Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Sunday, March 11, 2018

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

0000000 CLEWashington University School of Law is hosting a conference entitled, 2018 Farm and Ranch Income Tax/Estate and Business Planning Seminar/Webinar, which will take place on Thursday, June 7 and Friday, June 8, 2018 at Shippensburg University in Shippensburg, Pennsylvania. Provided below is a description of the event:

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. Mr. 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. He 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. Mr. 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.


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 client’s 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


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