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Ag Tax

Picture of toy tractor in field with stacks of coins
By: Peggy Kirk Hall, Wednesday, November 27th, 2024

Are you a farmer or farmland owner wanting to learn more about recent tax law changes and proposals? If so, join OSU Extension Educators Barry Ward, Jeff Lewis, Robert Moore and David Marrison on Friday, December 6 at 10 a.m. for a special edition of our Farm Office Live webinar presented by OSU's Income Tax School.  The team will discuss tax issues that may affect farmers and farmland owners for the 2024 tax season and beyond.

Topics include:

  • Farm Economy and Tax Planning
  • Tax Planning in Low Income/Drought Years
  • Beneficial Ownership Information (BOI) Reporting
  • Pending Sunset of Larger Estate Tax Exclusion Amount (Unified Credit)
  • Residual Fertility/Fertilizer Deduction
  • Clean Fuel Production Credit (I.R.C. § 45Z)
  • Current Ag Use Valuation (CAUV) Changes in 2024
  • IRC § 45Q - Credit for Carbon Oxide Sequestration
  • Farm Loan Immediate Relief Under Inflation Reduction Act: Income Tax Options Triggered by Corrected 1099s
  • Taxability of USDA Discrimination Financial Assistance Awards
  • Pending Expiration (Sunsetting) of other Tax Cuts and Jobs Act (TCJA) Provisions

This two-hour program will be presented in a live webinar format via Zoom. Individuals who operate farms, own property, or are involved with renting farmland are encouraged to participate.  Registration is necessary and if you're a regular Farm Office Live attendee, you're already registered for the webinar.  For others, register at https://go.osu.edu/farmofficelive.

 

Posted In: Business and Financial, Tax
Tags: tax, Ag Tax, Farm Tax, Income Tax, cauv, IRC
Comments: 0
Header of tax return form.
By: Jeffrey K. Lewis, Esq., Friday, June 14th, 2024

Income Tax Schools at The Ohio State University is excited to announce our dates and locations for our two-day, in-person tax schools, our 4-part webinar, introduction to tax preparation course, ethics webinar, and ag tax issues webinar. 

Our two-day, in-person tax schools and 4-part webinar will cover the following topics: 

  • Trusts and Estates
  • Related Party Issues
  • Limited Liability Company Issues 
  • Business Entity Tax Issues 
  • IRS Issues 
  • Agricultural and Natural Resource Tax Issues
  • Business Tax Issues
  • Rental Activities 
  • Individual Tax Issues 
  • New and Expiring Legislation
  • International Tax Issues 
  • Rulings and Cases

Our Agricultural Tax focused webinar will focus on: 

  • Business Entity Tax Issues: Split Interest Purchases, Partnership Issues
  • Disaster Tax Issues: Casualty Gains, Losses, Deferral, Demolition, Land Clearing, Etc. 
  • Expensing and Depreciation, with a Deep Dive on Section 179
  • Retirement Issues: Self-employment Tax/Social Security Issues,Review of Self-employment Tax Connection to Social Security, and Retirement Plan Options for Farmers. 
  • Lease v. Purchase, Capital Leases on the Farm
  • Tax Planning for Lean Years
  • Conservation Issues
  • Selling and Trading Property

Make sure to mark your calendars! A list of dates and locations can be found below: 

2024 Tax Schools Save the Date Graphic

Registration is not yet open! We hope to launch registration for the fall tax schools in early July. You can keep up to date with all the latest tax school information by visiting: go.osu.edu/taxschools

Registration for our summer course "An Overview of Small Businessses" is OPEN. You can find more information and register for the summer tax school by following: go.osu.edu/summertaxschool

If you have any questions, please do not hesitate to contact Barry Ward (ward.8@osu.edu) or Jeff Lewis (lewis.1459@osu.edu). We look forward to seeing you! 

Combine in a field.
By: Jeffrey K. Lewis, Esq., Friday, December 01st, 2023

Farmer and Farmland Owner Income Tax Webinar
Barry Ward & Jeff Lewis, OSU Income Tax Schools

Are you a farmer or farmland owner wanting to learn more about the recent tax law issues? If so, join us for this webinar on Friday, December 15th, 2023 from 10am to noon. This webinar is a part of our Farm Office Live Series and serves as our Farm Office Live! Webinar for December. To register for this webinar go to: https://go.osu.edu/register4fol

This webinar will focus on issues related to farmer and farmland owner income tax returns as well as the latest news on CAUV and property taxes in Ohio and the big changes to the Ohio Commercial Activity Tax (CAT). This two-hour program will be presented in a live webinar format via Zoom by OSU Extension Educators Barry Ward, David Marrison and Jeff Lewis along with Purdue faculty member Dr. Michael Langemeier. Individuals who operate farms, own property, or are involved with renting farmland should participate.

Topics to be discussed during this webinar include (subject to change based on tax law change):

  • Economic Outlook 

  • Depreciation Update 

  • Employee vs. Independent Contractor 

  • Corporate Transparency Act/Beneficial Owners Information Reporting

  • 1099-K Changes 

  • Charitable Remainder Trusts 

  • Basis Allocation Land Acquisition – Allocating Basis to Residual Fertility for Future Deductions 

  • Defining Farm Income to Avoid Paying Estimated Tax 

  • Keeping an Eye Forward on Estate/Gift Tax Limitation 

  • Reminder – Keeping an Eye on Tax Cuts and Jobs Act Provisions Sunsetting After 2025 Tax Year

  • Ohio Tax Update (CAUV/Property Tax Update, CAT Changes, Beginning Farmer Tax Credit, Ohio Tax Law Interpretation – Ohio Supreme Court Issues New Ruling)

  • Indiana Tax Update

To register: https://go.osu.edu/register4fol

For more information, contact Barry Ward at ward.8@osu.edu or Jeff Lewis at lewis.1459@osu.edu

Posted In: Tax
Tags: Farm Tax, Ag Tax, Income Tax
Comments: 0
Combine in the field.
By: Jeffrey K. Lewis, Esq., Friday, October 27th, 2023

Agricultural & Natural Resources Income Tax Issues Webinar
Barry Ward, Director, Income Tax Schools at The Ohio State University
Jeff Lewis, Income Tax Schools at The Ohio State University

Tax practitioners, farmers, and farmland owners are encouraged to connect to the Agricultural and Natural Resources Income Tax Issues Webinar (via Zoom) on December 13 from 8:45 a.m. to 3:20 p.m. The event is sponsored by Income Tax Schools at The Ohio State University.

The webinar focuses on issues specific to farm tax returns related to agriculture and natural resources and will highlight timely topics and new regulations.

The program is an intermediate-level course for tax preparers whose clients include farmers and rural landowners. Farmers who prepare and file their own taxes will also benefit from the webinar.

Tentative topics to be covered during the Ag Tax Issues webinar include:

  • Timely Tax Issues Facing Agricultural Producers
    • Employee vs Independent Contractor
    • Cost-Sharing Exclusion
    • Farm Trade or Business
    • Farming S Corporations
    • Timber Taxation
  • Legislative and Regulatory Update
  • Form 1099s Requirements for Farmers and Ranchers
  • Tax Schemes Targeting the Farm 
  • Tax Issues Arriving at the Death of a Farmer
  • Ohio Tax Update

Other chapters included in the workbook not included in the webinar includes: Material Participation Rules for Farmers, Ranchers and Landowners, Livestock Tax Issues, Depreciating and Expensing Farm Assets, Sale and Exchange of Farm Property, Sample Tax Return.

The cost for the one-day school is $180 if registered by November 29th. After November 29th, the registration increases to $230. Additionally, the course has been approved for the following continuing education credits:

•          Accountancy Board of Ohio, CPAs (6 hours)

•          Office of Professional Responsibility, IRS (6 hours)

•          Supreme Court of Ohio, Attorneys (5 hours)

Registration includes the Agricultural Tax Issues Workbook. Early registration (at least two weeks prior to the webinar) guarantees that you’ll receive a workbook prior to the webinar. 

The live webinar will also feature options for interaction and the ability to ask questions about the presented material.

More information on the workshop, including how to register, can be found at: https://farmoffice.osu.edu/tax/2023-ag-tax-issues-webinar

Contact Barry Ward at ward.8@osu.edu or Jeff Lewis at lewis.1459@osu.edu

Picture of a tax return form.
By: Jeffrey K. Lewis, Esq., Thursday, August 18th, 2022

OSU Income Tax Schools 2022
Two-Day Tax Schools for Tax Practitioners &
Agricultural & Natural Resources Income Tax Issues Webinar 
Barry Ward & Jeff Lewis, OSU Income Tax Schools

Tax provisions related to new legislation as well as continued discussion related to COVID-related legislation for both individuals and businesses are among the topics to be discussed during the upcoming OSU Income Tax Schools offered throughout Ohio in October, November, and December. 

The annual series is designed to help tax preparers learn about federal tax law changes and updates for this year as well as learn more about issues they may encounter when filing individual and small business 2022 tax returns.

OSU Income Tax Schools are intermediate-level courses that focus on interpreting tax regulations and changes in tax law to help tax preparers, accountants, financial planners, and attorneys advise their clients. The schools offer continuing education credit for certified public accountants, enrolled agents, attorneys, annual filing season preparers and certified financial planners.

Attendees also receive a class workbook that alone is an extremely valuable reference as it offers over 600 pages of material including helpful tables and examples that will be valuable to practitioners. Summaries of the chapters in this year’s workbook can be viewed at this site:
https://farmoffice.osu.edu/tax/2022-tax-school-chapters

A sample chapter from a past workbook can be found at: 
https://taxworkbook.com/about-the-tax-workbook/

This year, OSU Income Tax Schools will offer both in-person schools and an online virtual school presented over the course of four afternoons.

In-person schools:

October 27-28, Ole Zim’s Wagon Shed, Gibsonburg/Fremont

October 31-November 1, Presidential Banquet Center, Kettering/Dayton

November 3-4, Old Barn Restaurant & Grill, Lima

November 8-9, Muskingum County Conference and Welcome Center, Zanesville

November 21-22, Ashland University, John C. Meyers Convocation Center, Ashland

November 29-30, Nationwide & Ohio Farm Bureau 4-H Center, Columbus

December 5-6, Hartville Kitchen, Hartville

Virtual On-Line School presented via Zoom:

November 7, 10, 14 & 18, 12:30 – 4:45 p.m.

Register two weeks prior to the school date for the two-day tax school early-bird registration fee of $400.  This includes all materials, lunches, and refreshments. The deadline to enroll is 10 business days prior to the date of each school. After the early-bird deadline, the fee increases to $450. 

Additionally, the 2022 Checkpoint Federal Tax Handbook is available to purchase by participants for a discounted fee of $60 each. Registration information and the online registration portal can be found online at:
http://go.osu.edu/2022tax

In addition to the tax schools, the program offers a separate, two-hour ethics webinar that will broadcast Thursday, Dec. 8 at 1 p.m. The webinar is $25 for school attendees and $50 for non-attendees and is approved by the IRS and the Ohio Accountancy Board for continuing education credit.

A webinar on Ag Tax Issues will be held Tuesday, Dec. 13 from 8:45 a.m. to 3:20 p.m.

If you are a tax practitioner that represents farmers or rural landowners or are a farmer or farmland owner that prepares your own taxes, this five-hour webinar is for you. It will focus on key topics and new legislation related specifically to those income tax returns.

Registration, which includes the Ag Tax Issues workbook, is $160 if registered at least two weeks prior to the webinar. After November 29, registration is $210. Register by mail or on-line at https://go.osu.edu/agissues2022.   

Participants may contact Ward at 614-688-3959, ward.8@osu.edu or Jeff Lewis at 614-247-1720, lewis.1459@osu.edu for more information.

Farm Office Live Promo.
By: Jeffrey K. Lewis, Esq., Monday, August 23rd, 2021

"Farm Office Live" returns August 27, 2021, at 10:00 AM with special appearances by Ben Brown and attorney Robert Moore! Tune in to get the latest outlook and updates on ag law, farm management, ag economics, farm business analysis, and other related issues. Targeted to farmers and agri-business stakeholders, our specialists digest the latest news and issues and present it in an easy-to-understand format.

Special Guests

Ben Brown - A former member of the OSU Farm Office Team, Ben's areas of expertise include farm management, commodity markets, and agricultural policy.

Robert Moore, Esq. - A former OSU Extension employee, Robert now practices agricultural law at Wright & Moore, with a focus on farm succession planning, estate planning, and business planning. 

August Topics: 

  • Tax Proposals

  • Tax Planning in the Midst of Uncertainty - Robert Moore, Esq. 

  • Ohio Cropland Values & Cash Rents 

  • FSA Program Update 

  • Grain Marketing Update - Ben Brown

  • Your Questions

To register or to view a previous "Farm Office Live," please visit https://go.osu.edu/farmofficelive. You will receive a reminder with your personal link to join each month. 

The Farm Office is a one-stop shop for navigating the legal and economic challenges of agricultural production. For more information visit https://farmoffice.osu.edu or contact Julie Strawser at strawser.35@osu.edu or call 614.292.2433

 
Posted In: Uncategorized
Tags: Farm Office Live, Ag Tax, Grain Markets, FSA
Comments: 0
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