Agricultural & Natural Resources Income Tax Issues Webinar

by: Barry Ward, Director, OSU Income Tax Schools

Tax practitioners, farmers and farmland owners are encouraged to connect to the Agricultural and Natural Resources Income Tax Issues Webinar on Dec. 16 from 9 a.m. to 3 p.m. The event is sponsored by Ohio State University Extension and participants can attend the webinar at host locations throughout Ohio or connect at home or office.

The webinar focuses on issues specific to farm tax returns related to agriculture and natural resources, and will highlight timely topics and key regulations of the Tax Cuts and Jobs Act.

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.

Topics in the Ag Tax Issues Workbook that is provided to all participants include:

Tax planning for farmers

Proposed §199A Cooperative Regulations

199A and farm rentals

Form 4797 issues

Form 4562 depreciation and expensing issues

Disaster-related tax issues

Farming C corporations electing S corporation status

Getting out of the farming business

Allocating purchase price to depreciable items

Discounted sales and leases

Current H2A labor issues

Taxation of contract feeding arrangements

Industrial hemp considerations

Timber tax issues

Conservation easements

Case study and forms update

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 hours)

Registration includes the Agricultural Tax Issues Workbook. The deadline to register is Dec. 6 to ensure participants will receive the workbook in the mail before the workshop. The live webinar, which will also feature a real-time Q-and-A, can be viewed at several host locations statewide and will include lunch. Participants also have the option to view the webinar from home if unable to attend a host location. For those who choose not to attend at a host location, a web address for the webinar will be sent in advance of the Dec. 16 presentation.

Host locations include:

Auglaize County, OSU Extension Office, 208 S. Blackhoof St., Wapakoneta

Clermont County, OSU Extension Office, 1000 Locust St., Owensville

Putnam County, OSU Extension Office, 1206 E. Second St., Ottawa

Wayne County, Wayne County Administration Building, 428 West Liberty St., Wooster

Wyandot County, Elks Lodge, 320 E. Wyandot Ave., Upper Sandusky

More information on the workshop, including how to register, can be found at go.osu.edu/agissuesreg

Contact Barry Ward at 614-688-3959, ward.8@osu.edu or Julie Strawser at 614-292-2433, strawser.35@osu.edu with questions.

 

 

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