The annual Ag Connect Expo will welcome thousands of farmers and ranchers to the Kansas City Convention Center later this month. The Director of the Center for Agricultural Laws and Taxation Roger McOwen will offer a breakout session on Tuesday, Jan. 29th. His presentation will give farmers and ranchers information regarding taxes and legislation. Some of the information can be found here.
Click to hear KMZU’s Janet Adkison talk with McOwen about those issues:
The Director of the Center for Agricultural Laws and Taxation will be one of several guest speakers during the Ag Connect Expo in Kansas City this January. Roger McOwen says 2012 has been an active year in his area of expertise including river issues…
“The significant U.S. Supreme Court opinion involving takings with respect to some work by the Army Corps of Engineers in deviation from some of their plans with respect to dams that caused intermittent flooding down in the southern part of the Mississippi River area near Arkansas.” He says “that’s been a big development; we’ve had other developments in with respect to contract law, bankruptcy and secure transactions.”
McOwen says 2012 has left a variety of lingering questions…
“One of the biggest developments in the past year of course was the United States supreme court’s opinion on the health care law, now that’s not specific to agriculture but it does certainly apply and have application to, with respect to the tax aspects in that legislation, to farmers and ranchers across the country.”
McOwen says the health care legislation will certainly have an impact on active and inactive landowners…
“Back to that health care law would be the new 3.8% Medicare surtax on passive type of income, and that will include passive rental income.” He says “one of the issues that farmers and ranchers will have to address with their tax counselor in the coming months will be whether rental arrangements will have to be changed to sometime type of material participation type of a lease or they want to retain it as passive and whether or not it will be subject to the 3.8% surtax.”
The Farm Show will be in the Kansas City Convention Center January 29-31st. Additional information and a schedule of guest speakers can be found here.