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Farm Tax Update (FARM-GF)

  • 09/17/2018
  • 8:00 AM - 4:00 PM
  • Grand Forks Alerus Center


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This course offers real world interpretations of recent federal tax law changes as they apply to farm and ranch clients. Learn key tax developments of the past year and identify tax planning opportunities stemming from those developments.

Topics Discussed:

  • Recent Developments in Agricultural Taxation: This section addresses 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.
  • Farm Income Averaging: This section provides 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.
  • 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. Addressed will be the Form 982 attributes, insolvency, bankruptcy tax issues, and tax issues associated with the sale of farm/ranch assets.
  • 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.
  • 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.
  • Repair/Capitalization Regulations - An Update and Review:This section 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.

Designed For: Practitioners representing farmers and ranchers
Level: Update
Instructor/Developer: Roger McEowen
Area of Study: 8 Taxes (Technical)

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3100 South Columbia Road
Suite 500
Grand Forks, ND 58201

Contact Us: 

 (701) 775-7111
or (877) 637-2727

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