Plowing Through the Tax Weeds: Income Tax Reporting for Farms and Ranches
You have one year from airing date to use this course as credit.
Continuing Education
CPE Program Knowledge Level: Overview
2 CPE Credit; NO prerequisites or advance preparation
CTEC Course #: 3022-CE-00181
IRS/RPO Approved Program
#7ZBUJ-T-00137-26-O (Online/Group) Live (Group-Internet Based)
#7ZBUJ-T-00137-26-S (QAS Self Study) Archive
Federal Tax Law (2 Hours)
Program Content
This online learning program, presented as a live webcast, will be also archived for QAS Self Study. The program will be available for viewing for 12 months after the live webcast. A panel of IRS and industry experts will present the content during a live, interactive discussion, where participant questions can be submitted. Questions will be answered live on the program or posted on the Resources page
The program, through a lively round-table discussion and real time interaction with the audience, examines how farm and ranch operations are taxed. Panelists will discuss how income and expenses from produce and livestock are determined and the special income averaging provision that may be available. Panelists will examine how timber operations are taxed and how depletion is determined. The panel also will take a look at the urban farmer and any tax issues that may arise.
By the end of the program, participants will have a practical understanding, through accurate, current, and effectively designed communications, of how farmers and ranchers are taxed, the special income averaging available to those in the business of farming, and the proper determination of income from timber operations.
Program Learning Objectives
- Identify how income from produce and livestock is determined and reported for federal income tax purposes.
- Identify the unique deductions and tax incentives available to the farmer and rancher.
- Identify how timber income is determined and how depletion is applied.
- Identify any tax issues that arise from activities such as community gardens, raising urban chickens, and participating in consumer food co-ops.
Program Outline
Farm and Livestock Income
- Sale of produce and animals
- Crop shares and land rents
- Agricultural Program Payments
- Cooperative Income
- Schedule F
Income Averaging
- Taxpayers eligible
- Elected farm income
- Tax calculation
- AMT
- Schedule J
Farm and Livestock Expenses
- Common deductible expenses
- Special deductions for agriculture
- Capital expenses
- Farm loss
- Disaster losses
- Hobby loss rules
Disposition of Farm and Ranch Property
- Ordinary or Capital
- Like-kind exchanges
- Sale of entire farm
The Urban Farmer
- Community gardens
- Urban chickens
- Consumer co-ops
Panelists
Moderator
Alan Pinck, EA
A. Pinck & Associates
Alan Pinck is an Enrolled Agent with over 30 years of tax preparation experience in the San Francisco Bay Area. He has built a practice specializing in individual, small business tax preparation and audit representation. You have seen Alan presenting at NTPI events, CSEA Super Seminar, Spidell Publishing as well as a variety of other presentations for tax groups and small business associations. Having represented thousands of tax returns in audit, Alan has obtained tremendous insight of the audit process as well as knowledge on a wide variety of tax issues.
Industry Panelists
Trish Evenstad, EA
Patricia "Trish" Evenstad is the owner of Evenstad Tax & Financial Services, Inc. in Westby, Wisconsin. As an Enrolled Agent, she provides tax preparation, representation, payroll, and bookkeeping services to individuals, businesses, and agricultural clients across multiple states. Living and working in rural Wisconsin, Trish has developed extensive expertise serving dairy farms and other agricultural businesses.
In 2006, Trish and her mother-in-law founded Evenstad Tax Service, LLP. Trish earned her Bachelor of Arts in Accountancy from the University of Wisconsin–La Crosse in 2008, became an Enrolled Agent in 2011, and completed the three-part NTPI Fellowship Program in 2018. In the same year her husband joined the business as a partner. In 2019, the firm became Evenstad Tax & Financial Services, Inc., expanding its ability to provide integrated tax, financial, and investment planning services.
Committed to advancing the profession, Trish currently serves as Treasurer of the Wisconsin Society of Enrolled Agents (WSEA) and previously served on the Board of Directors of the National Association of Enrolled Agents (NAEA), contributing to numerous committees throughout her service. Recognized for her technical expertise and dedication to client service, Trish remains committed to helping individuals, business owners, and agricultural producers achieve their financial goals through trusted guidance and personalized solutions.
Laura Strombom, EA, MBA, NTPI Fellow, USTCP
Laura is passionate about educating tax professionals to be "better than the box." To this end, Laura teaches from a client centric perspective. Laura has previously taught college courses in taxes and accounting, and enjoys all opportunities she gets to teach. She is involved in the Big Valley Chapter of CSEA, NAEA and NATP. Her practice has two offices: Stockton and Valley Springs, CA. She offers preparation and representation services to all manner of taxpayers. Niche markets include clergy, daycare, trucking, construction and medical professionals.
Laura began her business in 1995, offering bookkeeping, payroll, and accounting software. After passing the basic tax course and earning the California Registered Tax Preparer credential, she offered tax preparation as well. In 1998 she entered graduate school at Golden Gate University to enhance her BS Degree in Animal Science from UC Davis with an Executive MBA. In 2000 she sat for and passed the written 4 part SEE Exam and became an Enrolled Agent. In 2010 she finished the 3-part NTPI Fellowship program. Finally, in 2021 she sat for and passed the United States Tax Court Practitioner Exam.
Content Consultant
David F. Windish, J.D., LL.M
Content Consultant
David F. Windish, J.D., LL.M. in taxation, is a tax attorney and consultant. He has served as an instructor of tax-advantaged investments at the New York Institute of Finance; an Instructor of business law at the U.S. Merchant Marine Academy, Kings Point, N.Y.; and an adjunct professor at George Mason University, Fairfax, Va. He has also served as executive editor for Tax Analysts; managing editor for Business Strategies, published by CCH; and senior editor for the Institute for Business Planning.
Mr. Windish is the author of Practical Guide to Real Estate Taxation, published by CCH and currently going into its sixth edition. Earlier works include Tax Advantaged Investments and Investor's Guide to Limited Partnerships, both published by the New York Institute of Finance. Through the Center for Video Education, he authored continuing education courses dealing with real estate and closely held corporations. Those courses included readings, case studies, and videotape segments.
Mr. Windish is a graduate of Rutgers University Law School and the New York University School of Law, Graduate Division. He has been heard as a guest speaker at professional meetings and seminars and on popular radio programs.