In this one-day seminar we cover current legal issues relevant to all agricultural attorneys, including the following:

In this one-day workshop, we will cover as many topics from the following chapters as time allows. The workshop will also include one hour of tax ethics for the tax professional.

• 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.

• Sample Farm Tax Return

This workshop will also include one hour of ethics instruction, "Ethics for the Tax Professional." 

In-person attendees will receive a physical copy of the 2022 Agricultural Tax Issues Workbook. Online participants will receive a PDF in advance of class. They will also receive a physical copy of the workbook in the mail once it arrives from the publisher. The content taught during the Farm Tax Workshop will differ from the agricultural topics covered during the 49th Annual Federal Income Tax Schools.