1040 Tax and Agricultural Update – Webinar

1040 Tax and Agricultural Update

Dates:  November 4, 2020 – 8 am to 4 pm CST
& November 5, 2020 – 8 am to 4 pm CST

Price:  Member of ASTP – $295.00
Staff of a Member of ASTP – $330.00
Non-Member of ASTP – $350.00

CPE Hours:  16 Hours Tax/Update

Level:  Intermediate

Prerequisites:  Professional experience preparing tax returns

Due to public health and safety concerns resulting from the COVID-19 health emergency, the 1040 Tax and Agricultural Law Update will be offered in a Live Society Webinar (this is NOT a recorded presentation).  You can ask questions during the class just like an in-person class and they will answer them, live, as they are able, just like an in-person class.

Our seminar presenters are already updating their materials to include the latest information regarding the tax aspects of the CARES Act and other Covid-19 legislation.

Between new legislation, cases and IRS rulings last year and the Congressional legislative response to COVID-19 this spring, the area of tax law has seen significant change that has been swiftly applied. Will look at some of those changes and programs that will be applied to real life practice and client issues for better or worse.

In addition, for practitioners with agricultural clients, the Webinar Update will touch on issues, cases and decisions in agriculture, finance, agricultural taxation and other related legal practice areas.

The following is an outline of the major topics that will be addressed:

New Developments
Taxpayer First Act
Further Consolidated Appropriations Act of 2020
Families First Coronavirus Response Act
Coronavirus Aid, Relief and Economic Security Act (CARES Act)
Qualified Opportunity Zone Update
Updated Forms

Retirement Planning
Secure Act changes
CARES Act changes
Other Changes
Early Withdrawal Penalties
Loans from Retirement Plans
Required Minimum Distributions
Death and Retirement Plan RMDs
Roth IRAs

IRC §179
Bonus Depreciation
Bonus Depreciation vs. IRC §179
Vehicle Depreciation
Depreciation and Related Parties
Depreciation and Accounting Method Changes
Qualified Business Income Issues
Recapture Issues
Depreciation on Foreign Property
Depreciation for Plants with More Than 2-year Productive Period

Net Operating Losses and Excess Business Losses
NOLs – The Changes in the Rules
Reporting Requirements
Definition of “Trade or Business”
CARES Act Changes
Application to Owners of Pass-Through Entities
Unused EBLs/NOLs of Decedents

Agricultural Issues and Rural Investments
PPP Program
NOLs (Farm)
Tax Treatment of Meals and Entertainment
Solar Energy Tax Issues
Cash Accounting and Farming Syndicates
Like-Kind Exchange Issues
Ag Rulings and Cases

Individual Taxpayer Issues
Miscellaneous Income
Adjustments to Miscellaneous Income
Material Participation Issues

Income Taxation of Trusts
Defining and Accounting for Trust Income
Taxation of Beneficiaries
Specific Gifts and Bequests
I.R.C. §645 Election

Small Business Issues
Hobby Activities vs. For-Profit Activities
Death of a Business Owner
Home Office

Schedule E
Rental Real Estate and Royalties
Qualified Joint Venture
Schedule E vs. Schedule C
Grouping Election
Income or Loss from Partnerships and S Corporations

Rulings and Cases

Earn Live CPE Credit.

You must have a high-speed internet connection, speakers connected to your computer, headphones or call in for audio and a monitor.

If you have more than 1 person PAID FOR and REGISTERED for the streaming webinar and all would like to watch from the same computer, please complete the Proctor Form and return to us AFTER completion of the webinar in order to receive CPE credit.  Each PAID and REGISTERED attendee will receive their own login information for CPE Credit.  Multiple logins by one person will be disconnected immediately.

You can log in 10 minutes early.  Please note-you will not see or hear the speaker until the prompt start time.

All streaming webinars listed are Central Time Zone.  Please adjust to your time zone.

You will be provided with an E-Book and slides.  (A printed book is available for $100.00.  Deadline to order this will be October 27, 2020)

A Zoom account link will be provided to all paid attendees.

This Webinar is limited to 500 attendees.

Roger McEowen, J.D.
Roger is a Kansas Farm Bureau Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas.  He is a member of the Iowa and Kansas Bar Associations and is licensed to practice in Nebraska.  McEowen publishes the online Washburn Agricultural Law and Tax Report (WALTR) which focuses on legal and tax issues that agricultural producers, agricultural businesses, and rural landowners face and he maintains the Agricultural Law and Taxation Blog.  He is also widely published in law reviews and agricultural law publications and conducts agricultural tax and law seminars across the country.  McEowen is also heard weekly on RFD-TV

Paul Neiffer, CPA
Paul is a principal in the Agribusiness Group at CliftonLarsonAllen.  Based in Yakima, Washington, he specializes in income taxation and accounting services related to farmers and processors.  Neiffer actively consults with farm families on succession planning issues and opportunities, and helps farmers understand the proper use of accounting systems to more profitably run their business.  He authors a monthly column for Top Producer magazine and maintains the Farm CPA Today Blog

Ross Hirst
Ross is a retired IRS Senior Stakeholder Liaison for Kansas.

Apply specific concepts and strategies covered in the seminar while preparing 2020 tax returns, and

Advise clients about planning strategies applicable to their situations.

Fees and Schedule – This American Society of Tax Professionals Sponsored Internet-Live webinar will begin and end promptly at state time (Central Time Zone).  All 8-hour webinars will break for lunch, and have 2, 10-15-minute breaks.

Attendees must log in on time, remain logged in for the full length of the webinar, and answer 75% of all polling questions to obtain full CPE Credit.

American Society of Tax Professionals has entered into an agreement with the Return Preparer Office, Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours.  This agreement does not constitute an endorsement by the Return Preparer office as to the quality of the program or its contribution to the professional competence of the enrolled individual.  IRS Sponsor Number T0BDV