LLCs and the Farm: A Practitioner Workshop

This exciting one-day event is primarily designed for attorneys, CPAs, EAs, tax professionals, farm business advisors, and others working with agricultural clients. The workshop will be in person at the Courtyard by Marriott in Ankeny, but we are offering a livestream option as well.

We will discuss basic to intermediate LLC tax and organizational concepts. The day will be filled with real-world examples and sample forms. Our guest instructors, Dario Arezzo from Farm Credit East and Travis Schroeder from Simmons, Perrine, Moyer, Bergman, PLC, work daily to counsel farm clients regarding business entity and tax matters. Built into each session will be time for questions and discussion.

Although workshop examples will focus on farm clients, the workshop will be helpful for those counseling any small businesses.

Agenda:

8:30 Weighing the LLC Decision

9:00 Formation Basics

Goals
Ways to Join or Acquire an Interest
Filing Requirements
Form 1065 and K-1s

9:45 Break

10:00 Tax Basics: Capital Accounts and Basis

11:30 Tax Basics: Draws, Distributions, and Guaranteed Payments

12:00 Lunch

12:50 Operating Agreement Basics

1:35 Sale or Exchange of an LLC Interest

2:20 Break

2:35 LLC Case Study with Form Examples

Sale of Property within the LLC
Sale or Exchange of an LLC Interest
Gifting an LLC Interest
Redemption of an LLC Interest
Death of an LLC Member
Liquidation of an LLC

4:00 LLC Traps and Pitfalls

4:30 End

Continuing Education:

The program is approved for 8 hours of IRS CPE.

Y7WRM-T-00339-22-O (online)

Y7WRM-T-00339-22-I (in person)

The seminar will provide 400 minutes of instruction or 8 hours of CPE (using a 50-minute hour).

This seminar is approved for 6.5 hours of Iowa CLE (#381386 for online and #381385 for in person)

Wisconsin CLE Credit: Online only, 8 hours

Nebraska CLE Credit: Online only, 6.66 hours CLE. No ethics.

Kansas CLE Credit: Online only, 8 hours

Iowa Real Estate Commission: 8 hours, course # 236-5734-E

We have applied for 7 hours of Minnesota CLE credit

No insurance is offered for this seminar.

Speakers:

	Dario Arezzo, JD, LLM in taxation, Senior Tax Consultant, Farm Credit East Dario is a Senior Tax Consultant at Farm Credit East, ACA where he specializes in tax consulting, research, planning and compliance for both individuals and businesses within the agricultural community. Dario plays a significant role in the internal training for Farm Credit East’s tax staff as well as assists Farm Credit’s Knowledge Exchange department on matters of federal and state taxation. Dario has a quarterly column titled Arezzo on Agriculture published in the prominent national tax publication State Tax Notes.
	Travis Schroeder, JD, Simmons Perrine Moyer Bergman PLC Travis advises individual and farm/business clients regarding the tax aspects (income, gift, estate, and generation-skipping transfer) of proposed business transactions, pass-through entities (limited liability companies, partnerships, and S corporations) and estate tax planning techniques. In addition, Travis prepares estate tax returns, gift tax returns, fiduciary income tax returns, individual income tax returns, corporate tax returns and partnership tax returns. Drawing on his small town roots and past personal involvement in his family’s farming operation, Travis understands the multifaceted nature of agriculture and the individuals and families who make a living from farming.
	Kristine Tidgren, JD, Center for Agricultural Law & Taxation 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.