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Farm Income Tax, Estate and Business Planning Seminar June 27-28, Santa Fe 1

June 27th - 28th, 2013 • Santa Fe, NM

Past Event:

About the Seminar: Farm Income Tax, Estate and Business Planning

This seminar is designed to provide attendees with a comprehensive and practical understanding of major agricultural tax, estate and business planning issues. In addition, the speakers are open to questions and responses from the attendees. It is an excellent opportunity for accountants, lawyers and agribusiness professionals to update their knowledge of tax, business and legal matters related to agriculture and farm business activities.

Included with your registration fee is electronic materials (additional cost for spiral-bound manuals), refreshments and meals.

Registration

Seminar Location and Accommodations

  • The seminar will be held at The Bishop’s Lodge Ranch Resort & Spa at 1297 Bishop’s Lodge Road in Santa Fe, New Mexico.
  • Reservations:
    • Call the resort directly at 800-732-2240 or 800-419-0492 to receive a room rate of $199 per night (this special rate is only available June 26-28, 2013). Please mention Iowa State University when making your reservations. The Bishop’s Lodge cannot guarantee room availability after Tuesday, May 28, 2013.
    • Or make reservations online by clicking here.

Continuing Education

  • This course provides continuing education for lawyers, tax practitioners, accountants, enrolled agents, and others interested.  Please indicate states in which you would like to receive credit on your registration form, and we will assist in that process.  Payment for fees (other than the states of Iowa and New Mexico) is the responsibility of the attendee.
  • Please check back for up-to-date approved continuing education.

Purchase Materials

Click here to purchase materials online

Or download the registration form/brochure (PDF) and mail to: Center for Agricultural Law and Taxation, Iowa State University, 2321 N. Loop Dr. Ste 200, Ames, Iowa 50010

2 Day Seminar Agenda

Thursday, June 27, 2013 - Day 1 - Farm Income Tax

7:30-8:00 a.m. - Registration and Continental Breakfast

8:00-9:50 a.m. - Farm Income Tax Cases, Rulings and Legislative Update (McEowen) - This session addresses all of the recent major cases and rulings impacting agriculture from across the country.  Also included is up-to-the-minute coverage of new legislation and Treasury Regulations (such as the repair regulations), and their impact on farm clients.

9:50-10:10 a.m. - Morning Break

10:10-12:00 p.m. - Real Estate and Investment Tax Issues (Neiffer and Morehead) - This session includes coverage of passive loss issues including grouping of activities and how the rules work with flow-through entities, and the application of the new 3.8% Medicare surtax to passive sources of income common to agricultural clients, and a discussion of the material participation test and how it applies to agricultural clients especially in the context of leasing.  Also addressed will be the ability to make grouping elections for the client’s benefit.  Also covered will be various types of leasing strategies for farm and ranch clients, the I.R.C. §121 housing exclusion; selected like-kind exchange issues and split-interest purchases.

12:00-1:00 p.m. - Luncheon (provided)

1:00-2:45 p.m. - Depreciation/Potpourri of Agricultural Tax Issues (all speakers) - This session covers a range of tax issues of importance to practitioners with agricultural clients.  Issues addressed include gifting ag commodities; like-kind exchange depreciation elections and rules; Chapter 12 bankruptcy tax issues; tax issues associated with trading and/or selling machinery; depreciation; hedging vs. speculation; CRP tax issues; material participation rules for farmers; farm income averaging; paying ag wages in-kind; deferred sales contracts; deferred livestock sales; non-taxable fringe benefits; employment agreements for family members; Form 1099-K and other reporting issues; conservation easements; tax issues associated with wind energy and oil/gas leases; capital gain rates effective beginning in 2013 and planning concepts in light of higher individual rates as compared to C corporate rates.

2:45-3:00 p.m. - Afternoon Break

3:00-3:50 p.m. - Financial Distress and Related Tax Issues (Eckley) - This session covers the key aspects that clients encounter when experiencing financial distress.  An overview of bankruptcy is provided along with mortgage foreclosure tax issues, the distinction between recourse and non-recourse debt, the deductibility of theft losses, the rules governing the forgiveness of credit card debt, how income is reported on the tax return, and the handling of Forms 1099-A and 1099-C.

3:50-4:45 p.m. - Common Return Errors and Audit Issues for Ag Clients (all speakers) - This session provides a heads-up on the common errors that are made on farm returns, and what the common audit issues are with the IRS for farm and ranch clients.

Friday, June 28, 2013 - Day 2 - Farm Estate and Business Planning

7:30-8:00 a.m. - Registration and Continental Breakfast

8:00-9:50 a.m. - Estate and Business Planning Cases, Rulings and Legislative Update (McEowen) - This session covers the key court rulings and developments from the Treasury and IRS impacting decedents’ estates and trusts and succession of the farm or ranch business.  Legislative developments in the Congress concerning the transfer tax system are also addressed.  Specific issues addressed will include recent developments concerning the portability election, valuation issues including alternate and special use valuation developments, and family limited partnerships.

9:50-10:10 a.m. - Morning Break

10:10-12:00 p.m. - The Use of Entities in the Estate and Tax Planning Process (Neiffer & Morehead) - This session addresses the choice between a C corporation and an S corporation under the new rules.  Also covered are the tax and non-tax aspect of converting an S corporation to a C corporation, the use of multiple entities for farm and ranch clients, and the Mizell problem.  The session also covers the use of an LLC to both reduce self-employment tax and eliminate the net investment income tax.  Other topics addressed include discounts for LLP and LLC interests in the estate planning process, manager-managed LLCs as compared to member-managed LLCs, and the use of a corporate member of an LLC to retain tax-free fringe benefit advantages.  The use of buy-sell agreements and transfers with retained interests as part of the estate/succession planning process will also be discussed.

12:00-1:00 p.m. - Luncheon (provided)

1:00-2:00 p.m. - Special Use Valuation and Other Unique Tax Planning Opportunities for Farmers (McEowen, Neiffer and Morehead) - This session highlights the most important areas of I.R.C. §2032A for practitioners.  Addressed will be the most troublesome eligibility qualification traps for the unwary, the procedure of and requirements for making the election, the material participation test, integrating the election with the client’s overall estate plan, and various forms and checklists used in determining an estate’s eligibility for the election and various management agreements that are helpful to maintain post-death eligibility.

2:00-2:45 p.m. - Estate Planning Potpourri (Eckley) - This catch-all session addresses a wide range of common issues clients face in the estate planning realm.  Addressed will be the use of payable-on-death accounts and beneficiary status, the seemingly increasing malpractice and ethical pitfalls of estate planning; the ways that the different desires of on-farm and off-farms heirs can be satisfied consistent with the parent’s goals and objectives; and planning for long-term health care.

2:45-3:00 p.m. - Afternoon Break

3:00-3:50 p.m. - The Use of Trusts in the Estate Planning Process (Neiffer) - This session highlights the proper using of trusts in the estate planning process related to farmers and ranchers.  Addressed will be the use of a revocable living trust versus a will, the use of a Charitable Remainder Trust for retiring farmers and ranchers to save income and self-employment tax, the use of an intentionally defective grantor trust in the proper setting, and discussion of GRAT, GRUT, ILIT and other trust terminology. 

3:50-4:45 p.m. - Defined Benefit Plans for Agricultural Clients (all speakers) - As an estate planning tool, the use and application of defined benefit plans is often overlooked for agricultural clients.  However, such plans can be a very useful tool for a farmer or rancher wanting to retire from the business.  This panel session will discuss the nuances of such plans for the ag client.

About the Speakers

Roger McEowen is the Leonard Dolezal Professor in Agricultural Law in the Department of Agricultural Education and Studies and Director of the Center for Agricultural Law and Taxation at Iowa State University. He is a member of the Iowa and Kansas Bar Associations and is licensed to practice in Nebraska. He is widely published in law reviews and in other agricultural law publications and conducts agricultural tax and law seminars across the country.

Erika Eckley is the Staff Attorney at the ISU Center for Agricultural Law and Taxation.  She graduated Order of the Coif from Drake University Law School, where she was Articles Editor of the Agricultural Law Journal.  She has also been an associate lawyer and a judicial law clerk in Iowa.  She is a member of ISBA and is admitted to practice in Iowa.

Andrew Morehead is an accountant in Eaton, CO.  He is the past president of the Public Accountants Society of Colorado, and has been a Governor on the Board of the National Society of Accountants.  His practice focuses heavily on tax and accounting issues associated with farming and ranching operations and agribusinesses.

Paul Neiffer is an Agribusiness Certified Public Accountant and is a Principal in the Agribusiness Group of CliftonLarsonAllen LLP.  He is based out of Yakima, WA, and specializes in income taxation and accounting services related to farmers and processors.  Paul authors a monthly column for Top Producer magazine and maintains a blog entitled "The FarmCPA" located at www.farmcpatoday.com. 

Cancellations

Cancellations must be made no later than June 13, 2013 by 4 pm CST.  For cancellations after June 13, one-half of the registration amount paid will be refunded.  No refunds are available on or after the first day of the seminar.

Location Details

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The Bishop’s Lodge Ranch Resort & Spa

Santa Fe, New Mexico
United States

Discuss this Event 1

on Jan 24, 2014

I would like to know more info about the latest tax planning opportunities projects, my father is a farmer and I want to discuss with him about constructing a new facility. I consulted some people involved in this business, also Louis J. Goodman and this idea seems great, however first I need to know more about the changes in I.R.C. §2032A before starting the project.

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