Farm Taxes

Income Tax Schools at The Ohio State University Summer Tax School 2025

Written by Jeffrey K. Lewis, Esq., Legal Associate, Agricultural and Resource Law Program, Income Tax Schools

Income Tax Schools at The Ohio State University Announces Summer Income Tax School Webinar
Barry Ward & Jeff Lewis, OSU Income Tax Schools

An “Update on Current Tax Issues and Law Changes” along with a section on “Taxpayers in Trouble” are the focus of the upcoming Summer Tax School Webinar featured by Income Tax Schools at The Ohio State University.

This webinar is scheduled for August 11th and registration is now open. The registration page can be accessed at: go.osu.edu/summertaxschool.

This Summer Tax School is designed to update tax preparers about current tax issues, new law changes and tax legislation. This school will also include a section on working with “taxpayers in trouble”. Continue reading Income Tax Schools at The Ohio State University Summer Tax School 2025 →

How Many Farms Pay Estate Taxes?

Written by Robert Moore

Estate taxes have been a hot topic lately, especially with the looming expiration of the Tax Cuts and Jobs Act (TCJA). The TCJA significantly increased the federal estate tax exemption, which stands at $13.99 million per person for 2025. However, if Congress does not intervene, that exemption will drop to approximately $7.2 million in 2026, reverting to pre-TCJA levels.

Estate Taxes and Farms: The Current Reality

Despite the frequent debate about estate taxes, very few farm estates actually owe them. According to the USDA, only about 0.3% of farm estates are subject to federal estate tax under the current exemption. In fact, in 2022, the USDA estimates only 87 farm estates nationwide had to pay any federal estate tax at all.

If the exemption decreases in 2026, more farms will be affected, but the overall percentage will still be relatively small. Here’s what the numbers look like:

  • The percentage of all farms owing estate taxes would rise from 0.3% to 1.0%.
  • Large farms (those with $1 million to $5 million in gross income) would see the biggest jump, with taxable estates increasing from 2.8% to 7.3%.

See the chart below for a full breakdown.

Why Estate Taxes Matter for Farm Families

Even though only a small percentage of farms will be affected, for those that are, estate taxes can pose a significant challenge to passing the farm on to the next generation. Many farms are asset-rich but cash-poor, meaning they have substantial land and equipment value but limited liquid assets. This can create difficulties in paying estate taxes without selling off land or assets critical to farm operations. Continue reading How Many Farms Pay Estate Taxes? →

Form 1099 Information Returns – Report Deadline Nears

By: David L. Marrison, Field Specialist, Farm Management, Barry Ward, Director of the OSU Income Tax Schools, and Jeff Lewis, Attorney and Program Coordinator- OSU Extension.

It is tax season! The Internal Revenue Service (IRS) expects over 140 million individual tax returns to be filed by the April 15, 2025 deadline. With tax returns set to be accepted by the IRS starting January 27, it’s crucial for individuals and businesses to stay on top of important tax reporting deadlines.

One of the key requirements during this time is the proper reporting of income through 1099 forms. These forms, which report various types of non-wage income, need to be furnished to taxpayers by January 31. Additionally, copies also need to be sent to the IRS by the January 31st deadline (with a few exceptions) to avoid penalties and ensure timely processing of tax returns.

This article will provide an overview of 1099 forms, highlighting the specifics of the 1099-NEC, 1099-MISC, and 1099-K forms. Additionally, we will share reporting deadlines, penalties for non-reporting, and provide resource links from the IRS. Continue reading Form 1099 Information Returns – Report Deadline Nears →