West Yellowstone, Montana, Farm Income Tax, Estate and Business Planning Seminar

June 26, 2014 to June 27, 2014
West Yellowstone, Montana

Co-sponsored with Idaho, Wyoming, Montana and Washington Societies of CPAs.

An excellent opportunity for accountants, lawyers, and agribusiness professionals to receive in-depth, interactive instruction regarding tax and legal matters essential to their agriculture-related business activities.

Questions: If you have questions or need further information, please contact Tiffany Kayser, Program Administrator at 515-294-5217 or tlkayser@iastate.edu.


Thursday, June 26, 2014 - Day 1 - Farm Income Tax

7:30-8:00 a.m. – Registration and Continental Breakfast

8:00-9:50 a.m. – Farm Income Tax Cases, Rulings and Legislative Update (McEowen) – This session addresses all of the recent major cases and rulings impacting agriculture from across the country.  Also included is up-to-the minute coverage of new legislation and Treasury Regulations and their impact on farm clients. 

9:50-10:10 a.m. – Morning Break

10:10-12:00 p.m. – Real Estate and Investment Tax Issues (Neiffer and Morehead) – This session includes coverage of various real estate and investment tax issues of importance to farmers and ranchers.  Application of the net investment income tax (NIIT) to agricultural clients will be addressed with emphasis on how the final NIIT regulations will impact planning for clients.  Also addressed will be common passive loss issues of relevance to agricultural clients and leasing strategies.  Structuring real estate transactions as split-interests will also be discussed.

12:00-1:00 p.m. – Luncheon (provided)

1:00 – 2:45 p.m. – Potpourri of Agricultural Tax Issues (Part 1) (all speakers)

This session covers a range of tax issues of importance to practitioners with agricultural clients.  Issues addressed include deferral strategies and the use of cash balance plans to offset deferred tax liabilities for farmers and ranchers close to retirement; the use of the IC-DISC as a tax-saving tool for clients that export agricultural products; cash accounting issues for farmers and the IRS position; Chapter 12 bankruptcy tax issues; conservation easements; tax issues associated with wind energy and oil/gas leases; material participation rules for farmers; the domestic production deduction for farmers, ranchers and cooperatives; gifting of agricultural commodities; commodity transactions; farm income averaging.

2:45-3:00 p.m. – Afternoon Break

3:00-3:50 p.m. – IRS Audit Issues, Compliance Target Areas and Other Practical IRS Issues (Kristy Maitre) - This session provides insight into current IRS audit issues and compliance target areas of importance to farm and ranch returns.  The speaker has almost 30 years of experience with IRS and is dialed-in to IRS issues as they impact practitioners.  Addressed in this session will be CP 2000 issues, key audit issues for farm and ranch clients and other key IRS issues including the earned income tax credit, first-time penalty abatement procedures and 1099 issues.  Also covered will be tips for handling IRS exams and identity theft.

3:50-4:45 p.m. – Potpourri of Agricultural Tax Issues (Part 2) (all speakers)

This session continues the discussion of tax issues of importance to farmers and ranchers that began in the morning session.  In this session the teaching team will address the following:  when accrual accounting rules apply for farmers; the definition of “farm income” under various Code provisions; the taxation of crop insurance benefits; selected like-kind exchange and depreciation issues; farm bill provisions of relevance with emphasis on the new replacement provisions for direct and counter-cyclical payments.

Friday, June 27, 2014 - Day 2 - Farm Estate and Business Planning

7:30-8:00 a.m. – Registration and Continental Breakfast

8:00-9:50 a.m. – Estate and Business Planning Cases, Rulings and Legislative Update (McEowen) – This session covers the key court rulings and developments from the Treasury and IRS impacting decedents’ estates and trusts and succession of farm or ranch businesses.  Legislative developments in the Congress concerning the transfer tax system are also addressed.  Specific issues addressed will include recent developments concerning the portability election, valuation issues including alternate and special use valuation developments, family limited partnerships and taxation of life insurance. 

9:50-10:10 a.m. – Morning Break

10:10-12:00 p.m. – The Use of Entities in the Estate and Tax Planning Process (Neiffer and Morehead) – This session focuses on important entity issues in estate and business planning for farmers and ranchers.  The discussion will cover the conversion of a C corporation to an S corporation as a step in the process of avoiding the imposition of the double tax, self-employment tax issues, buy-sell agreements, the impact of the final net investment income tax (NIIT) regulations; valuation issues and material participation issues.   Also discussed will be the latest developments in partnership taxation of relevance to farm and ranch clients.

12:00-1:00 p.m. – Luncheon (provided)

1:00-2:00 p.m. – The Use of Charitable Trusts in the Estate and Business Planning Process (Neiffer and Morehead) – Charitable trusts can be an important part of an estate plan for many clients.  This session explains how to evaluate whether a charitable trust might be a useful estate planning tool for a client.  In particular, the discussion will address the use of charitable remainder trusts for raised grain and equipment, and the tax and fiduciary management issues associated with the use of charitable lead trusts

2:00-2:45 p.m. – IRS Issues Associated with Estate and Business Planning (Maitre) – This session focuses on key IRS issues facing farm and ranch businesses and associated estates.  Addressed will be procedural issues of relevance, audit issues and initiatives involving small businesses, gift tax issues including the need to maintain records and gift tax audits, and penalty issues in accordance with I.R.C. §§6694 and 6695.  Current IRS self-employment tax issues will also be addressed.  Finally, a tutorial on the IRS-related resources available on the CALT website will be provided.

2:45-3:00 p.m. – Afternoon Break

3:00-3:50 p.m. - The Impact of the American Taxpayer Relief Act (ATRA) on Estate Planning (McEowen and Morehead) – ATRA requires a change in the approach to estate planning for many clients’ estate plans.  In some respects, planning is more complicated.  This session will explain the importance of preserving a client’s applicable exclusion, maintaining and maximizing stepped-up basis at death, how to optimally utilize portability of the deceased spouse’s unused exclusion amount, and the keys to income tax planning for a decedent’s estate including techniques to manage income tax basis.  Also addressed will be elections available for trusts and partnerships to assist in maximizing stepped-up basis and spread income amongst various beneficiaries/taxpayers.

3:50-4:45 p.m. – Practical Estate Planning For Farm and Ranch Clients (all speakers) – This session will provide insight into the creation of practical estate plans for ag clients of all levels of wealth given the “permanence” of the ATRA provisions.  Addressed will be portability (when to consider and proactively use), spousal trusts, asset transfers, avoiding gift tax via formula and price adjustment clauses and the use of grantor trusts as an implementation tool, and the importance of income tax planning and managing basis with discussion of techniques to consider.  Emphasis will be given to planning suggestions for the mid-wealth client – those in the $5.34-$10.68 million wealth category. 




Continuing Education: 

This course provides continuing education for lawyers, tax practitioners, accountants, enrolled agents, and others interested.  Please indicate states in which you would like to receive credit on your registration form, and we will assist in that process. Payment for fees (other than the state of Iowa) is the responsibility of the attendee.

CPE/CLE credits may range from 13-17 hours, depending on accrediting group rules, if attending both days.

  • Total CPE/CLE Credits: 17.2 (based on 1.0 credit hour per 50 minutes of instruction)
  • Total CPE/CLE Credits: 14.3 (based on 1.0 credit hour per 60 minutes of instruction)
  • 430 minutes of instruction per day (860 minutes total for both days)

  • Enrolled Agents (IRS - Return Preparer Office Continuing Education)
    • 17 hours of CPE if attend both days
    • Approved for 6 credit hours in Federal Tax Law Update and 11 credit hours in Federal Tax
  • Lawyers
  • Certified Public Accountants (Iowa Board of Accountancy)
    • This 2-day course qualifies for 17 hours of CPE
  • Certified Financial Planners (CFPs)
    • This 2-day course is approved for 17 hours.
  • Other Tax Return Preparers (IRS - Return Preparer Office Continuing Education)
    • 17 hours of CPE if attend both days
    • Approved for 6 credit hours in Federal Tax Law Update and 11 credit hours in Federal Tax
    • Participation in CE for other tax return preparers is voluntary and is not required by the IRS.
  • Real Estate Professionals (Iowa Real Estate Commission)
    • Approved for 14 CPE hours (elective)

Roger McEowen is the Leonard Dolezal Professor in Agricultural Law in the Department of Agricultural Education and Studies and Director of the Center for Agricultural Law and Taxation at Iowa State University. He is a member of the Iowa and Kansas Bar Associations and is licensed to practice in Nebraska. He is widely published in law reviews and in other agricultural law publications and conducts agricultural tax and law seminars across the country.

Kristy Maitre has almost 30 years experience with IRS, most recently as the IRS Senior Stakeholder Liaison for Iowa. Kristy is well-respected among Iowa tax practitioners for her service and dedication. She will address current IRS issues of importance to practitioners, and will provide insight from the perspective of the IRS into numerous issues that are addressed at the seminar.

Andrew Morehead is an accountant in Eaton, CO.  He is the past president of the Public Accountants Society of Colorado, and has been a Governor on the Board of the National Society of Accountants.  His practice focuses heavily on tax and accounting issues associated with farming and ranching operations and agribusinesses.

Paul Neiffer is an Agribusiness Certified Public Accountant and is a Principal in the Agribusiness Group of CliftonLarsonAllen LLP.  He is based out of Yakima, WA, and specializes in income taxation and accounting services related to farmers and processors.  Paul authors a monthly column for Top Producer magazine and maintains a blog entitled "The FarmCPA" located at www.farmcpatoday.com.

CALT does not provide legal advice. Any information provided on this website is not intended to be a substitute for legal services from a competent professional. CALT's work is supported by fee-based seminars and generous private gifts. Any opinions, findings, conclusions or recommendations expressed in the material contained on this website do not necessarily reflect the views of Iowa State University.

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