/cle/deadwoodcle.html

Virus Concerns?

If you are unable to attend due to the virus or concerns over the virus, the two-day conference will be live-streamed.  We use a superior streaming technology that allows you to participate in the conference from the comfort and safety of your own office.  

Room Block

A room block has been established for the tax/planning conference.  When you call the Lodge at Deadwood, just mention that you will be attending Washburn Law School’s summer conference.  A special rate has been negotiated for the room block.

Conclusion

This conference will take place shortly after the end of the filing season (assuming it isn’t postponed again) at a time when many will also be ready for a nice place to vacation at and also take in a continuing education conference.  It is also possible to register for both events and pick and choose the topics you would like to attend.  In addition, as noted the farm income tax/farm estate and business planning conference can also be attended online as it will be broadcast live online. 

I hope to see you in Deadwood this summer.  If you can’t be there, I hope you can attend online.

https://lawprofessors.typepad.com/agriculturallaw/2020/06/summer-2020-national-farm-income-taxestate-and-business-planning-conference.html

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