Farm Tax Session Descriptions
Session Descriptions
A. Consumer Trend Impacts | Bridgette Readal
Yellowstone is not a documentary! Let's explore what really happens to get from the farm to the table and upend the myths surrounding our cheapest, stable and most abundant food supply in the world!
B. Maximizing Your Social Security Benefits| John Lenarz
Our goal is to provide you with the knowledge and tools to make informed decisions about your Social Security benefits, ultimately helping you achieve a more financially secure and fulfilling retirement. Don't miss this opportunity to unlock the secrets to maximizing your Social Security benefits and securing your financial future. Whether you're about to retire or planning ahead, this session is a must-attend for anyone seeking to make the most of their Social Security benefits.
C. Tax Update (Cases and Rulings) | Roger McEowen
This opening session looks at the most significant tax cases and rulings from the courts and the IRS during the past year that have implications for farm and ranch clients, rural landowners, and agribusiness professionals.
Easement Tax Issues | Roger McEowen
Rural landowners are finding easement tax issues to be more commonplace. This session provides a review of the basic tax issues associated with easements, particularly income tax basis offset issues and the character of the easement payments.
D. Excess Soil Fertility Deduction | Roger McEowen
When a farm is purchased an allocation of value can be made to depreciable items. One of those items might be excess fertilizer supply. The IRS has a specific procedure that must be followed for valuing the excess amount. This session examines the IRS approach, the amount to be amortized, the timeframe for amortization and the possibility of recapture.
Research & Development Credit | Roger McEowen
Farmers often try new procedures and processes on their farms to improve soil quality, crop productivity, etc. to improve efficiency and profitability. This session looks at what things a farmer might do to increase overall profitability that could qualify as "qualified research" expenses for purposes of the R&D credit.
Rental Tax Issues | Roger McEowen
This session looks at the tax issues associated with various types of rental arrangements a farmer might be engaged in and the proper reporting of the income from those arrangements.
E. The Definition of Farm Income for Farm Program Purposes | Roger McEowen
Many Farm Service Agency programs grant extra payments if AGI from farming is more than 75% of total AGI. This session will review how FSA determine AGI and why it can be substantially different from IRS calculations.
The Farm Economy | Roger McEowen
This session provides an update of the current status of the farm economy to help provide insight as to tax strategies that might work best in the present environment.
F. Current Developments in Estate and Gift Taxation | Roger McEowen
This session provides an update of legislative, regulatory and court developments involving federal estate and gift tax including developments involving a decedent’s gross estate, asset valuation, gifts made during life, retirement plans and miscellaneous issues.
Death of a Farmer | Roger McEowen
This session goes through the process of handling the tax issues that arise when a client dies. Included will be the completion of Form 1041 and the decedent’s final return. Also discussed will be the I.R.C. 645 election, IRD, basis issues and the impact of death on various tax attributes. Special attention will be focused on the common tax issues associated with the death of a farmer.
G. Charitable Remainder Trusts | Roger McEowen
This session looks at the proper use of a CRAT as part of an overall estate plan.
Buy-Sell Agreements | Roger McEowen
A buy-sell agreement is often a fundamental document in the successful transition of a farming or ranching business. However, the type of buy-sell agreement and how it is funded can make a major difference from a tax standpoint. This session will unpack the tax issues associated with buy-sell agreements.
H. Strategies For a Successful Farm Business | Roger McEowen
Looking forward to the next year, several items deserve increased attention for farm businesses. What are the forward-looking strategies for success? This session picks up on the prior day's discussion on the farm economy. Farm economics and politics play a key role in estate planning. What is the landscape now and how does it impact farm and ranch estate plans. What do the top producers do that has made them top producers? Also discussed will be the impact of rising interest rates and higher asset values on transitioning the farm business to the next generation and the unintended consequences of high income.
I. Updates and Current Issues in the World of Farm Succession and Retirement Planning | Russ Tweiten
J. CPA Resources for FSA Programs | Kristen Knudtson & Laura Heinrich
Covering already implemented programs such as 2020 and 2021 ERP 2 and PARP. Also insight into the 2022 ERP that involves revenue certification that will be implemented later. Make sure to have some questions ready!
