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Thursday, September 7, 2017

2017 Agricultural Tax Issues Course
Locations and dates for
Agricultural Tax Issues Course

University of Minnesota Extension is offering an agricultural tax school in late September and early October.  This course targets income tax professionals that work with farmers.  Additionally, this course will benefit agricultural professionals such as agricultural lenders and farm management instructors. The agricultural tax school will be offered in five locations and the course has been approved for eight hours of continuing professional education.

Locations and dates for Agricultural Tax Issues Course:

St. Cloud, Minnesota
Tuesday, September 26, 2017
The Tuscan Center
3333 West Division St., Suite 116
St. Cloud, MN 56301

Rochester, Minnesota
Wednesday, September 27, 2017
Kahler Apache Hotel and Water Park
1517 16th St. SW
Rochester, MN 55902

Marshall, Minnesota
Thursday, September 28, 2017
Ramada Inn Conference Center
1500 East College Dr.
Marshall, MN 56258

Crookston, Minnesota
Tuesday, October 3, 2017
Crookston Inn
2200 University Ave.
Crookston, MN 56716

Fergus Falls, Minnesota
Wednesday, October 4, 2017
Bigwood Event Center
925 Western Ave.
Fergus Falls, MN 56537


This course targets income tax professionals that work with farmers.  Additionally, this course will benefit agricultural professionals such as agricultural lenders and farm management instructors.

Course Topics:
1.      Legislative Update
a.       Information reporting
b.      Income tax basis
c.       Due dates of tax returns
d.      Table of expiration dates
2.      Miscellaneous Agricultural Tax Issues
a.       Livestock transactions
b.      Form 1099-MISC
c.       Net investment income tax
d.      Inherited property
e.       Oil and gas payments and deductions
f.        Repairs
g.      Revoking a CCC loan election
h.      Marketing gain on CCC loans
i.        Going out of business
j.        Farm casualty gains and losses
k.      Casualty repair costs
l.        Children of farmers and the “Kiddie” tax
m.    4-H and FFA members
n.      Safe harbors for farmers
3.      Income Issues
a.       Commodity futures and options contracts
b.      Deferred payment contract losses
4.      Farm Employees
a.       Employee vs. independent contractor
b.      Payment of wages with commodities
c.       Employer-provided meals and lodging
d.      H-2A agricultural workers
5.      Self-employed tax and social security benefits
a.       Interaction of self-employment tax and social security benefits
b.      Farm optional method for computing self-employment earnings
c.       Self-employment tax on land rented to an entity
6.      Depreciation and I.R.C. Section 179
a.       Depreciation and section 179 expensing
b.      Related parties and depreciation
c.       Irrigation systems and water wells
d.      I.R.C. section 179 recapture
7.      Deduction Issues
a.       Prepaid farm expenses and deposits
b.      Prepaid expenses: change of plans
c.       Promissory note to supplier
d.      Deducting interest on loans secured by the residence
e.       Lease vs. purchase of equipment
f.        Improvements installed by lessee
g.      Demolition of a farmstead
h.      Deducting cost of growing crops purchased with land
8.      Farm-related Income Reported on Form 4797
a.       Depreciation recapture
b.      Depreciation recapture from assets received as a gift
c.       Net I.R.C. Section 1231 loss
9.      Like-kind exchanges
a.       Like-kind exchange of equipment
b.      Like-kind exchange of livestock
c.       Depreciation of cars, vans and trucks
d.      Like-kind exchange tenancy-in-common
e.       Like-kind exchange of Conservation Easements
10.  Rulings and Cases


TIME SCHEDULE:
Registration: 7:30 a.m. – 8:00 a.m.
Class:  8:00 a.m. – 5:00 p.m. (with a one-hour break for lunch**)
** Lunch will be provided as part of the course (This is a change from previous years).

FEE:
The fee for this 8-hour course is $180.00 and includes refreshments and course materials.

MATERIALS:
Participants will receive the 2017 Agricultural Tax Issues book authored by Philip E. Harris, Professor Emeritus from the University of Wisconsin-Madison/Extension.

By attending this course, you will earn:
·         8 Federal Tax update credit hours*

INSTRUCTORS:
Rob Holcomb, EA, Extension Educator in Agricultural Business Management, University of Minnesota Extension

Nathan Hulinsky, Extension Educator in Agricultural Business Management, University of Minnesota Extension.

REGISTRATION:     
Registration for the agricultural tax course will be conducted through the University of Minnesota College of Continuing Education.  Below is a link that may be used to register for each of the respective locations.  The deadline for registration is Friday, September 8, 2017.  For more information or questions, please contact Rob Holcomb at holcombr@umn.edu or by calling 507-337-2807.


Or you may copy and paste the following web link into your email browser.


*This course has been approved by the IRS Registered Preparer Office. The University of Minnesota College of Continuing Education is an Approved Continuing Education Provider.



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