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Agriculture Tax & Accounting Conference

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Live Virtual Conference

9.00 Credits

Member Price $359.00

Price will increase by $50 on 8/1

Non-Member Price $419.00

Price will increase by $50 on 8/1

Overview

Highlights

See Agenda tab above for the full conference schedule.

Designed For

CPAs and other business professionals representing farmers and clients in the agriculture industry.

Objectives

To cover unique tax and accounting opportunities and pitfalls in the agriculture industry.

Notice

  • Login information and eMaterials will be distributed to attendees via email 3-5 days prior to the conference and posted in the My Upcoming CPE section of the ISCPA website.
  • This conference was developed by the Iowa Society of CPAs and the Minnesota Society of CPAs. Offered in partnership with the following state CPA societies: Colorado, Illinois, Kansas, Michigan, Missouri, Nebraska, Oklahoma, South Dakota, and Wisconsin.

Wednesday, August 14

Optional Session

- Optional Bonus Session: Section 1031 Exchanges in Agriculture: Examples and Issues

Attend this session and receive one (1) additional hour of CPE credit (9 hours total).

Explore the current legislative landscape for Section 1031 exchanges, applicable capital gains rates, and various exchange examples focusing on agricultural related issues. The discussion will include types of exchange properties, personal property expensing, Section 1245 recapture, red flags and 1031 situations in the land context.

Speakers: David Brown, CES; Becky Petersen, CES; and Chet Mellema, CES | IPE 1031

Session area of study: Taxes (Technical)

This session is available to registrants only.

General Session

- Welcome and opening remarks

This session is available to registrants only.

General Session

- Inflation, Interest Rate, and the Impact on Agriculture

After surging in 2022, inflation has slowed with rising interest rates. Many are wondering if the rollercoaster rise of inflation is over or is this another 1970s/1980s cycle. This session will discuss the drivers of inflation and the prospects for inflation and interest rates heading forward. Then, the session will explore the impacts on farm incomes and balance sheets and how farmers are responding to both.

Speaker: Jason Henderson, Ph.D. | Department of Economics, Iowa State University

Session area of study: Economics (Technical)

This session is available to registrants only.

General Session

- Farm Tax Update

The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. This session explores the key areas on how to apply tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.

Speaker: Paul Neiffer, CPA

Session area of study: Taxes (Technical)

This session is available to registrants only.

General Session

- Maximizing FSA Program Payments and the Latest on the Farm Bill

Review and discuss the new Farm Bill and items CPAs need to know to help their clients maximize FSA program payments.

Speaker: Paul Neiffer, CPA

Session area of study: Business Law (Technical)

This session is available to registrants only.

General Session

- Accounting Update: Digesting Recent Changes in Accounting

Explore the impact of recent accounting standards effecting agricultural clients. Stay ahead of the curve by keeping pace with the latest industry updates, ensuring you're equipped to spotlight current issues to your clients.

Speaker: John Rassi, CPA | CLA

Session area of study: Accounting (Technical)

This session is available to registrants only.

General Session

- Long-Term Care Issues for Farmers and Strategies to Protect Assets

Long-term care costs can exceed $100,000/year. Many farm operations do not have adequate income to absorb these substantial long-term care costs. When savings run out, farm assets may need to be sold which jeopardizes the farming operation for the current owners and future generations. This session will discuss long-term care issues for farm operations and address strategies that can be used to help mitigate the risk of long-term care costs.

Speaker: Robert Moore, J.D. | Agriculture and Resource Law Program, Ohio State University

Session area of study: Specialized Knowledge (Technical)

This session is available to registrants only.

General Session

- Tax Considerations for Farm Succession Planning in 2024

Review key farm succession tax considerations for 2024 including the impact of current gift, estate, and income tax rules and analyze common tools to address them.

Speaker: Kristine Tidgren, J.D. | Center for Agricultural Law & Taxation, Iowa State University

Session area of study: Taxes (Technical)

This session is available to registrants only.

Leader(s):

Leader Bios

Becky Petersen, Asst Vice President, Iowa Property Exchange LLC

Also the President of IPE Closing & Escrow, Becky received her law degree, with honors, from Creighton University and served on the Creighton Law Review. Becky holds a bachelor’s degree in finance from the University of Northern Iowa. Prior to joining IPE in 2011, she served as Field Operations Director and Commercial Underwriting Counsel for Iowa’s Title Guaranty program and managed escrow operations for Title Guaranty’s Commercial Services Department. Becky is a member of the Iowa State Bar Association, where she previously served on its Real Estate Section Council, the Iowa Commercial Real Estate Association, the Realtors Land Institute, and the Federation of Exchange Accommodators. She holds the designation of Certified Exchange Specialist (“CES®”) and regularly lectures on the subject of Section 1031 for accounting, legal and real estate associations.

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Chet Mellema, Exchange Officer, Iowa Property Exchange LLC

With a juris doctor from the University of Iowa College of Law, where he served as a student writer and Note & Comment Editor for the Journal of Corporation Law, Chet also holds a bachelor's degree in finance from Drake University, and a Business Leadership Certificate from Drake's College of Business and Public Administration. Chet is a member of the Iowa State Bar Association, serving several terms on the Real Estate & Title Section Council, the American Bar Association, Iowa Commercial Real Estate Association, and the Federation of Exchange Accommodators. He brings over 16 years of private practice and corporate legal experience to IPE 1031, with concentrations in real estate, business and debtor/creditor law. Chet is a contributing editor to the Iowa State Bar Association Income Tax Manual, holds the designation of Certified Exchange Specialist ("CES®"), and regularly speaks on the topic of 1031 for realtors, accountants, attorneys and similar professionals.

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David Brown, President, Iowa Property Exchange LLC

A graduate of the University of Iowa College of Business and Drake University Law School, Dave is a member of the Iowa State Bar Association and served as a past Chair of its Tax Committee; and the Realtor’s Land Institute. Dave also serves as Co-Chair of the Federation of Exchange Accommodators Government Affairs Committee, and previously served on its Board of Directors, as chair of its Ethics Committee, and as its 2013 President. He holds the designation of Certified Exchange Specialist (“CES®”) and lectures on the subject of Section 1031 for events sponsored by the Iowa State Bar Association, Drake University Law School, the University of Iowa College of Law, University of Nebraska, the Realtors Land Institute, the Iowa Association of Realtors, and various other accounting, legal and real estate associations. Dave is a contributing editor to the Iowa State Bar Association Income Tax Manual.

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Jason Henderson, VP for Extension and Outreach, Iowa State University Extension Finance

A nationally recognized expert in agricultural and rural issues, Jason R. Henderson is the Vice President for Extension and Outreach and professor in the Department of Economics at Iowa State University. In his role as Vice President, Jason leads 900 extension faculty and staff throughout the state of Iowa to engage all Iowans in research, education, and extension experiences to address real-life challenges and prepare for a thriving future.

Prior to Iowa State, Jason was at Purdue University and served as director of extension and senior associate dean for faculty development in the College of Agriculture, as well as assistant vice provost for engagement. He previously served as Vice President and Omaha Branch Executive at the Federal Reserve Bank of Kansas City. Jason has published more than 60 research articles in academic and Federal Reserve publications on such topics as land values, entrepreneurship, electronic commerce in agriculture, demographics, and many more. He holds masters and doctorate degrees in agricultural economics from Purdue University and a bachelor’s degree in economics from Central College in Pella, Iowa. Jason was raised on a family dairy farm in Northeast Iowa.

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John Rassi, Director

John specializes in bringing value to privately-held businesses and their owners, primarily in the agribusiness industry. For more than 25 years, John has provided assurance and consulting services for clients as well as identifying opportunities for process improvement and tax saving opportunities. He has consulted on the development and implementation of internal and accounting controls and performed due diligence work for a variety of mergers and acquisitions.
John is a graduate of the University of Illinois with a Bachelor of Science Accounting degree. He is a member of the American Institute of Certified Public Accountants (AICPA) and the Illinois CPA Society. John also serves as a director of the Illinois Cooperative Council and the Past President of the National Society of Accountants for Cooperatives, Mississippi Valley Chapter.

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Kristine Tidgren, Director/Faculty, Iowa State University

Kristine is the Leonard Dolezal adjunct associate professor in the Agricultural Education & Studies Department at Iowa State University. She also serves as the Director for the Center for Agricultural Law and Taxation, which includes Iowa’s Beginning Farmer Center. Since joining CALT in 2013, Kristine has written hundreds of blogposts (AgDocket) and other publications to keep tax professionals, attorneys, agricultural producers, and policymakers informed about tax and legal developments impacting agriculture. She also writes and edits curriculum for income tax courses taught throughout the country and oversees the educational materials and resources offered by CALT. Each year, Kristine speaks to thousands of professionals and producers on tax and agricultural law topics. She also directs nine two-day Annual Federal Income Tax Schools, an Agricultural Law Seminar, three Agricultural Tax Issues Courses, and various webinars hosted by CALT. In 2023, CALT partnered with The Ohio State University and the National Agricultural Law Center to offer Cultivating Connections: A Conference for Farm Transition Planners. Kristine teaches AgEds 451, a three-credit agricultural law class in the College of Agriculture and Life Sciences. She regularly collaborates with members of the Rural Tax Education Committee, the Land Grant University Tax Education Foundation, and the American Agricultural Law Association, where she serves as a board member. Kristine is licensed to practice law in Iowa, Missouri, and Kansas (inactive).

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Paul Neiffer, Author & Speaker

Paul Neiffer, CPA provides income and estate tax planning services and FSA planning related to farmers and their families. Paul is past president of the Farm Financial Standards Council and current chair of the AICPA Ag Conference. He writes the "FarmCPA" column for Top Producer magazine along with their Top Producer Podcast and is also the primary author of the "FarmCPAReport.com" blog. Paul is a nationally recognized speaker on many subjects related to farmers and processors including tax planning, estate tax and succession planning, farm management accounting, farm bill, farm economics and many other related topics. He was instrumental in the Congressional discussions that resulted in the "grain glitch fix" in early 2018, after the enactment of the Tax Cuts and Jobs Act.

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Robert Moore, Attorney & Research Specialist

Robert Moore is an attorney and research specialist with the Agriculture and Resource Law Program at the Ohio State University. Prior to joining OSU, Robert and his wife, Kelly, owned Wright & Moore Law Co. LPA, a law firm in Delaware, Ohio focusing on legal services for farmers and landowners. Robert continues to provide legal services to clients on a part-time basis.

Robert was raised on a dairy farm in Coshocton County, Ohio. He attended Ohio State University receiving a B.S. in Dairy Science and an M.S. in Agricultural Economics. He received his J.D. from Capital University in Columbus, Ohio where he graduated cum laude.

Robert began his career as a county Extension Educator with Ohio State University Extension. He later worked in the Agricultural, Environmental and Development Economics where he worked on farm budgeting, custom rate surveys, and other farm management related work. Robert left OSU Extension in 2004 to enter private practice. After 18 years of private practice, he rejoined OSU Extension.

Robert’s area of focus is farm succession planning, business entities and taxation. Over the years, Robert has worked with many farm families in designing and implementing succession plans for their family farming operations. He is excited to bring his experience to the Agriculture and Resources Program and looks forward to providing information and resources to farm families.

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Non-Member Price $419.00

Member Price $359.00