The agriculture industry is growing increasingly complex. Make sure you are aware of the unique opportunities and pitfalls affecting your clients. The highly-anticipated update will give you a forum to discuss current issues affecting your farm and ranch clients.
Join us for this in-depth session exploring timely tax and planning issues impacting agricultural clients. In this one-day workshop, we will cover as many of the following topics as time allows.
All attendees will receive a PDF copy of the 2022 Agricultural Tax Issues Workbook, which will include more than 200 pages of detailed information in all topics.
The class sessions will include plenty of time for questions and discussion.
- This one-day showcase event will review key tax law impacting agricultural producers & ranchers.
- CPAs, agribusiness professionals, attorneys, enrolled agents, tax practitioners, and others interested in income tax and estate/business planning issues impacting farmers, ranchers, and rural landowners need to join us!
- Recognize the key planning opportunities impacting farm, ranch and agricultural taxation.
- Hot Topics in Agriculture: This chapter reviews hot topics in agricultural taxation, including farm income averaging, the taxation of rental property, corporate reorganizations, and retiring a farm asset.
- Tax Treatment of Conservation-Related Payments and Expenses: Farmers are exploring many new practices and opportunities related to improving water quality, reducing greenhouse gas emissions, and increasing renewable energy sources. This chapter reviews the tax rules for conservation-related expenses and payments, including soil and water quality expenses, cost share programs, CRP payments, conservations easements, carbon credits, pipeline and solar payments, and more.
- Retiring a Farm Partner: Retiring a partner under the provisions of I.R.C. § 736 can be a very effective way of transferring ownership of a farm business to the next generation be that family members or key employees. These provisions can be applied at any time that a partnership desires to liquidate the interest of a partner. As discussed in this chapter, this approach has several advantages over an outright sale or an installment sale. However, the rules are somewhat complex and present several pitfalls for the unwary. This chapter reviews the rules for a successful business transfer.
- CPA or Attorney Statements for AGI Compliance and other FSA Issues: Farm programs are varied and complex. They each come with their own payment limitations and adjusted gross income compliance rules. This chapter reviews Farm Service Agency rules for CPAs and attorneys to certify compliance with AGI requirements. It also provides updates on several new programs implemented in 2022
- Tax Challenges for H-2A Workers: Employers with H-2A workers must strictly adhere to complex federal regulations, as well as strict IRS procedures for payroll and associated expenses. This chapter reviews common tax issues associated with H-2A workers.
- Allocating Value among Newly Acquired Farm Assets: Farmers who purchase or otherwise acquire farm property must allocate the purchase price or basis among the various assets. This chapter discusses the assignment of value to farm assets such as drainage tile, fence, and residual fertility. It also reviews key 2022 rules for depreciation and expensing.
- • Considerations for Starting an Agricultural Business: This chapter explores the rules governing when an agricultural business begins for purposes of deducting business expenses.
- • The Taxation of Tree and Berry Farms: This chapter discusses special tax issues associated with Christmas trees, fruit and nut bearing trees, and berries and brambles.
- • Charitable Gifting for Farmers: Many farmers wish to contribute or donate to charitable organizations. This chapter provides an in-depth review of the rules for the charitable gifting of commodities. It also discusses several other options farmers may consider when planning their charitable giving strategies, including charitable remainder trusts and donor advised funds.
- • Sale and Exchange of Farm Property: Calculating and reporting gains and losses on the disposition of business assets can be complex. Form 4797, Sales of Business Property, not only reports gains and losses from straightforward sales, but it is also the collection point for recognized gains calculated on Form 6252, Installment Sale Income; Form 8824, Like-Kind Exchanges; and recognized gains and losses calculated in Section B—Business and Income-Producing Property of Form 4684, Casualties and Thefts. This chapter is a reference for reporting tax for the sale and like-kind exchange of farm property.
- • Legislative and Case Law Update
- • Sample Farm Tax Return
- We will be using the Ag Tax Issues workbook recently published by the Land Grant University Tax Education Foundation - this will be a fantastic resource!
Kristine is an adjunct assistant professor in the Agricultural Education & Studies Department and the director for the Center for Agricultural Law and Taxation. Kristine's work focuses on studying and interpreting laws impacting the agricultural industry. In particular, she focuses on agricultural taxation. Since joining CALT in 2013, Kristine has written hundreds of articles and blogposts to keep tax professionals, practicing attorneys, producers, and agribusiness professionals informed about legal developments impacting their business. She also writes technical chapters for the National Income Tax Workbook and regular articles for farm publications. In addition to her writing, Kristine speaks to many professionals and producers each year regarding tax and agricultural law topics. She also plans and provides instruction for CALT-hosted seminars, including the annual federal income tax schools. Kristine teaches AgEds 451, a four-credit agricultural law class to upper-level undergraduate students in the College of Agriculture and Life Sciences. She also regularly collaborates with other agricultural law and tax professionals throughout the country, including those from the Rural Tax Education Committee, the American Agricultural Law Association, and the Land Grant University Tax Education Foundation. Kristine is licensed to practice law in Iowa and Missouri and is a member of the Iowa Bar Association. Before coming to ISU, Kristine worked for a legal publishing company and as a practicing attorney. She received her J.D., Order of the Coif, from the University of Texas at Austin and her B.A. in journalism from Iowa State. She grew up on a farm in West Central Iowa. Area of Expertise: Center for Agricultural Law and Taxation Estate planning and intergenerational transfer Beginning farmer programs Agricultural law and income tax management