Wisconsin Agricultural Tax Issues Webinar

All attendees will receive a copy of the 2023 Agricultural Tax Issues Workbook. We will cover as many of the following topics in the workbook as time allows:

Hot Topics in Agriculture

This chapter reviews several timely topics impacting agricultural businesses, including new guidance on employee v. independent contractor status, farm trade or business determinations, logging tax issues, and farming S corporation considerations.

Legislative and Regulatory Update

This chapter reviews planning considerations as the 2026 sunset of many TCJA provisions approaches. It also discusses energy credits available to farmers, 2024 requirements of the Corporate Transparency Act, new health care rules that may benefit farm families, and more.

Information Return Requirements for Farmers

This chapter discusses the information returns that farmers must file as well as the information returns that farmers receive. Included is a review of Forms 1099-MISC, 1099-NEC, 1099-G, 1099-PATR, 1099-INT, and 1099-C, as well as common issues associated with these returns.

Tax Schemes Targeting the Farm

This chapter warns of common schemes being presented to agricultural clients in 2023. Because these schemes arise from valid tax concepts, the chapter reviews the difference between legitimate tax benefits and schemes that could get clients in trouble. Included in the discussion are excess soil fertility deductions, the employee retention credit, monetized installment agreements, and charitable remainder trusts.

Tax Issues Arising at the Death of a Farmer

This chapter highlights key tax issues that arise when a farmer dies, including the basis of the assets, valuation of special assets, the character of inherited assets, and more.

Livestock Tax Issues

This chapter reviews common tax issues arising from the production and sale of livestock.

Participation Rules for Farmers

Material participation, significant participation, active participation…what does it matter? This chapter reviews the rules and the provisions where participation makes the difference between a tax benefit and a misstep. 

Form 4797 Considerations

This chapter reviews the reporting of sales and exchanges of farm property, with many current examples.

Depreciation and Expensing Review

This chapter provides an overview of 2023 depreciation and expensing rules, including a review of and examples of the bonus depreciation phaseout and its impact on clients.

Sample Return

The sample return practically illustrates many tax issues faced by agricultural producers and rural landowners and demonstrates where common items of income, deduction, and loss are placed on the forms.