The November 2025 Farm Office Live Tax Webinar focused on critical updates and strategies for agricultural tax planning. Farm Economy and Tax Planning set the stage by examining income trends, cost pressures, and their implications for year-end tax decisions. The One Big Beautiful Bill Act (OBBB) introduced sweeping tax changes, including adjustments to individual rates, standard deductions, child tax credits, and farm-specific provisions such as Section 179 expensing and bonus depreciation, offering new opportunities for producers.
Depreciation and Accelerated Expensing received special attention, highlighting permanent expensing options under OBBB and clarifying rules for MACRS, Section 179, and bonus depreciation to optimize equipment and property investments. Estate and Succession Planning addressed rising exemption limits, special use valuation under IRC §2032A, and strategies for valuing inherited assets, ensuring smooth farm transitions while minimizing tax burdens.
Compliance updates were another major theme, with new 1099 reporting thresholds and guidance for fair associations, alongside the Corporate Transparency Act, which imposes beneficial ownership reporting requirements and faces ongoing legal challenges. Finally, Specialized Agricultural Tax Issues covered nuanced topics such as tax treatment for 4-H and FFA projects, fertilizer deductions under IRC §180, the R\&D credit for farm innovation, and changes to Ohio’s Current Agricultural Use Valuation (CAUV).
Together, these themes underscore the importance of proactive planning and staying informed on legislative and compliance developments to safeguard farm profitability and legacy.