The Ag Tax Issues Webinar scheduled for December 18th 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 this more in-depth webinar.
Are you getting the most from your tax return? Farmers and farmland owners who wish to increase their tax knowledge should consider attending this webinar that will address tax issues specific to this industry. Content focuses on important tax issues and will offer insight into new COVID related legislation.
Mark your calendars for December 3rd, 2020 to participate in this live webinar from 6:30 to 8:30 pm. The event is a joint offering from OSU Income Tax Schools which are a part of OSU Extension and the College of Food, Agricultural and Environmental Sciences and Purdue University Income Tax Schools. If you are not able to attend the live webinar, all registered participants will receive a link to view the recorded webinar at a time of their convenience. This link will be available through the tax filing season.
The two-hour program is targeted towards owners who file their own farm taxes or simply wish to arm themselves with more tax information that will help them to better plan for tax filing.
Topics to be discussed during the webinar include:
- Tax Issues related to COVID-related legislations including tax credits, PPP loans, EIDL loans etc.
- New 1099-Misc and 1099-NEC
- Tax planning in an unusual year: prevented planting crop insurance indemnity payments, Revenue Crop Insurance Payments, CFAP payments, etc.
- Like Kind Exchanges (farm machinery and equipment no longer are eligible for this provision – this is a significant change), how this change may affect state income tax and how this change may affect your Social Security credits and eventual payments
- Qualified Business Income Deduction, sales to cooperatives, lease income
- Other topics
The cost for the webinar is $35. To register, go to https://go.osu.edu/farmertax2020. For more information, contact Julie Strawser at strawser.35@osu.edu or call the OSU Extension Farm Office at 614-292-2433.
Agricultural & Natural Resources Income Tax Issues Webinar
Barry Ward, Director, OSU Income Tax Schools
Julie Strawser, OSU Income Tax Schools
Tax practitioners, farmers and farmland owners are encouraged to connect to the Agricultural and Natural Resources Income Tax Issues Webinar (via Zoom) on Dec. 18 from 8:45 a.m. to 3:30 p.m. The event is sponsored by Ohio State University Income Tax Schools.
The webinar focuses on issues specific to farm tax returns related to agriculture and natural resources and will highlight timely topics and new regulations related to COVID-related legislation.
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:
The Impact of New Legislation on Farmers
Depreciation of Farm Assets
Farm or Ranch Employer-Provided Meals and Lodging
Tax Issues for Family-Owned Farms
Family Farm Special Use Valuation
Self-Employment Tax on Agricultural Income
Like-Kind Exchange Issues Impacting Farmers
Getting Out of the Business of Farming
Retirement & Social Security Concerns for Farmers
Form 4797, Sale of Business Property
Qualified Business Income Tax Issues for Farmers
Tax Issues Arising Upon the Death of a Farmer
Current Uniform Capitalization Rules for Orchards and Vineyards
The cost for the one-day school is $150, and applications have been made 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 (5.25 hours)
Registration includes the Agricultural Tax Issues Workbook. The deadline to register is Dec. 8 to ensure participants will receive the workbook in the mail before the workshop. 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 go.osu.edu/agissues2020
Contact Barry Ward at 614-688-3959, ward.8@osu.edu or Julie Strawser at 614-292-2433, strawser.35@osu.edu with questions.
