2017 Fall Tax School Webinar: Agricultural Issues and Rural Investments - University of Illinois Tax School
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Scroll down for webinar details! 2017 Fall Tax School Webinar: Agricultural Issues and Rural Investments

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

The Tax Code contains unique rules that impact farm taxation. This session includes information about some of the latest issues affecting farm clients. For example, one of the newest construction trends in production agriculture requires tax preparers to choose wisely when selecting among depreciation methods... what the HOOP is up with farm building depreciation? For farm clients who experienced a poor financial year, use of a net operating loss can provide a significant benefit. For these clients, the IRS may be their best friend this year! Is it possible for farmers to obtain double deductions? The Backemeyer court case provides an interesting set of facts and outcomes.

If you serve farm clients, this webinar will help you stay current on important issues within this specialized area of tax practice.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Other Tax School webinars

Fall Tax School webinars feature audio instruction, plus a powerpoint presentation. Each course includes a set of materials that accompany the course presentation.

Dates:

  • Wednesday, December 13, 2017 from 10:00AM to 11:00AM Central Time
  • Thursday, January 11, 2018 from 1:00PM to 2:00PM Central Time

Registration Fee: $25.00

CPE Credits: Up to 1.0 (0.75 for IL MCLE) based on attendance and completion of engagement activities.

CPE Filings Available: Illinois MCLE, CFP, IRS

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.

We offer our webinars using the Webinato platform, which uses your web browser to deliver the content. The only thing that might need to be updated is the version of Flash you are running.

Please test your computer system using the instructions below before the webinar. If you fail to test your system in advance and experience problems, you may not be able to participate in the webinar. We cannot provide refunds because you experience technical problems the day of the webinar. When testing, use the computer you plan to use for participating in the webinar.

NOTE: We recommend using a desktop or laptop computer to attend the webinar rather than a tablet or mobile phone.

  • Make sure that the computer that you will use for the webinar is connected to the Internet with a broadband connection.
  • Make sure that you have functioning speakers or headset to take full advantage of the audio capabilities during the session (all instruction is provided vocally). If you don't want to use your computer speakers or headset, there is phone audio available. The dial-in number, Conference ID, and User ID for phone audio will be given to you once you enter the webinar session.

Testing Instructions

This test should take less than 5 minutes to complete.

On the computer you will be using for the webinar, go to the following web page:

www.webinato.com/conftest/

When the page loads, it will walk you through various tests. You will not need a webcam or microphone for the webinar.

If you encounter any problems testing your system, you can check the following resources:

Many of the pages above have a button that allows you to chat with Webinato support. Please contact Webinato through chat with all technical problems.

If your technical problems cannot be resolved, please call the Tax School office at 217-333-0502 for options regarding webinar attendance.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Note: The content covered in this live webinar is the same content that is taught at Fall Tax School.

  1. Farm audit issues

    1. Hobby farms
    2. Meals and lodging furnished to employees
  2. C corporation penalty taxes and methods to avoid these

    1. Accumulated earnings
    2. Personal holding company
  3. Cash method of accounting for farmers

    1. Backemeyer case
  4. Depreciation strategies in agriculture

    1. HOOP structures
    2. Tangible personal property regulations
    3. Use of §179 even if a loss results
  5. Tax-related loss issues in agriculture

    1. NOL — 5-year/2-year carryback
    2. Farm Service Agency excess losses
  6. Using Schedule J to manage farm income
  7. Financial distress

    1. Chapter 12 eligibility

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

  • Explain the IRS pilot project for Hobby Schedule F
  • Determine when accumulated earnings tax and personal holding company tax applies to C corporations
  • Explain the tax benefit provisions decided in the Backemeyer case
  • Evaluate choices for depreciation method of HOOP structures
  • Identify the options for farm NOL utilization
  • List the eligibility rules for Chapter 12 bankruptcy
CPE credits Up to 1.0 based on attendance and completion of engagement activities
Field of Study (NASBA) Taxes (1)
IRS Categories Federal Tax (1)
CFP Taxation (1)
IL Insurance N/A
IL MCLE Taxation (0.75)

Please see our CPE FAQ for more information.


Delivery Method: Internet-Based Group

Program Level: Overview

Prerequisite(s): Professional experience in preparing farm tax returns and an understanding of basic tax rules and regulations.

Materials: Will be available in your Tax School account one week prior to the webinar.

Note: New for 2017, you will access all webinars and digital downloads by logging into your Tax School account on this website.

Last updated 10/18/2017 11:30:05 AM

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