Farm Tax Strategies and Issues Post-TCJA: Lessons Learned - University of Illinois Tax School
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Scroll down for seminar details! Farm Tax Strategies and Issues Post-TCJA: Lessons Learned

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The first post-TCJA filing season has come and gone. There have been lots of qualified business income deduction (QBID) lessons learned and some are still being implemented. Avoid the QBID "sophomore slump" and learn about law clarifications that impact decisions about qualified business income and the QBID. Are you looking for planning strategies that your clients can use going forward?

Some clients are asking about C to S conversion because C corporations do not qualify for QBID. What are the pros and cons of such a conversion? Hear about general rules and review an example of making the C to S conversion. Gain information to help you advise your clients.

Add to the QBID complexity... weather-related issues: prevented planting crop insurance, MFP and disaster payments. Farm clients need to properly account for and report the unusual and large amount of weather and trade-related payments this season. Would your clients benefit from deferral of income to 2020?

How can a farm client benefit from charitable contributions including gifts of grain and/or livestock under the new rules governing the standard and itemized deductions? Find out what do you need to tell your clients.

As if that's not enough... review the proper reporting requirements under TCJA when your client trades equipment, and hear about the latest rulings and cases that impact farm clients.

Seminar Details

Provides up to 8 hours CPE.

Registration Fee: $280

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

Dates and Locations:

  • Friday, September 20. Rock Island
  • Monday, September 23. Champaign

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

Instructor Bio

Roger McEowen Roger McEowen, JD, is the Kansas Farm Bureau Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas. He is a published author and prominent speaker, conducting more than 80 seminars annually across the United States for farmers, agricultural business professionals, lawyers, and tax professionals. His writing can be found in national agriculture publications, books, and a monthly publication, Kansas Farm and Estate Law. He received a B.S. with distinction from Purdue University in Management in 1986, an M.S. in Agricultural Economics from Iowa State University in 1990, and a J.D. from the Drake University School of Law in 1991. He is a member of the Iowa and Kansas Bar Associations and is admitted to practice in Nebraska. He is also a past member of the American Agricultural Law Association Board of Directors.

Bob Rhea Bob Rhea, EA, 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. He serves as trustee for John Wood Community College and was recently named JWCC's first Distinguished Alumnus Award recipient. Bob is an enrolled agent (EA) and he lives in Camp Point. Family includes his wife, Debbie, 3 children Tracy, Casey, Ashley, their spouses and 7 grandsons.

Dates and Locations

  • NOTE: We have a small guest room block at Jumer's Hotel & Casino in Rock Island for the night of Thursday, 9/19. Rooms are $87.99 or $89.99 plus tax, depending on room type. Call 1-800-477-7747 and select option 2 to make your reservation. Use the organization name "University of Illinois-Champaign." Please note: there are a limited number of rooms available at this rate, and all reservations in this block must be made by September 6, 2019.

    Friday, September 20 | Rock Island
    Jumer's Casino & Hotel
    777 Jumer Drive
    Rock Island, IL 61201
    (309) 756-4600
    Jumer's Casino & Hotel Website Link opens in new window
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  • NOTE: We have a small guest room block at the I Hotel in Champaign for the night of Sunday, 9/22. Rooms are $129/night plus tax. To make a reservation, go to Click on the orange "Attendee Code" button and enter the code FARMSEM19. Please note: there are a limited number of rooms available at this rate, and all reservations in this block must be made by August 23, 2019.

    Monday, September 23 | Champaign
    I-Hotel and Conference Center
    1900 S. First St.
    Champaign, IL 61820
    I-Hotel and Conference Center Website Link opens in new window
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Learning Objectives, CPE, and More

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

  1. Identify lessons learned about the QBID and recent regulations clarifying TCJA provisions that can help clients plan accordingly for the 2020 filing season.
  2. Recognize general rules for C to S corporation conversions and review them in the context of a detailed example.
  3. Explain how to properly account for and report payments due to prevented planting, MFP and disaster provisions.
  4. Explore options for charitable donations in light of new rules for standard deductions.
  5. Review proper reporting requirements under TCJA when equipment is traded.
  6. Recognize the importance and application of significant case law and rulings related to agricultural taxation.

Audience: Tax practitioners.

Materials: All attendees will receive an accompanying workbook.

Delivery Method: Group-Live

NASBA Program Level: Overview

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

Prerequisite(s): Experience as a tax professional preparing farm tax returns and an understanding of tax rules and regulations associated with preparing farm tax returns.

Advanced Preparation: None

CPE Credit

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)

Please see the CPE FAQ for more information.

CPE Accreditation

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:

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.

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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 9/9/2019 6:21:13 AM