In-Depth Seminar: Income Tax Aspects of Complex Farm Business Events - University of Illinois Tax School
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Scroll down for seminar details! Income Tax Aspects of Complex Farm Business Events

$255 for up to 8 hours CPE

Periodically, farm clients experience unusual events that require their tax practitioner to have complex income tax knowledge. This seminar focuses on unique events that cause farm clients to need assistance from their tax professional.

When a utility crosses land, farmers receive payments including some that may be classified as involuntary conversion proceeds and need to know how to report these. A significant taxable event occurs when a retiring farmer decides to liquidate machinery and equipment; this can produce some challenging cash flow and tax liability results. Sometimes, economic situations arise that benefit from specialized tax planning such as when annual income is insufficient to cover debt service and living expenses.

Occasionally, partners in farm partnerships transfer partnership interests that require complicated basis computations and allocations of sales proceeds and partners acquiring a partnership interest may benefit from new basis adjustments to generate additional deductions. Although uncommon, farmers with large capital gains following the sale of land may not be able to pay their taxes because mortgage obligations leave them cash poor. Tax practitioners can help these clients by understanding the offer in compromise rules and collection procedures.

While these situations may occur infrequently, farmers rely on their tax practitioners to know how to help them address these complex events when they arise.

(Prefer to register by mail or fax? Use our printable registration form.)

Provides up to 8 hours CPE.

Registration Fee: $255

The fee for this seminar includes a buffet lunch, morning and afternoon snacks, beverages, and materials.

Dates and Locations:

  • Wednesday, September 20, 2017 — East Peoria

Check-In: Begins at 7:30 a.m.

Instruction: Begins at 8:30 a.m. and concludes at 4:30 p.m. We will take a 45 minute lunch break (buffet lunch provided)

NASBA Program Level: Overview

CPE Filings Available: Illinois MCLE, CFP, IRS

Kent Meister Kent Meister was employed by Pioneer FBFM from 1983 until his retirement in 2016. He consulted with farmers in McLean County where he assisted them with accounting, tax and estate planning services. Before joining FBFM, Kent was a high school agriculture teacher. Kent is an adjunct instructor at the University of Illinois, co-teaching retirement planning in the Agriculture and Consumer Economics Department. Kent has a Bachelor's and Master's degree from the University of Illinois and is an enrolled agent (EA). He resides in Bloomington with his wife, daughter, Kate, son, Eric and three grandchildren.

Bob Rhea Bob Rhea has been associated with the Tax School since 2005 as an instructor and as a reviewer for the University of Illinois Federal Tax Workbook. Since 1984, he has assisted farmers with accounting, tax, and consulting services in west-central Illinois through the University of Illinois FBFM program. Bob is the national executive director for his professional organization, NAFBAS, and previously was that group's national president. Bob received his Bachelor's degree from Western IL University and Master's degree from the University of Illinois. Bob is an enrolled agent (EA) and he lives in Camp Point with his wife, Debbie, sons Tracy and Casey, and daughter Ashley.

 

Note: We have a small guest room block at the Par-a-Dice Hotel for the nights of Tuesday, 9/19 and Wednesday, 9/20. Rooms are $70/night plus tax. Reservations can be made by calling 1-800-547-0711 or visiting http://www.paradicecasino.com/groups. Use group code 0920FAR. Please note: there are a limited number of rooms available at this rate, and all reservations in this block must be made by August 29.

Learning Objectives: By attending this seminar, you will be able to:

  • Report payments related to utilities' eminent domain acquisitions including §1033 treatment.
  • Identify challenges and pitfalls related to liquidating farm machinery and equipment.
  • Advise farm clients about tax planning during uncertain economic times.
  • Calculate the gain on a sale of a partnership interest and the basis adjustments for the acquiring partner when the §754 election is used and §743(b) is applied to determine new deductions.
  • Guide financially stressed farm clients through the OIC rules and procedures when appropriate.

Audience: Tax practitioners.

Materials: To come...

Delivery Method: Group-Live

NASBA Program Level: Overview

Field of Study: Taxes (NASBA), Federal Tax (IRS)

Prerequisite(s): Several years of experience preparing tax returns for farmers

Advanced Preparation: None

CPE Credit

Income Tax Aspects of Complex Farm Business Events
CPE credits Up to 8 based on attendance
Field of Study (NASBA) Taxes (8)
IRS Category Federal Tax (8)
CFP Taxation (8)
IL MCLE Taxation (6.5)
IL Insurance None

Please see the CPE FAQ for more information.

The University of Illinois Tax School is a sponsor of CPE for a variety of professional designations such as CPAs, EAs, CFPs®, attorneys, and insurance, etc. Agencies that typically recognize the University of Illinois Tax School as a sponsor of continuing education are:

  • Certified Financial Planner Board of Standards
  • Illinois Department of Insurance
  • Illinois Department of Professional Regulation
  • Internal Revenue Service
  • Iowa Supreme Court Commission on Continuing Legal Education
  • Missouri Bar Association
  • MCLE Board of the Supreme Court of Illinois

NASBA Accredited Continuing Education Provider LogoUniversity of Illinois Tax School is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.


IRS-Approved Continuing Education Provider LogoThe Tax School has been approved as an IRS Continuing Education Provider. Tax preparers should always look for IRS approved providers when fulfilling their continuing education requirements.

Visit www.irs.gov/taxpros/ce for more information.


Participants are awarded credit based upon actual hours in attendance. Most accrediting groups recognize 1 hour of credit per 50 minutes of instruction. Some CLE groups recognize 1 hour of credit per 60 minutes of instruction.

Certificates of attendance are issued to participants after seminars conclude. In most cases, certificates are emailed after the conclusion of all seminars.

For EAs, Illinois Insurance professionals and CFPs®, the Tax School Office submits participant credit hours directly to the accrediting agencies.

An additional fee is required for processing CPE credits for IL insurance, CFP®, and IL MCLE.

See Frequently Asked Questions about CPE.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and federally registered CFP (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

Last updated 7/13/2017 2:22:40 PM

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