Farmer, CPA and Farmland Owner Income Tax Webinars – Three Opportunities

The Farmer and Farmland Owner Income Tax Webinar is scheduled for December 3rd at 6:30 pm. This 2 hour webinar is not set up for tax professionals and is better suited for your farmer and farmland owner clientele.

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.

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Income Tax Schools for Professionals (2-Day Tax Schools):

Lima – November 2-3 Old Barn Restaurant & Grill

Fremont – November 4-5 Ole Zim’s Wagon Shed

Ashland – November 11-12 (School is full.) Ashland University

Dayton – November 17-18 Presidential Banquet Center

Columbus – December 10-11 (School is full.) Nationwide & Ohio Farm Bureau 4-H Center

 

Virtual Online Schools: Webinar (Zoom)

November 9, 13, 16 and 19

Each Day 12:30 – 5pm

Livestream (Zoom) December 10-11

Livestream of Columbus Tax School Location via Zoom


Barry Ward, Director, OSU Income Tax Schools

College of Food, Agricultural and Environmental Sciences, OSU Extension

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.


OSU Income Tax Schools 2020

OSU Extension Announces Two-Day Tax Schools for Tax Practitioners &

Agricultural & Natural Resources Income Tax Issues Webinar

Barry Ward & Julie Strawser, OSU Income Tax Schools

Dealing with the tax provisions of the COVID-related legislation for both individuals and businesses are among the topics to be discussed during the upcoming Tax School workshop series offered throughout Ohio in 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 2020 tax returns,” said Barry Ward, Director of the Ohio State University Income Tax School Program.

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

“This is another important year for tax education as the new COVID-related legislation creates some challenges for tax practitioners to prepare tax returns. We have an excellent set of instructors with a great deal of experience and training along with a top reference workbook to prepare tax practitioners to best serve their clients during this ongoing process of incorporating recent tax law changes in completing tax returns,” Ward said.

The workbook alone is an extremely valuable reference as it offers over 700 pages of material including helpful tables and examples that will be valuable to practitioners. Sample chapters of the reference workbook can be found at: https://go.osu.edu/WorkbookChapters.

This year, OSU Income Tax Schools will offer both in-person schools and online virtual schools.

In-person schools:

  1. Lima – November 2-3

Old Barn Restaurant and Grill

3175 W Elm Street, Lima, OH 45805

  1. Fremont – November 4-5

Ole Zim’s Wagon Shed

1375 State Route 590, Gibsonburg, OH 43431

  1. Ashland – November 11-12 SOLD OUT

Ashland University

John C. Meyers Convocation Center

820 Clermont Ave., Ashland, OH  44805

  1. Dayton – November 17-18

Presidential Banquet Center

4548 Presidential Way, Kettering, OH  45429

  1. Columbus – December 10-11 SOLD OUT

Nationwide & Ohio Farm Bureau 4-H Center

2201 Fred Taylor Dr., Columbus, OH 43221

Virtual On-Line Schools:

  1. Webinar (Zoom)

November 9, 13, 16 and 19

Each Day 12:30 – 5pm

Zoom Webinar

  1. Livestream (Zoom)

December 10-11

Livestream of Columbus Tax School Location via Zoom

In addition to the tax schools, the program offers a separate, two-hour ethics webinar that will broadcast Dec. 4 at 10 a.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

Register two weeks prior to the school date and receive the two-day tax school early-bird registration fee of $375.  This includes all materials, lunches and refreshments. The deadline to enroll is 10 business days prior to the date of each school. After the school deadline, the fee increases to $425.

Additionally, the 2020 RIA Federal Tax Handbook is available to purchase by participants for a discounted fee of $45 each. Registration information and the online registration portal can be found online at:

http://go.osu.edu/2020tax

A webinar on Ag Tax Issues will be held Dec. 18 from 8:45 a.m. to 3:30 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 $150. Register by mail or on-line at https://go.osu.edu/agissues2020.

Participants may contact Ward at 614-688-3959, ward.8@osu.edu or Julie Strawser 614-292-2433, strawser.35@osu.edu for more information.

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