All attendees will receive a copy of the 2024 Agricultural Tax Issues Workbook.

This workshop prepares tax professionals to tackle the tax provisions relevant to agricultural producers and landowners in 2024. All attendees will receive a copy of the 2024 Agricultural Tax Issues workbook, a 300-page resource. The class will begin at 8:30 am and end at 4:30 pm. We will cover the following topics from the workbook:

Agenda

Registration and Sign-in begin at 7:45 a.m.

8:30 am - 10:30 am - New Legislation and Guidance - Chapter 2

This chapter reviews new guidance and legislative developments. Included in the discussion is an update on beneficial ownership information reporting requirements, planning for the 2025 Tax Cuts & Jobs Act Sunset, and new regulations impacting farm employees. This chapter also reviews several key court decisions from 2024.

10:30 am - 10:45 am - BREAK

10:45 am - 12:00 pm - Section 179 and other Cost Recovery Methods-  Chapter 5

This chapter provides an in-depth review of the I.R.C. § 179 expense method deduction. It also reviews the 2024 rules for depreciating and expensing vehicles, as well as the 2024 rules for depreciation, including additional first-year depreciation.

12:00 - 12:50 pm - LUNCH

12:50 pm - 2:15 pm - Section 179, Cont.; Disaster Tax Issues

This chapter provides an in-depth review of disaster tax provisions, including calculating casualty gains and losses for the loss of farm property, deferral of gain for involuntary conversions of property, including livestock, and the tax rules for demolitions and repairs.

2:15 pm - 2:30 pm   BREAK

2:30 pm - 3:30 pm - Climate-Smart and Conservation Tax Issues - Chapter 3

This chapter reviews tax-related incentives for farmers implementing “climate smart” agricultural practices. It also covers Inflation Reduction Act credits and their applicability to producers, as well as relevant conservation tax provisions.

Other chapters in the workbook include:

Timely Agricultural Tax Topics.

This chapter discusses current issues for tax practitioners preparing returns for farmers and ranchers, including taxation of wineries and breweries, farm and ranch tax elections, the taxation of easements, and qualified conservation easement contributions.

Retirement Issues for Farmers

This chapter provides a review of social security considerations for farmers, as well as a discussion of retirement plan options.

Lease v. Purchase Tax Rules

This chapter reviews the distinction between leases and purchases and the tax treatment of capital leases. 

Selling and Trading Farm Property

This chapter reviews the rules for reporting the sale and exchange of farm property.

Sample Return

The sample return includes a Form 1040, Schedule F, Form 4797, Form 4562, and other supporting forms and schedules. It illustrates how to report income and expenses common to agricultural producers.

Registration Link

Registration Link

Registration Info

 $199  (includes lunch and refreshments)

Continuing Education

Speakers

Kristine Tidgren Director, Center for Agricultural Law & Taxation (CALT) Iowa State University, Ames, IA Kristine is an attorney and the Dolezal Adjunct Associate Professor in the Agricultural Education and Studies Department at ISU. Kristine enjoys researching and analyzing complex tax issues and writes and edits many articles, blog posts, and educational materials. She speaks to many groups regarding tax and legal topics throughout the year.

Accommodations

Cedar Creek Hotel & Conference Center (Wausau)

1100 Imperial Ave, Rothschild, WI 54474

(715) 355-6858