Farm and Ranch Income Tax/Estate and Business Planning Seminar/Webinar, June 2024 (Missouri)

McEowen, P.L.C. presents the two-day seminar "Farm and Ranch Income Tax/Estate and Business Planning Seminar" on Wednesday, June 12, 2024 and Thursday, June 13, 2024 at Keeter Center, College of the Ozarks (near Branson, MO). This program is appropriate for agribusiness professionals, attorneys, certified public accountants, enrolled agents, tax practitioners, and others interested in income tax and estate/business planning issues impacting farmers, ranchers, and rural landowners.

McEowen, P.L.C. has applied to be an NASBA certified CPE provider. Approval is being sought for this program to qualify primarily as a Group Live "GL" format event.

This program may only be attended in-person
Attendance is limited to 75 individuals.

NOTE: All times shown below are Central Time (CT); e.g., 8:00 a.m. CT = 9:00 a.m. Eastern Time = 7:00 a.m. MT = 6:00 a.m. Pacific Time.

About the Presenters

Photograph: Roger McEowen.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) 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 is also heard weekly on RFD-TV, and daily on over 130 farm radio stations nationwide and on SiriusXM 147 with the "Agricultural Law and Tax Report."
Learn more about Roger McEowen.

Photograph: Paul Neiffer.Paul Neiffer, CPA, is a former principal in the Agribusiness Group at CliftonLarsonAllen where he specialized in income taxation and accounting services related to farmers and processors. Now retired and living in Colorado, Paul remains a frequent speaker on ag tax topics and conducts a farm tax-related podcast. 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.

Schedule

Wednesday, June 12, 2024 (Day 1) (8 hours)

8:00-8:05 a.m. – Introductions and announcements

8:05-9:35 a.m. – Federal Tax Update (Roger)

  • This session includes discussion of important federal tax developments from the past year concerning court cases and IRS administrative pronouncements on such issues as income and deduction items; credits and tax administration; C corporations; S corporations; partnerships; and employment taxation. 

9:35-9:45 a.m. – Morning Break

9:45-10:45 a.m. – Deducting Excess (Residual) Fertilizer Supply (Paul)

  • Allocating the purchase price to items that will provide a tax deduction is an element of good tax planning when a farm is purchased.  One of those items might be excess fertilizer supply.  The IRS has requirements that must be satisfied to claim the deduction.  This session looks at those elements and walks the practitioner through the proper procedure for documenting and claiming the deduction on the return.

10:45-11:30 a.m. – Farm Bill Update (Paul and Roger)

  • The Farm Bill debate has spilled over into 2024.  What are the major issues?  What tax issues are involving the discussion and how might the debate impact tax planning for farmers?  This session

11:30 a.m.-Noon – Beneficial Ownership Information (BOI) Reporting (Roger and Paul)

  • A new reporting requirement began in 2024 that will apply to many businesses, including farms and ranches.  This session walks through the requirements and the penalties for noncompliance and discusses how the client responsibilities applicable to tax and legal professionals.  Also provided will be an update as to the constitutional challenges to the Corporate Transparency Act and the impact on BOI reporting.

Noon – 12:45 p.m. – Luncheon
12:45-1:15 p.m. – Depreciation Planning (Paul)

  • Depreciation is one of the largest deductions on a farmer or rancher’s return.  This session looks at how depreciation fits into the overall tax planning picture of an agricultural client.  Discussed is how bonus and expense method depreciation should be utilized, either together or individually; how the timing of asset purchases impacts depreciation; and other tax impacts of depreciation on a farm/ranch client’s tax situation. 

1:15-1:45 pm. – Tax Planning (Roger and Paul)

  • The possible sunset of the Tax Cuts and Jobs Act at the end of 2025 raises many tax planning issues for taxpayers.  This session looks ahead at what provisions will expire or revert to pre-2018 levels and what that means for tax planning.

1:45-2:15 p.m. – How Farmers Might Benefit from I.R.C. §45Z (Paul)

  • The Inflation Reduction Act of 2022 focused heavily on providing tax incentive for the adoption and expansion of renewable and alternative energy sources.  One of those is the clean fuel production credit.  This session looks at how the credit works and how farmers might benefit from it.

2:15-2:35 p.m. – Afternoon Break
2:35-3:15 p.m. – Potpourri (Paul and Roger)

  • In this fast-paced session looks at several recurring farm and ranch tax issues.  Included in the discussion will be the deferral of crop insurance proceeds; the structuring of and income tax reporting issues associated with deferred payment contracts; paying ag wages in-kind; the line between deductible repairs and expenses that must be capitalized; customer reward programs; and farm program payment reporting issues.

3:15-4:00 p.m. – Conservation Easements (Roger)

  • The donation of a permanent conservation easement to a qualified charity can be a good tax move for a rural landowner in the right situation, but the IRS looks at each transaction closely.  This session explores the tax and valuation issues associated with an easement donation and a review of the recent relevant litigation.

4:00 p.m. – Adjourn

Thursday, June 13, 2024 (Day 2) (8 hours)

8:00-8:05 a.m. – Introductions and announcements

8:05 a.m.-9:05 a.m. – Federal Estate and Gift Tax Update (Roger)

  • This session includes discussion of important federal estate and gift tax developments from the past year concerning court cases and IRS administrative pronouncements on such issues involving gross estate calculations and deductions; retirement plans; trusts; and miscellaneous matters.

9:05 a.m.-9:35 a.m. – SECURE Act 2.0 (Paul)

  • The SECURE Act 2.0 is an extensive piece of retirement plan legislation that made additional changes to retirement plan rules.  The Act contains over 90 changes to retirement plan and tax law in addition to the approximately 30 changes made in the SECURE Act.  This session takes a brief look at the most significant changes and how they impact retirement and tax planning for clients. 

9:35 a.m.-9:50 a.m. – Morning Break

9:50-10:20 a.m. – Split Interest Land Transactions (Roger and Paul)

  • In the current economic environment of high land values and increased interest rates the split-interest technique for buying land or as a succession planning device is receiving increased interest.  This session looks at how the transaction works and how a client might benefit from using it.

10:20-11:05 a.m. – Manager-Managed LLCs (Roger and Paul)

  • The use of the manager-managed LLC can be used for a farm and ranch client in the right situation to minimize self-employment tax and the net investment income tax.  But the structure of the entity must be established correctly to receive the anticipated tax benefits.  This session works through the application of the Code and Regulations to show the proper way to utilize the manager-managed LLC.  Also discussed will be recent court decisions of relevance and the position of the IRS.

11:05 a.m.-Noon – Types of Trusts (Paul and Roger)

  • Trusts are an important part of estate planning for farm and ranch families.  This session looks at the different types of trusts that can be utilized to satisfy a client’s estate and succession planning goals.  The discussion includes revocable trusts and various types of irrevocable trusts and the income and estate tax implications of each one. 

Noon-12:45 p.m. – Luncheon

12:45-1:30 p.m. – Monetized Installment Sales (Paul/Roger)

  • In 2023, the IRS issued proposed regulations identifying monetized installment sale transactions as a listed transaction that must be reported and placed them on the “Dirty Dozen” tax scam list.  This session looks at the technique, how it claims to work from a tax standpoint and the type of client that is commonly targeted.

1:30-2:15 p.m. – Charitable Remainder Trusts or Cash Balance Plans – Which is Better (Paul)

  • Charitable Remainder Trusts and Cash Balance Plans can both be an appropriate tax planning tool for farm and ranch clients in the right situation.  This session examines how each technique works, the type of client factual situation that supports the usage of each technique and the tax benefits that can be derived.

2:15-2:30 – Afternoon Break

2:30-3:15 p.m. – Special Use Valuation – The Basics (Roger)

  • With the potential drop in the federal estate and gift tax applicable exclusion after 2025, the rules surrounding the use of special use valuation should be dusted off and re-examined.  This session provides a review of the key eligibility requirements for a special use valuation election on the estate tax return, and the rules to avoid recapture during the post-death recapture period.

3:15-4:00 p.m. – Buy-Sell Agreements (Roger/Paul)

  • A well drafted buy-sell agreement is perhaps as important as a will or trust.  It is a key document in dealing with post-death transition issues that can arise in the context of a family business such as a farm or a ranch.  This session looks at the key components of a buy sell agreement and provides and update on current court developments that bear on the usage of buy-sell agreements.

4:00 p.m. – Adjourn

Program Learning Objectives

Learning Objectives for the program:

This program will provide an overview of tax law provisions relating to a variety of issues that arise in farm and ranch tax, estate, and business planning. The program assumes attendees will have an intermediate level of expertise in the area and are generally familiar with the areas of tax law addressed by the various topical areas listed in the program.

Attendees who complete the program will be updated as to current issues in these tax and planning practice areas. They will also work through application examples in the noted subjects areas covered by the various presenters.

Content, Prerequisites, Expected Participant Knowledge Level, Registration and Refund/Complaint Information

This program is an overview and update on the noted areas of tax law and practice. As noted, the program is intended for participants who have an intermediate level of knowledge in the Taxes Subject Area. Beginners may find exposure to the changes that are discussed helpful in assessing whether to engage more senior practitioners to help them with a client who may have Act-related issues. There are no specific prerequisites required to attend.

No advance preparation is required though program participants may want to review the topic areas and bring questions they would like addressed during the program.

McEowen, P.L.C. has applied to be an NASBA certified CPE provider. The program will qualify in the taxes area for the minutes noted next to each presentation.

Individuals who are interested in this program should register through the event homepage to see any program-related updates. Information about the program refund policy and complaint resolution steps are also included on the event homepage. You may also contact June McEowen, at (515) 963-7914 for questions about this program.

NASBA Registration

McEowen, P.L.C. is seeking certification by the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org.

Short URL for this page:
https://washburnlaw.edu/farmandranchtaxjune

Registration Information
Dates / Location

Wednesday, June 12, 2024 and
Thursday, June 13, 2024

Location:
Keeter Center College of the Ozarks
1 Opportunity Ave.
Point Lookout, MO 65726

Get Directions and Maps

Lodging is on your own.

Registration Fee

Credit-Seeking Attendees
Paid Through Friday, June 7, 2024
» $450 - Both full days
» $300 - Single day

Paid Saturday, June 8, 2024 and After
» $500 - Both full days
» $400 - Single day


Non-Credit Seeking Attendees
Paid Through Friday, June 7, 2024

» $290 - Both full days
» $200 - Single day

Paid Saturday, June 8, 2024 and After
» $315 - Both full days
» $275 - Single day

Program fee includes materials in electronic form.

Registration Deadline:
Registrations will be accepted until all seats are full. Attendees must pay the registration fee prior to start of the program.

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 email no later than Monday, June 10, 2024.

Attendees who would like hard copy of the materials may purchase them for an additional $100 as indicated on the registration form.

If purchased, hard copy materials will be handed out at the seminar.

Non-Attendees can purchase program materials:
» $100: Hard copy
» $50: Electronic format (PDF)
» $125: Hard copy and electronic

Hard copy materials will be mailed to non-attendees as soon as they are available but may not be received until after the seminar. A download link for electronic materials will be sent after payment is received.

Continuing Legal Education (CLE) Credit
  • Kansas: 16 hours (total for both days; 8 hours per day.
    YOU MUST PROVIDE YOUR CORRECT KANSAS BAR NUMBER FOR CREDIT TO BE REPORTED.
  • Other jurisdictions: all other attorney attendees will receive documentation and be responsible for submitting for credit in their home state.
CE for IRS Practice Credit
Logo: Internal Revenue Service continuing education approved provider.
  • Continuing education credit for Enrolled Agents (EAs) and Other Tax Return Preparers (OTRPs) will be reported to the IRS by Washburn University School of Law, an IRS Approved Education Provider. YOU MUST PROVIDE YOUR CORRECT PTIN NUMBER FOR CREDIT TO BE REPORTED. The program is approved for EAs and OTRPs for 9 hours of Federal Tax Law, and 7 hours of Federal Tax Update over both days. Day 1 is 8 hours of CE (4 hours of tax law and 4 hours of tax update); day 2 is 8 hours of CE (5 hours of tax law, and 3 hours of tax update).
CPE for NON- IRS Practice (CPAs and Accountants) Credit

McEowen, P.L.C. is seeking certification as a NASBA certified CPE provider in the GL (Group Live) format.

Lodging and Dining

Attendees are responsible for making their own lodging arrangements. Continental breakfast, and lunch, are provided as part of the registration fee. Dinner is on-your-own.

Cancellations

If you cannot attend the seminar, you may send a substitute. If you cancel your registration before midnight on Friday, June 7, 2024, 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.

McEowen, P.L.C. reserves the right to cancel this seminar for any reason and return all fees.

Assistance for Special Needs and Other Questions

If you require special services or auxiliary aids to assist you while attending the event, please contact Jean McEowen at jmceowen@juno.com or (515) 310-0018.

Questions regarding registration or the program can be directed to Jean McEowen at jmceowen@juno.com or (515) 310-0018.