Income Tax Management for Ag Producers (Virtual)

This program provides an excellent opportunity for agricultural producers and tax preparers to learn and ask questions about tax management alternatives while there is still time to implement year-end tax management decisions.

There will be updates regarding federal income taxes. The IRS will speak on new legislation, preventing identity theft and data breaches. Qualified business income will be discussed. Deferral of income replacement periods for livestock sold due to drought will be explained. Defined benefit plans as a tool for tax management upon retirement will also be discussed.

All participants will have the opportunity to ask questions via the chat box. Please call the NDSU Extension Service at 701-231-7393 if you have questions about the program.

Registration:

Registration fee: $15.00
Registration deadline: November 27, 2023

When registering, you must include an email to be able to attend the meeting.

• Registered attendees will receive the Zoom link by email on Wednesday, Nov. 29.
• All program material will be posted for downloading prior to the meeting.
• Continuing education credits WILL NOT be offered.

Program Topics Include:

• Federal Income Tax Update
• IRS Update
• ND Income Tax Update
• Identity Theft and Breaches
• Tax Management Upon Retirement
• Net Operating Losses, Like-Kind Exchanges
• Drought-forced Livestock Sales
• Qualified Business Income
• Tax Planning for Higher Income Years

Presenters and Panel Members

Alan Gregerson – Stakeholder Liaison, Communication and Liaison Division of the IRS. Gregerson has previously held positions as a Revenue Agent in field examination and as a Taxpayer Service Specialist. He received his Distinguished Toastmaster Designation in Public Speaking, has a Bachelor Degree from the University of MN and has 37 years of IRS experience.

Rob Holcomb – Extension Educator, University of MN. Holcomb works on the development and delivery of educational programs dealing with agricultural risk management. He has been an instructor for the MN Income Tax course since 2010 and, in 2011 he began serving as the tax school faculty director. Holcomb holds a bachelor of science degree from Iowa State University in agricultural education and also holds a master of education degree from the University of MN Duluth.

Russ Tweiten – Vice President, Agribusiness Consulting. Tweiten helps families work through the complex issues of estate planning, entity planning and farm transition. He also helps mentor and monitor the process of planning for retirement. Raised in Fargo, ND, he holds a B.S. degree in Agricultural Economics from NDSU. He is a certified trust and financial adviser and a chartered retirement planning counselor. He has been in the financial services business for more than 23 years.

Brian Kroshus – ND Tax Commissioner. Commissioner Kroshus was elected to his seat in January of 2022 after serving as North Dakota’s Public Service Commissioner. He has an extensive background in business, agriculture, and energy. Prior to taking over the role as commissioner, he spent 30-years in private sector business leadership and executive management. Born in Fargo, ND, Commissioner Kroshus deeply values his heritage and the success of North Dakota’s agriculture industry.