OSU Extension to Host “Planning for the Future of Your Farm” Workshop

By David Marrison, Peggy Hall and Jeffrey Lewis

Planning For Future Farm Webinar

OSU Extension will host a virtual three part “Planning for the Future of Your Farm” workshop on February 15, 22 and March 1, 2021 from 6:30 to 8:30 p.m. via Zoom. This workshop will challenge farm families to actively plan for the future of the farm business. This workshop is designed to help farm families learn strategies and tools to successfully create a succession and estate plan that helps you transfer your farm’s ownership, management, and assets to the next generation. Learn how to have the crucial conversations about the future of your farm.

Topics discussed during this series include: Developing Goals for Estate and Succession; Planning for the Transition of Control; Planning for the Unexpected; Communication and Conflict Management during Farm Transfer; Legal Tools & Strategies; Developing Your Team; Getting Affairs in Order; and Selecting an Attorney

This workshop will be taught by members of the OSU Farm Office Team featuring Peggy Hall & Jeffrey Lewis, Attorneys from OSU Agricultural & Resource Law Program and David Marrison, Extension Educator for Coshocton County.

Because of its virtual nature, you can invite your parents, children, and/or grandchildren (regardless of where they live in Ohio or across the United States) to join you as you develop a plan for the future of your family farm.

Pre-registration is required as one packet of program materials will be mailed to participating families. Electronic copies of the course materials will also be available to all participants. The registration fee is $40 per farm family.  The registration deadline is February 10, 2021. More information and on-line registration can be obtained at go.osu.edu/farmsuccession

For more information about this webinar contact David Marrison at the Coshocton County Extension office at 740-622-2265 or by email at marrison.2@osu.edu.

FARM OFFICE LIVE WINTER EDITION

by: Barry Ward, David Marrison, Peggy Hall, Dianne Shoemaker – Ohio State University Extension

“Farm Office Live” returns virtually this winter as an opportunity for you to get the latest outlook and updates on ag law, farm management, ag economics, farm business analysis and other related issues from faculty and educators with the College of Food, Agriculture and Environmental Sciences at The Ohio State University.

Each Farm Office Live will start off with presentations on select ag law and farm management topics from our experts and then we’ll open it up for questions from attendees on other topics of interest.  Viewers can attend “Farm Office Live” online each month on Wednesday evening or Friday morning, or can catch a recording of each program. The full slate of offerings for this winter:

January 13th 7:00 – 8:30 pm

January 15th 10:00 – 11:30 am

February 10th 7:00 – 8:30 pm

February 12th 10:00 – 11:30 am

March 10th 7:00 – 8:30 pm

March 12th 10:00 – 11:30 am

April 7th 7:00 – 8:30 pm

April 9th 10:00 – 11:30 am

Topics to be addressed this winter include:

  • New COVID Related Legislation – Consolidated Appropriations Act, 2021
  • Outlook on Crop Input Costs and Profit Margins
  • Outlook on Cropland Values and Cash Rents
  • Outlook on Interest Rates
  • Tax Issues That May Impact Farm Businesses
  • Legal trends for 2021
  • Legislative updates
  • Farm business management and analysis updates
  • Farm succession & estate planning updates

Who’s on the Farm Office Team?  Our team features OSU experts ready to help you manage your farm office:

  • Peggy Kirk Hall — agricultural law
  • Dianne Shoemaker — farm business analysis and dairy production
  • David Marrison — farm management
  • Barry Ward — agricultural economics and tax

Register at  https://go.osu.edu/farmofficelive

We look forward to you joining us this winter!

Farm Management Needs Pulse Survey

The Ohio State University Extension Agriculture and Natural Resources program works to improve production and maximize profitability while promoting environmental stewardship.

We are reviewing our farm management resources and ask you to rank your “top 3” areas from the following list for your farm management needs and support wanted.

  1. Agricultural Finance: farm income, farm business analysis, financial management, budgeting, and investing, agricultural taxes, benchmarking, record keeping
  2. Agricultural Human Resources: farm succession planning, labor law and policy, human resource management/labor management, liability
  3. Agricultural Law: legal issues within the agriculture system and estate planning
  4. Agricultural Marketing: marketing and price analysis, commodity trading
  5. Agricultural Policy: Farm Bill/Agricultural Policy, environmental and resource policy agricultural trade
  6. Agricultural Production and Risk Management: risk evaluation and management, land use, crop and livestock production, crop and livestock insurance
  7. Agricultural Supply Chain Stability and New Market Access: stability of upstream and downstream supply chains during disruptions, identifying new markets
  8. Rural and Community Development: infrastructure – broadband access, community resources, health care, non-agricultural small business support; rural/urban interface

Please complete the survey at: https://go.osu.edu/FarmMgmtNeeds by December 18, 2020.

Thank you.

Farm Office Live Scheduled for October 7, 2020

Join the OSU Extension Farm Office team for discussions on the latest agricultural law and farm management news.  The next session will be held on October 7, 2020 8:00 – 9:30 a.m.

Farm Office Live will be back for a review of the latest on round two of the Coronavirus Food Assistance Program (CFAP), 2020 crop enterprise budgets, new custom rates and Western Ohio Cropland Values and Cash Rents survey summary, Ohio’s COVID-19 immunity legislation, and other current issues in farm management.

Join our experts for quick presentations and Q & A.   Go to https://farmoffice.osu.edu/farmofficelive  to register or view past webinars and PowerPoint slides.

 

OSU Income Tax Schools Summer Update Federal Income Tax & Financial Update Webinar

by: Barry Ward, Director, OSU income Tax Schools

 Significant tax related changes as a result of the new legislation passed in response COVID-19 have created some questions and perhaps consternation over the past few months as taxpayers and tax professionals wrestle with how these many changes may affect tax returns this year and beyond. OSU Income Tax Schools is offering a Summer Update to address these issues and other important information for tax professionals and taxpayers.

The OSU Income Tax Schools Summer Update: Federal Income Tax & Financial Update Webinar is scheduled for August 13th and will be presented as a webinar using the Zoom platform.

John Lawrence, CPA, will teach the course that offers continuing education credits for tax professionals and attorneys. Mr. Lawrence has taught at OSU Extension tax schools for over 20 years and developed this curriculum. He retired from the IRS in 2006 and has since run his own firm in Lawrence, Indiana and Wooster, Ohio.

Webinar Content:

New tax provisions implemented by the CARES Act and Families First Coronavirus Response Act and how to account for them such as the new net operating loss rules, the payroll tax credit, etc. Paycheck Protection Program Loan Issues: loan applications, forgiveness issues and the IRS ruling on loan expenditures that are forgiven under PPP are not tax deductible and how to account for them in preparing a return, etc.

Dealing with the IRS in these difficult times.  Also, what it means to the practitioner as to “dos” and don’ts” regarding the announcement that beginning this summer the IRS will allow the electronic filing of amended returns.

The “Hot IRS Audit Issues – Pitfalls for S Corporations and Partnerships”.  Basis of entities as to the rules and related rulings, how to track basis in these entities, creation of basis where none had been computed in prior tax years, losses in excess of basis and when they are not allowed, definition of an excess distribution, taxation of excess distributions, distribution of appreciated property,  conversion of C corporations to S corporations – do and don’ts, computation of the Built-In Gains Tax, inference and imputation of a reasonable wage for purposes of the computation of the qualified business income deduction, etc.

Other rulings, developments, and cases.

Webinar personnel:

John Lawrence, CPA, John M. Lawrence & Associates: Instructor

Barry Ward, Director, OSU Income Tax Schools: Co-Host & Question Wrangler

Julie Strawser, Program Assistant, OSU Income Tax Schools: Co-Host and Webinar Manager

Details:

OSU Income Tax Schools Summer Update

Federal Income Tax & Financial Update Webinar

(Zoom Webinar)

August 13th, 2020: 10am – 3:30 (Lunch Break: Noon – 12:50pm)

Cost: $150

Registration information and link to the registration page can be found at:

https://farmoffice.osu.edu/osu-income-tax-schools

This workshop is designed to be interactive with questions from the audience encouraged.

Continuing education offered:

Accountancy Board of Ohio (5 hours)

IRS Office of Professional Responsibility (5 hours)

Continuing Legal Education, Ohio Supreme Court (4.5 hours)

 

Farm Office Live Webinar Slated for Thursday, June 11 at 9:00 a.m.

OSU Extension is pleased to be offering the a “Farm Office Live” session on Thursday morning, June 11 from 9:00 to 10:30 a.m.  Farmers, educators, and ag industry professionals are invited to log-on for the latest updates on the issues impact our farm economy.

The session will begin with the Farm Office Team answering questions asked over the two weeks.  Topics to be highlighted include:

  • Updates on the CARES Act Payroll Protection Program
  • Prevent Plant Update
  • Business & Industry CARES Act Program
  • EIDL Update
  • CFAP- update on beef classifications and commodity contract eligibility
  • Dicamba Court Decision Update
  • Other legal and economic issues

Plenty of time has been allotted for questions and answers from attendees. Each office session is limited to 500 people and if you miss the on-line office hours, the session recording can be accessed at farmoffice.osu.edu the following day.  Participants can pre-register or join in on Thursday morning at  https://go.osu.edu/farmofficelive 

 

Farm Office Live Session Slated for Thursday, May 14 from 9:00 to 10:30 a.m.

OSU Extension is pleased to be offering the a “Farm Office Live” session on Thursday morning , May 14 from 9:00 to 10:30 a.m.  Farmers, educators, and ag industry professionals are invited to log-on for the latest updates on the issues impact our farm economy.

The session will begin with the Farm Office Team answering questions asked over the ten days.  Topics to be highlighted include:

  • Updates on the CARES Act, Payroll Protection Program, Economic Injury Disaster Loan (EIDL), and Coronavirus Food Assistance Program (CFAP) Update
  • Corn and soybean budgets
  • Supply and demand balance sheets
  • Other legal and economic issues

Plenty of time has been allotted for questions and answers from attendees. Each office session is limited to 500 people and if you miss the on-line office hours, the session recording can be accessed at farmoffice.osu.edu the following day.  Participants can pre-register or join in on Thursday morning at  https://go.osu.edu/farmofficelive 

Farm Transition in Tasmania

by: Amanda Douridas, Extension Educator

Around this time last year, I had the opportunity to travel to Tasmania to attend and present at the International Farm Management Congress. During one of the tours, we were able to meet with 3 farms who have implemented very successful succession plans. Farm transition is a struggle for many farms not only in the U.S. but across the globe. It was interesting to see the generation in their 30s and 40s as the primary managers of the farm with their parents stepping down in their 50s and 60s (but still working as much as they want to).

At one farm, the older generation decided to become more of an employee showing up at work every day at 7:30 a.m. and taking a wage. He and his 33 year old son still very much talked and discussed the future of the business daily but his son ultimately made the decisions. Another advantage to developing the succession plan at an early stage was most children did not have significant others involved yet, which can be a cause for contention in some cases.

In each instance, on and off-farm children knew where they stood within the operation and were better able to plan for their future. This is crucial for the younger farming generation especially. They know the future of the farm is secure and are able to expand or change to fit their family’s needs.

Another common denominator in the younger generation is nearly all spent 5-10 years working outside of the operation after school. Many worked on another farm or in the agriculture industry gaining valuable ideas and insights to bring back to the farm.

One farmer gave 4 rules for succession planning:

  1. Set a timeline for the plan to be finalized.
  2. Appoint someone outside the family as a mediator.
  3. Everyone needs to come to the table in a conciliatory state of mind.
  4. Start thinking about what you will do for the rest of your life.

The next generation is likely to have a different management style. That does not make it right or wrong. The older generation received the farm at a young age themselves and were able to keep that going with their children.

Lastly, have a retirement party to thank the businesses you’ve worked with and show them the next generation is in charge. This will notify salesmen that they need to stop calling you and allows the next gen to handle business partners in a way that fits the future of the operation.

There is a video available on Youtube featuring one of the families is available at: https://www.youtube.com/watch?v=gIKpne_VSbU&feature=youtu.be

Registration Now Open for May 6 Annie’s Virtual Reunion

By: Amanda Douridas, Extension Educator

Those who have participated in an Annie’s Project understand the camaraderie and friendships that are developed during the course. They also understand the value of education to improve the farm operation. Keeping those two points in mind, the Ohio Women in Ag team is hosting a virtual Annie’s Reunion on May 6 from 9-11 a.m.

The reunion will allow past participants to catch up with each other through virtual breakout rooms and further expand their education through 3 different tracts: Farm Management, Livestock and Food. The opening session will provide resources and inspiration for the unique challenges farms are facing right now. Breakout sessions include grain and livestock market updates, backyard poultry, food prep and preservation and more. Those who have not participated in an Annie’s Project are also invited to attend to learn more!

Registration is open until noon on May 5 at http://go.osu.edu/AnniesReunion. For questions, please contact Amanda Douridas at Douridas.9@osu.edu.

Those who have not had the opportunity to participate in an Annie’s Project are welcome to join us as well. Annie’s Project is a national program focused on farm management education for farm and ranch women. The course consists of 18 hours of education 5 risk areas: financial, human resources, legal, market and production. For more information, visit https://www.anniesproject.org/. Contact Gigi Neal if interested in learning about upcoming programs at neal.331@osu.edu or 513-732-7070.

COVID-19……Changing the Way We Do Business on the Farm

by, Mike Estadt, Agriculture Extension Educator in Pickaway County

The State of Ohio is starting the process of opening for business this week. Farms across Ohio never closed.  With developments recently with the food processing chain breaking down due to the COVID-19 virus one can easily see why it is vitally important to have contingency plans for disruptions to your business no matter how big or small.

Have you given serious thought to what would happen to your farm or agricultural business if you or a key employee(s) were to become ill due to the coronavirus or for that matter any health related event that would prevent you from getting your crop planted, managed through the growing season or harvested in the fall?

In response to this scenario Dr. Dee Jepsen, State Safety Program Leader and Lisa Pfeifer, Educational Program Manager, Agricultural Safety & Health have authored a white paper entitled “Navigating COVID-19 on the Farm” with some excellent ideas and daily best management practices to mitigate risks on your farm.  This paper can be found at: https://u.osu.edu/ohioagmanager/2020/04/23/navigating-covid-19-on-the-farm-best-practices-for-daily-management-of-s-and-people/anitation-deliveries-equipment-repairs

Another great supporting document that should be part of every farm, nursery, and ranch is an operational plan in the case of an emergency.  Quite often the details of complicated farm operations are known only be one person, the farmer.  Tyler Williams, Cropping Systems Extension Educator with the University of Nebraska-Lincoln has developed two comprehensive fillable Word documents for row crop and cow-calf producers available at: https://cropwatch.unl.edu/2020/farm-operations-plans