Farm Tax Update
Overview
The agriculture industry's unique tax rules are closely linked to specialized income and tax deduction opportunities. In this virtual seminar, learn more on these key areas - including the One Big Beautiful Bill (OBBB) from farm tax expert Paul Neiffer, CPA, author of the FarmCPAReport blog. Discover how to apply tax planning concepts unique to agribusiness and gain guidance on how to maximize tax benefits for your farm clients.
Highlights
- Federal income tax law changes and their effects on agriculture, including One Big Beautiful Bill (OBBB)
- Strategies for handling land spread across multiple entities and ownership
- Inflation Reduction Act planning considerations, including how REAP grants and solar credits interact
- SECURE 2.0 Act implications
- Impacts of recent court cases and IRS rulings on farmers and ranchers
- Estate planning for farmers including the benefit of SWAP powers in Grantor Trusts
- Section 1245 Real Property Tax Deferred Exchanges
- Real-world examples relevant to small and mid-sized farm operations
Designed For
CPAs and tax professionals with farm or ranch clients.
Objectives
- Apply core tax planning strategies specific to farm and ranch operation
- Recall recent tax developments, including court cases, rulings and other guidance affecting agriculture
- Understand the implications of rearranging land holders by related parties
- Analyze current developments regarding excess fertility deductions
- Review final SECURE Act guidance and new provisions under SECURE 2.0
- Evaluate Farm Service Agency rules and strategies to help clients optimize payments
- Explore Section 45Z Clean Fuel Production Credit and its application to farms
- Refresh knowledge on farm-specific issues such as income deferral, deductions and other key topics
Notice
- NOTE: An optional pre-seminar bonus session will be held from 7:30–8:20 a.m. CT, offering an additional hour of CPE credit, for a total of 9 hours. For more details, refer to the agenda tab above and select your attendance option at checkout.
Wednesday, August 6
Optional Session
- OPTIONAL Bonus Session: Section 1031 Exchanges in Agriculture - Examples and Issues
Attend this optional bonus 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 agriculturally 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: Chet Mellema and Becky Petersen | Iowa Property Exchange, LLC
This session is available to registrants only.
Leader(s):
Leader Bios
Becky Petersen, Asst Vice President, Iowa Property Exchange LLC
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.
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.
Paul Neiffer, Author & Speaker, Paul G. Neiffer, CPA
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.
Non-Member Price $525.00
Member Price $425.00