Tax Institute

2017 Agriculture Taxation Symposium

In partnership with The 63rd Federal and State Income Tax Institute
College of Business – University of Nebraska – Lincoln

Zooming in on tax issues that affect farmers, the Agriculture Taxation Symposium is ideal for income tax professionals who work with farmers, as well as agricultural lenders and farm management instructors. Participants of the course will receive the 2017 Agricultural Tax Issues book by Philip. E. Harris, Professor Emeritus at University of Wisconsin-Madison/Extension.

Monday, September 18, 2017 | Holiday Inn - Kearney Convention Center - 110 S 2nd Ave, Kearney, NE 68847, Phone: (308) 237-5971

The Agriculture Taxation Symposium will provide you with a comprehensive overview of important federal and state income tax legislation enacted during the preceding 12 months which has an impact on the present and future farm and ranch success.

Who should attend?

The intended audience is Agricultural income tax professionals that work with farmers and ranchers. Additionally, this course will benefit agricultural professionals such as agricultural lenders, farm and ranch managers, real-estate brokers, investment advisors and others who need to know current and culture agriculture management and income tax laws.

Registration Information

Early Bird Registration (until and including) – September 8, 2017 - $207.00

General Registration – After September 8, 2017 - $227.00

Included in the registration fee are the following:

• Continental Breakfast
• Morning and Afternoon Breaks
• Networking Lunch
• Continuing Education Units
• The 2017 edition of Agricultural Tax Issues book by Philip E. Harris, Professor of Emeritus at University of Wisconsin-Madison.

Registration Options

You may register via any of the following options:

Phone: call Virginia at 402-472-9334

Email: virginia@unl.edu

Mail: Print and complete downloadable PDF and mail to – Agr Tax / ATTN: Virginia Uzendoski / 740 N 14th street / Rm 201H / Lincoln, NE 68508-0467

The Tax Institute provides CPAs, enrolled agents, attorneys, certified financial planners, public accountants, tax preparers, paralegals, bookkeepers, and banking, insurance and real-estate professionals with training to remain current on tax rules and regulations while earning continuing education credits. The institute is accredited as IRS Continuing Education Provider (#NQ6J1)

With your paid registration for the Agriculture Taxation Symposium, you will receive 5% off your 63rd Nebraska Federal l and State Tax Institute registration.

Tentative Topics

The Agriculture Taxation Symposium will bring awareness to the tax professional of opportunities and downfalls affecting taxpayers in the rural and urban agriculture.

Legislative update

Miscellaneous Agriculture Tax Issues

Income issues
• Reporting farm income
• Allocation of farm vs. business expenses such as taxes, interest, insurance, and utilities

Deduction issues
• Prepaid farm expenses and deposits
• Promissory note to supplier
• Lease vs. purchase issues
• Improvements installed by lessee

Farm employees

Self-employment tax and social security benefits

Miscellaneous farm issues
• Buying and selling farmland
• Net operating losses
• Rental Property
• Disposition of converted wetlands
• Demolition of structures

Entity issues

Form 4797

Form 1099

Getting equity out of an LLC that owns inherited farmland

Like-kind exchanges

Rulings and cases that impact farmers’ tax returns

Instructors

Tina Barrett, EA, Executive Director of Nebraska Farm Business Inc. Program Manager, Agricultural Economics, University of Nebraska–Lincoln
Rob Holcomb, EA, Extension Educator in Agricultural Business Management, University of Minnesota Extension
Elaine Wagner, EA, Master Tax Advisor - H&R Block

Continuing Education Units

The Agriculture Taxation Symposium will provide 6 to 8 hours of CEU/MLC, depending on the licensing organizations determination.

We will post the updates.

seal of IRS identifying 'Approved Continuing Education Provider

Accredited as IRS Continuing Education Provider (#NQ6J1)

The Tax Institute provides CPAs, enrolled agents, attorneys, certified financial planners, public accountants, tax preparers, paralegals, bookkeepers and banking, insurance and real-estate professionals with training to remain current on tax rules and regulations while earning continuing education credits. The institute is accredited as IRS Continuing Education Provider (#NQ6J1)

Nebraska Board of Public Accountancy
Nebraska Continuing Legal Education
Nebraska Department of Insurance

RECORD OF ATTENDANCE: All courses are prepared to fulfill the continuing education requirements for Certified Public Accountants, Enrolled Agents, Attorneys and Insurance Agents . Written proof of attendance will be provided each day of the seminar. To obtain the credit you must check in each morning and hand in an evaluation sheet prior to leaving at the end of the day. If you have provided your PTIN , your attendance will be reported to the IRS Continuing Education Processing Center.

CERTIFICATES OF ATTENDANCE: These will be available at the conclusion of the workshop.

SPECIAL ACCOMMODATIONS: The Tax Institute of the University of Nebraska-Lincoln offers its programs to disabled persons on a nondiscriminatory basis. Disabled persons with special needs who are planning to attend our programs are requested to contact our office two weeks prior to the workshop so these needs can be addressed.

TAX DEDUCTION: An income tax deduction may be allowed for expenses of education (including a portion of travel, meals, and lodging) directly related to maintaining and improving professional skills required in employment.

If you wish to share the registration with others, the web site is http://go.unl.edu/agsymp.

For more information, contact Virginia at 402-472-9334 or virginia@unl.edu.


63rd Annual Federal and State Income Tax Institute

The Tax Institute is designed to provide up-to-date training on current tax laws and regulations. The two-day program is held in eight convenient locations throughout Nebraska. The program, which is revised and updated annually, provides an in-depth review of a number of tax areas and coverage of newly enacted laws, regulations, and procedures. Practical information for filing individual and small business tax returns is stressed. At each location, two hours of ethics is offered.

Nebraska Tax Form

We provide continuing professional education credits for the following:
• IRS provider number #NQ6J1 for enrolled agents, PTINs, AFSP
• Nebraska State Board of Public Accountancy approved provider
• CFP® Board approved provider
• Nebraska Department of Insurance approved provider
• Nebraska Supreme Court MCLE Commission for mandatory continuing legal education credits for lawyers approved provider
• Nebraska Real Estate Commission approved provider
• University of Nebraska–Lincoln

Book Information

Participants receive the QuickFinder and 2017 RIA Federal Tax Handbook as well as a print and CD version of the 2017 National Income Tax Workbook. The tax workbook, published by the Land Grant University Tax Education Foundation, is rewritten annually. The tax workbook is designed to update tax professionals on recent changes in areas related to income tax law and tax practice.

Registration and Fee Information

Early Bird Registration - $399.00

After October 15, 2017 - $449.00

Registration fees include all materials, a networking lunch and refreshment breaks.

We provide continuing professional education credits for the following:
• IRS provider number #NQ6J1 for Enrolled Agents and PTINs
• Nebraska State Board of Public Accountancy approved provider
• CFP® Board approved provider
• Nebraska Department of Insurance approved provider
• Nebraska Supreme Court MCLE Commission for Mandatory Continuing Legal Education credits for Lawyers approved provider

At each site 2 hours of Ethics will be offered

Three Ways to Register

1. Register online with credit card payment.


2. Complete and submit via email the PDF registration form.
EMAIL: virginia@unl.edu
Phone: 402-472-9334


3. Complete and submit via postal mail the PDF registration form.

NEW POSTAL MAIL ADDRESS:
Tax Institute
730 N 14 St 201H
Lincoln, NE 68588-0467

City Dates Location
Scottsbluff Monday, November 6 - Tuesday, November 7 Hampton Inn Scottsbluff Conference Center, 301 West Highway 26
North Platte Thursday, November 9 – Friday, November 10 Holiday Inn Express, 300 Holiday Frontage Rd.
Kearney Monday, November 13 – Tuesday, November 14 Holiday Inn Convention Center, 110 Second Ave.
Grand Island Thursday, November 16 – Friday, November 17 Fonner Park Bosselmans Conference Center, 700 E. Stolley Park Rd.
Norfolk Monday, November 20 – Tuesday, November 21 Divots Conference Center, 4200 W. Norfolk Ave.
Omaha/Bellevue Monday, December 4 – Tuesday, December 5 Beardmore Event Center, 3730 Raynor Parkway
Lincoln Monday, December 11 – Tuesday, December 12 The Graduate, 141 N. 9th Street

Agenda / Topics

1. AGRICULTURE AND NATURAL RESOURCE ISSUES
a. Oil and gas working interest and royalty interest
b. Farm income averaging

2. BUSINESS ENTITIES
a. Partnership audit rules. The IRS has issued proposed regulations on implementation a provision of the Bipartisan Budget Act of 2015 that repeals the current rules governing partnership audits and replaces them with a new centralized partnership audit regime that generally assesses and collects tax at the partnership level.
b. Partnership liquidations
c. Redemption rules for the shareholders and the corporation
d. Corporate distributions characterized as compensation
e. LLC reorganizations (e.g. single member to multi-member and vice versa)
f. Mergers and acquisitions
g. Choice of entity
h. Tax exempt entities update
i. New rules on information document requests
i. Partnership and S corp. loss limitations
j. HOAs (choice of entity, eligibility under I.R.C. §1024, Form 1120H or 1120)

3. BUSINESS ISSUES
a. Tangible property regulations safe harbors overview (focus on provisions that must be elected annually), and examples for the de minimis safe harbor (focus on the definition of a unit of property - e.g. house vs. windows)
b. Like kind exchanges
c. Tax credits
d. Common paymaster issues
e. Start up and organizational expenses
f. Passive activity losses and at-risk amounts
g. Depreciation issues [depreciation recapture (including recapture where bonus or 179 taken), vehicle or other assets no longer in service, vehicle trade-in]
h. Stock options and other equity compensation for employees
i. Substantiation of business expenses
j. Accumulated sick and vacation leave pay (and SE tax)
k. Partnerships and joint ventures and electing out of subchapter K

4. ESTATE AND TRUST
a. When to file Form 706 to elect portability, and how to file
b. Basis consistency rules
c. Types of trusts (revocable/grantor)
d. Income taxation of trusts and estates (completing Form 1041)

5. ETHICS
a. Accountant-client privilege
      i. Overview
      ii. Work product doctrine
      iii. Responding to summons or subpoena of records (when/how to invoke privilege)
b. Confidentiality
      i. Confidentiality agreements with third party providers
      ii. Confidentiality and email (e.g. duty to encrypt protected information)
      iii. Confidentiality and mobile devices (e.g. how to secure the device, backup, remote wiping, are there apps that can violate confidentiality)
      iv. Confidentiality when uncover corporate misdeeds (e.g. money laundering)
c. Sale, discontinuance, or acquisition of an accounting practice
      i. Confidentiality issues
      ii. Record retention
d. Scenarios

6. FOREIGN TAX ISSUES
a. Nonresident returns (Form 1040NR)
b. Tax treaties
c. Foreign earned income exclusion
d. Reporting foreign income/accounts (FBAR, FATCA, FIRPTA, etc.) with examples*
e. ITINs*

7. INDIVIDUAL ISSUES
a. Marijuana and hemp sales (state and federal rules, medical versus commercial, banking issues and record, deductions, IRC Section 280E and the intersection with IRC 263A and IRC 471, CCA 201504011)
b. Virtual currency – IRS is now requiring reporting of bitcoin users*
c. Hobby losses
d. Military tax issues
e. Capital gain reporting (Schedule D transactions 1245, 1250, 18-19 yr. property sales, dealers)
f. Charitable contribution rules (including valuation and substantiation)
g. Schedule A contribution carryovers (including if cannot itemize and take standard deduction)
h. ACA update
i. Disaster tax relief (additional time to perform certain time sensitive acts, claiming losses related to the disaster on the tax return for the previous year, usually by filing an amended return, reconstructing records)*
j. Share Economy. Individuals and groups use technology advancements to arrange transactions to generate revenue from assets they possess - (such as cars and homes) - or services they provide - (such as household chores or technology services). Tax and employment tax issues*

8. INVESTMENTS
a. Publicly traded partnerships
b. Net investment income tax
c. Bonds and annuities

9. IRS ISSUES
a. Identity theft, scams, and safeguards*
      i. IR-2016-162 Some of the most prevalent IRS impersonation scams
      ii. New two-stage e-mail scheme targets tax professionals
      iii. The IRS and Security Summit partners have announced new and expanded safeguards for the 2017 filing season that will help ensure the authenticity of the taxpayer and the tax return
b. Future State Initiative: IR-2016-174. The new “Finding Out How Much You Owe” feature, paired with existing IRS online payment options, increases taxpayer self-service options.*
c. Practitioner Priority Services (PPS), navigating voice prompts*
d. e-Services online tools for tax professionals (registration, e-file, TDS, TIN matching)*
e. Private Debt Collection. The IRS plans to begin private collection of certain overdue federal tax debts as early as spring of 2017 and has selected four contractors to implement the new program. IR-2016-125*
f. Voluntary Certification Program for Professional Employer Organizations which Notice 2016-49. With many small businesses looking to PEOs as a viable option in lowering their employer costs (e.g. health care costs), this IRS program mitigates the risks of using a PEO that fails to remit or file taxes on behalf of the company.*
g. Audit Techniques Guides (ATGs). ATGs help IRS examiners during audits by providing insight into issues and accounting methods unique to specific industries. While ATGs are designed to provide guidance for IRS employees, they’re also useful to small business owners and tax professionals who prepare returns. How are they helpful for business and tax planning purposes and what industry ATG’s are available.*

10. NEW LEGISLATION

11. RETIREMENT
a. Civil Service Retirement and Federal Employee Retirement Systems
b. Qualified and non-qualified annuities
c. Different types of 401(k) plans

12. TAX PRACTICE
a. Offers in compromise (including effective tax administration offers, new financial standards)*
b. Collection statutes and rules that stop the statute from running or tolls
c. Transferees and nominees, I.R.C. § 6901 transfers

13. MISC.
a. Real estate development or partition – allocation of basis
b. Multi state allocation and nexus rules
c. Other multi state issues

*Topics proposed by the IRS

seal of IRS identifying 'Approved Continuing Education Provider

The University of Nebraska Annual Tax Institute is accredited as IRS Continuing Education Provider (#NQ6J1)

The Tax Institute provides CPAs, enrolled agents, attorneys, certified financial planners, public accountants, tax preparers, paralegals, bookkeepers and banking, insurance and real-estate professionals with training to remain current on tax rules and regulations while earning continuing education credits, including two hours of ethics credit. The institute is accredited as IRS Continuing Education Provider (#NQ6J1)

Contact

Uzendoski, Virginia
Senior Assistant Director of Programs and Operations
CoB 201 F
P.O. Box 880405
Lincoln, NE 68588-0405
Mailing Address
University of Nebraska–Lincoln
Dean's Office
P.O. Box 880405
Lincoln, NE 68588-0405
Shipping Address
University of Nebraska–Lincoln
Dean's Office
CoB 301
Lincoln, NE 68588-0405