Farm Tax
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.
Tags: tax, Ag Tax, Farm Tax, Income Tax, cauv, IRC
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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:
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!
Tags: tax, Tax Schools, Ag Tax, Farm Tax, Introduction to Tax Preparation
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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):
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Economic Outlook
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Depreciation Update
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Employee vs. Independent Contractor
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Corporate Transparency Act/Beneficial Owners Information Reporting
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1099-K Changes
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Charitable Remainder Trusts
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Basis Allocation Land Acquisition – Allocating Basis to Residual Fertility for Future Deductions
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Defining Farm Income to Avoid Paying Estimated Tax
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Keeping an Eye Forward on Estate/Gift Tax Limitation
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Reminder – Keeping an Eye on Tax Cuts and Jobs Act Provisions Sunsetting After 2025 Tax Year
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Ohio Tax Update (CAUV/Property Tax Update, CAT Changes, Beginning Farmer Tax Credit, Ohio Tax Law Interpretation – Ohio Supreme Court Issues New Ruling)
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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
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
Tags: tax, Ag Tax, Farm Tax, labor law, tax law, Farm Business
Comments: 0
From: Barry Ward & Jeff Lewis, OSU Income Tax Schools
Are you a farmer or farmland owner wanting to learn more about the recent income tax law changes and proposals? If so, join us for this webinar on Thursday, November 17th, 2022, from 6:30 - 8:30 p.m.
Register for just $40. If you can't attend, you will be sent a link to view the recorded webinar later at your convenience. You have unlimited views of the replay, and it will be available throughout the 2022 tax filing season. Details and registration link can be found at: https://farmoffice.osu.edu/tax/farmer-and-farmland-owner-income-tax-webinar
This webinar will focus on issues related to farmer and farmland owner tax returns. 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 are encouraged to participate.
Topics to be discussed during the webinar include (subject to change based on tax law change):
- Farm Economy and Income in ‘22 and Outlook for ’23
- Deferring Taxes (deferring income, prepaying expenses), Retirement Plan Contributions, Accelerating Depreciation, Bunching Itemized Deductions, Self-employment Tax Planning, and Maximizing Permanent Tax Benefits
- Depreciation, Bonus Depreciation, Section 179, What is “Placed in Service”?
- Income Averaging
- Employee Retention Credits
- Inflation Reduction Act (IRA)
- State Tax Updates – Ohio and Indiana
To register: https://farmoffice.osu.edu/tax/farmer-and-farmland-owner-income-tax-webinar
For more information, contact Barry Ward at ward.8@osu.edu or Jeff Lewis at lewis.1459@osu.edu or call the OSU Extension Farm Office at 614-292-2433.
"Farm Office Live" returns this summer as an opportunity for you 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.
The live broadcast is presented monthly. In months where two shows are scheduled, one will be held in the morning and one in the evening. Each session is recorded and posted on the OSU Extension Farm Office YouTube channel for later viewing.
Current Schedule:
| July 23, 2021 | 10:00 - 11:30 am | December 17, 2021 | 10:00 - 11:30 am |
| August 27, 2021 | 10:00 - 11:30 am | January 19, 2022 | 7:00 - 8:30 pm |
| September 23, 2021 | 10:00 - 11:30 am | January 21, 2022 | 10:00 - 11:30 am |
| October 13, 2021 | 7:00 - 8:30 pm | Februrary 16, 2022 | 7:00 - 8:30 pm |
| October 15, 2021 | 10:00 - 11:30 am | February 18, 2022 | 10:00 - 11:30 am |
| November 17, 2021 | 7:00 - 8:30 pm | March 16, 2022 | 7:00 - 8:30 pm |
| November 19, 2021 | 10:00 - 11:30 am | March 18, 2022 | 10:00 - 11:30 am |
| December 15, 2021 | 7:00 - 8:30 pm | April 20, 2022 | 7:00 - 8:30 pm |
Topics we will discuss in upcoming webinars include:
- Coronavirus Food Assitance Program (CFAP)
- Legislative Proposals and Accompanying Tax Provisions
- Outlook on Crop Input Costs and Profit Margins
- Outlook on Cropland Values and Cash Rents
- Tax Issues That May Impact Farm Businesses
- Legal Trends
- Legislative Updates
- Farm Business Management and Analysis
- Farm Succession & Estate Planning
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
Tags: Farm Office Live, farm management, Farm Succession, Estate Planning, Farm Business, Dairy Production, Farm Tax, Agricultural Law, Resource Law
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