ND Agricultural Property Tax - Ron Haugen
This session will go over the ND land valuation model that Ron Haugen from the North Dakota State University. This model is used to estimate average land values by county and the value of production from cropland and non-cropland.
Tax Legislation, Policy and Implications for Clients: What Now? - Roger McEowen
This session will examine income tax, estate and gift tax, capital gain, and basis proposed legislation that has been proposed in 2021. The potential for dramatic change in tax policy creates many issues for tax practitioners and their clients. What are the most important areas that impact tax planning for clients? What is the impact on capital gains tax rates? Is Social Security planning affected? How should clients be advised? What tax planning techniques should be taken to minimize the impact of higher effective tax rates. How do the proposed changes potentially impact estate and succession plans for clients? What's the proper structure of the business given potential changes in corporate tax rates, the elimination of the QBID and self-employment tax savings for S corporation shareholders? What about valuation discounting, GRATS and ILITS?
Special Use Valuation: Key Concepts - Roger McEowen
With the possibility of a decrease in the federal estate and gift tax exemption equivalent of the unified credit, the federal estate tax becomes an issue for a higher percentage of farming and ranching operations. This session outlines the key issues for estate planners doing pre-planning for the possibility of an election in a decedent's estate and issues that can arise post-death.
Corporate Reorganizations: Divisions and Split-Ups - Roger McEowen
The possible changes in the laws surrounding estate and business planning as well income tax planning may make it necessary for the planner to change the existing structure of a client's farming or ranching operation. This session examines the rules for a divisive reorganization, including the planning considerations when a lease is involved. Also addressed are the documentation requirements for a Type-D reorganization.
FSA Programs and Farm Business Structures - Roger McEowen
This session provides a review of the proper structuring of farm businesses to maximize USDA farm program benefits.
Farm Income Tax Caselaw and IRS Update - Roger McEowen
What have been the big agricultural tax issues in the courts and with the IRS over the past year? This session provides a review of the significant caselaw and regulatory/administrative developments of importance to tax practitioners with an ag clientele base.
This session reviews the developments in the courts and IRS/Treasury relevant to farm estate and business planning over the prior year
Financial Performance - Byron Parman
Farm financial performance has gone through many changes the last few years and there are more to come. This session will take a look at the last couple of years for farm financial performance and how the government programs like CFAP and MAP have affected the the agriculture industry and the finances associated with the farming industry. We will also look forward to 2021 and what the programs and other factors like the drought might do to the financial performance for the future.
Tuesday, August 24 | 9:00 - 4:30
Farm Taxation Update - Paul Neiffer & Austin Burby
This session will help practitioners recognize unique tax opportunities and pitfalls for taxpayers in the agriculture industry. Our education sessions give tax professionals a forum to discuss current issues affecting their farm and ranch clients. In addition to covering income and deduction items unique to agribusiness producers, we will also cover recent tax developments affecting agribusiness.