Farmer and Farmland Owner Income Tax Webinar

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):

  • Economic Outlook

  • Depreciation Update

  • Employee vs. Independent Contractor

  • Corporate Transparency Act/Beneficial Owners Information Reporting

  • 1099-K Changes

  • Charitable Remainder Trusts

  • Basis Allocation Land Acquisition – Allocating Basis to Residual Fertility for Future Deductions

  • Defining Farm Income to Avoid Paying Estimated Tax

  • Keeping an Eye Forward on Estate/Gift Tax Limitation

  • Reminder – Keeping an Eye on Tax Cuts and Jobs Act Provisions Sunsetting After 2025 Tax Year

  • Ohio Tax Update (CAUV/Property Tax Update, CAT Changes, Beginning Farmer Tax Credit, Ohio Tax Law Interpretation – Ohio Supreme Court Issues New Ruling)

  • 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

Ohio’s Beginning Farmer Income Tax Credits

The idea to use income tax incentives to help Ohio’s beginning farmers gain access to agricultural assets has floated around the Ohio General Assembly for several years. That idea became a reality when Ohio’s Beginning Farmer Bill, House Bill 95, became effective on July 18, 2022. A bi-partisan effort by Rep. Susan Manchester (R-Waynesfield) and Rep. Mary Lightbody (D-Columbus), the law is now in the hands of the Ohio Department of Agriculture (ODA), who is charged with implementing its provisions. ODA expects the new program to be available in 2023.

More details in Ohio Beef News at: Ohio’s Beginning Farmer Income Tax Credits | Ohio BEEF Cattle Letter (osu.edu)

Ohio Farmer’s Income Tax Webinar

Farmers and landowners are encouraged to learn more about income tax changes during a webinar on January 29 from 10 a.m. to noon.

The webinar, which will focus on issues specific to farm tax returns related to agriculture and natural resources for the 2017 filing season, will offer insight into topics such as agriculture income and expenses, said Barry Ward, production business management leader for OSU Extension.

The two-hour program will be presented in a live webinar format by Ward along with Chris Bruynis and David Marrison, OSU Extension. Individuals who operate farms, own property, or are involved with renting farmland should participate, Ward said.

“The program is directly relevant to farmers and rural landowners,” he said.

Topics to be discussed during the webinar include:

  • New Tax Legislation
  • Agriculture Income and Expenses
  • Net Operating Losses
  • Buying and Selling Farmland
  • Rental Property
  • Demolition of Structures

The cost for the webinar is $35 and registration is open by clicking here.

For more information, contact Julie Strawser-Moose at moose.14@osu.edu or by calling 614-292-2433.