FARM AND RANCH INCOME TAX/ESTATE AND BUSINESS PLANNING

Transcription

1 FARM AND RANCH INCOME TAX/ESTATE AND BUSINESS PLANNING Seminar and Webinar June 7-8, 2018 Conference Center at Shippensburg University Shippensburg, PA washburnlaw.edu/farmandranchtax Sponsored by: Co-Sponsored by:

2 Seminar & Webinar: FARM AND RANCH INCOME TAX/ ESTATE & BUSINESS PLANNING Washburn University School of Law presents the two-day seminar Farm and Ranch Income Tax/Estate and Business Planning. This program may be attended in person or online. WHO SHOULD ATTEND: Agribusiness professionals, attorneys, certified public accountants, enrolled agents, and tax practitioners. CONTINUING EDUCATION CREDIT Continuing legal education (CLE) credit in Kansas is available. Please check the event website for updates. CLE credit in other jurisdictions: all other attorney attendees will receive documentation and be responsible for submitting for credit in their home state. 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, an IRS Approved Education Provider. The program is approved for EAs and OTRPs for 11 hours of Federal Tax Law and 6 hours of Federal Tax Update. LOCATION IN-PERSON ATTENDEES: Conference Center at Shippensberg University 500 Newburg Road Shippensberg, PA ONLINE ATTENDEES: This seminar will be streamed using Adobe Connect, a Flashbased product. Some institutions/agencies block Flash-based products on their network. There is no charge to use Adobe Connect. A link to the webinar will be sent to online attendees via . SEE PAGES 8-10 FOR REGISTRATION DETAILS.

3 SPEAKERS 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), washburnlaw.edu/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 can be heard weekly on RFD-TV. 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. washburnlaw.edu/farmandranchtax 3

4 SCHEDULE Thursday, June 7, :30-8:00 a.m. CHECK-IN AND CONTINENTAL BREAKFAST 8:00-9:30 a.m. RECENT DEVELOPMENTS IN AGRICULTURAL TAXATION This session addresses current developments of relevance to agricultural taxation. In addition to coverage of critical cases and IRS rulings, the session focuses on the Tax Cuts and Jobs Act's impact on farmers and ranchers. An update of unchanged, expired, and extended provisions will also be addressed. 9:30-9:50 a.m. BREAK 9:50 a.m.-noon RECENT DEVELOPMENTS IN AGRICULTURAL TAXATION (CONTINUED) The opening session continues. Noon-1:00 p.m. LUNCHEON (provided) 1:00-1:30 p.m. FARM INCOME AVERAGING What should the tax preparer be looking for when determining whether an income averaging election makes sense for a farm client? This session provides guidance on what income qualifies for farm income averaging. 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. Form 982 attributes, insolvency, bankruptcy tax issues, and tax issues associated with the sale of farm/ranch assets will be addressed. 4

5 SCHEDULE Thursday, June 7, :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 rules and planning opportunities involving deferred payment contracts, crop insurance deferral election, rules surrounding the excess sale of livestock due to weather-related conditions, and 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: structuring of leases (real estate and personal property), multiple-entity arrangements, 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 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 provides an update on IRS Pub. 225, how repair 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. 4:45 p.m. ADJOURN 5

6 SCHEDULE Friday, June 8, :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 key court rulings and developments from the Treasury and IRS impacting decedents' estates and trusts, as well as succession of farm or ranch businesses. In addition, transfer tax changes in the Tax Cuts and Jobs Act and their impact on estate/business planning for clients will be 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. Issues examined in this session are: rate bracket planning, use of the charitable trust, timing of crop sales, equipment sales and appraisals, gifts of commodities to both 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 federal farm program rules and regulations impacting tax and entity planning for farmers participating in federal farm programs. The discussion includes various Farm Service Agency administrative issues and how to structure a farming operation to maximize farm program payments. 10:45-10:55 a.m. BREAK 10:55 a.m.- Noon 6 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? These and related questions will be explored.

7 SCHEDULE Friday, June 8, 2018 Noon-1 p.m. 1:00-1:45 p.m. 1:45-2:30 p.m. 2:30-2:40 p.m. 2:40-3:30 p.m. 3:30-3:40 p.m. 3:40-4:45 p.m. 4:45 p.m. LUNCHEON (provided) FARM BUSINESS OWNERSHIP TRANSITION STRATEGIES What are the options for ag clients for transitioning a farming/ranching business to the next generation? What factors are involved? This session will examine both tax and non-tax considerations behind various choices, and provide some thought-provoking scenarios for discussion. LONG-TERM CARE PLANNING STRATEGIES This session covers key concepts involved in long-term care planning, including Medicare/Medicaid planning concepts and asset transfer rules, strategies for the private payment of long-term care insurance and expenses, and the use of trusts as part of long-term care planning. BREAK SPECIAL USE VALUATION AND INSTALLMENT PAYMENT OF FEDERAL ESTATE TAX Special use valuation is a technique ag estates can utilize to minimize the impact of any applicable federal estate tax. However, qualification rules are complex and detailed. This session will explain rules, how to avoid such valuations, and client/heir communication pre- and post-death. Rules surrounding the use of the installment payment provisions of I.R.C will also be discussed. BREAK TRUST AND ESTATE TAXATION Income tax issues are a key aspect of estate planning. This session covers how estates and trusts are taxed, different types of trusts with which a practitioner must deal, handling specific assets post-death, calculating income tax liability for an estate, the excess deduction rule, handling a decedent s residence postdeath, and other issues. ADJOURN 7

8 ONLINE REGISTRATION RECOMMENDED: washburnlaw.edu/farmandranchtax REGISTRATION FEE: IN PERSON AND ONLINE $455 both full days $300 Thursday only $300 Friday only Early registration discount of $50 per person (two-day fee) and $25 per person (one-day fee) if paid through May 24, 2018 REGISTRATION DEADLINE: Registrations will be accepted until all seats are full. Attendees must pay the registration fee prior to start of the program. LODGING Attendees are responsible for making their own lodging arrangements. Courtyard Shippensburg, which is adjacent to the Shippensburg University Conference Center, is offering a reduced rate of $89 for the nights of 6/6, 6/7, 6/8, and 6/9/2018. Must book by May 6, Call (717) to reserve. Continental breakfast and lunch are provided as part of the registration fee. Dinner is on your own. CANCELLATION POLICY 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. CONTINUING EDUCATION CREDIT Continuing legal education (CLE) credit in Kansas is available. Please check the event website for updates. CLE credit in other jurisdictions: all other attorney attendees will receive documentation and be responsible for submitting for credit in their home state. 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, an IRS Approved Education Provider. The program is approved for EAs and OTRPs for 11 hours of Federal Tax Law and 6 hours of Federal Tax Update. 8 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 no later than Tuesday, June 5, 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 at washburnlaw.edu/farmandrachtaxbook: $95 - Hard copy $50 - Electronic format (PDF) $125 - Hard copy and electronic 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. The seminar link will be sent to online attendees via . 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) at the Kansas CLE Commission website, kscle.org, for more information. Nontraditional programming limitations may vary in other jurisdictions; it is the responsibility of the attendee seeking credit to verify limitations. NEED ASSISTANCE? 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) or lginsburg@picpa.org. Questions regarding registration or the program can be directed to Donna Vilander at (785) or donna.vilander@washburn.edu.

9 FARM AND RANCH INCOME TAX/ESTATE & BUSINESS PLANNING JUNE 7-8, 2018 SEMINAR & WEBINAR REGISTRATION FORM (Side A) ONLINE REGISTRATION RECOMMENDED: washburnlaw.edu/farmandranchtaxregister ATTENDEE INFORMATION: (Please duplicate this form for additional registrations.) Name: Company: Mailing Address: City: State: Zip: Phone: REGISTRATION FEE: q Attend in Person: q Two-Day Registration: $455 ($405 prior to May 24) q One-Day Registration: $300 ($275 prior to May 24) I will attend: q Thursday or q Friday q Attend Online via Webinar: q Two-Day Registration: $455 ($405 prior to May 24) q One-Day Registration: $300 ($275 prior to May 24) I will attend: q Thursday or q Friday Washburn University taxpayer ID # PLEASE NOTE: The registration fees include materials in electronic format only; you will receive an with a link to electronic materials no later than Tuesday, June 5, (See next column for option to purchase materials in hard copy.) PROGRAM MATERIALS IN HARD COPY: q If purchased, hard copy materials will be distributed to in-person attendees at the seminar and mailed to online attendees. q $95 - Hard copy q Non-attendee, but would like program materials. Choose your preferred format for materials: q $95 - Hard copy q $50 - Electronic format (PDF) q $125 - Hard copy and electronic Also available for purchase online at: CONTINUING EDUCATION: Check all appropriate boxes and provide corresponding numbers: q Attorney State q Certified Public Accountant q Enrolled Agent: PTIN# q Other Tax Return Preparer: PTIN# q No Continuing Education - PLEASE COMPLETE REGISTRATION ON REVERSE SIDE -

10 FARM AND RANCH INCOME TAX/ESTATE & BUSINESS PLANNING JUNE 7-8, 2018 SEMINAR & WEBINAR REGISTRATION FORM (Side B) REGISTRATION SUMMARY: $ Registration Fee: Two days = $455 ($405 prior to May 24) One day = $300 ($275 prior to May 24) + $ Program Materials Hard Copy (optional) = $ Total Amount Due $ Non-Attendee - Program Materials PAYMENT: q I have enclosed a check payable to Washburn University School of Law. On memo line please include: Farm Tax CLE. MAIL: Send registration form and payment to: Washburn University School of Law CLE-Farm Tax Attn: Donna Vilander 1700 SW College Avenue Topeka, KS 66621

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