Tax Management

“Planning for the Future of Your Farm” Workshops offered by OSU Extension

by: David Marrison, OSU Extension-Coshocton County, marrison.2@osu.edu

To kick off 2022, OSU Extension will be offering “Planning for the Future of Your Farm” workshops to help farm families actively plan for the future of their farm business. The workshops are designed to help farm families learn strategies and tools to successfully create a succession and estate plan which can be used as the guide to transfer the 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 Your Affairs in Order; and Selecting an Attorney.  This workshop will be taught by members of the OSU Farm Office Team.

Families can choose to attend the workshop virtually or in-person at regional workshops which will be held across the state. These sessions being offered include:

Virtual “Planning for the Future of Your Farm” Workshop

A virtual version of this workshop will be held on January 31 and February 7, 21 & 28, 2022 from 6:30 to 8:00 p.m. via Zoom. 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 so that a packet of program materials can be mailed in advance to participating families. Electronic copies of the course materials will also be available to all participants. The registration fee is $75 per farm family.  The registration deadline is January 25, 2022. More information and on-line registration can be obtained at go.osu.edu/farmsuccession

In-Person “Planning for the Future of Your Farm” Workshop

In addition to the webinar series, 3 regional in-person workshops will be held in February and March of 2022. Each of these programs will be held from 9:00 to 4:00 p.m.  The base registration cost for each of these meetings is $85 for 2 attendees, lunch and 1 notebook.  Additional participants can attend for a $20 fee and extra sets of the course material can be purchased for $15. Registration is due 1 week prior to each event.

The locations for each for the meetings are:

February 10, 2022 in Greene County

Location: Greene County Extension Office

100 Fairground Road, Xenia, Ohio

On-line registration can be made at go.osu.edu/greenefarmfuture

More details can be obtained at corboy.3@osu.edu or 937-372-9971

 

February 25, 2022 in Wayne County

Location: Fisher Auditorium

1680 Madison Avenue, Wooster, Ohio

More details can be obtained at zynda.7@osu.edu or 330-264-8722

 

March 4, 2022 in Wood County

Location: Wood County Fairgrounds- Junior Fair Building

13800 W Poe Road, Bowling Green, Ohio

More details can be obtained at eckel.21@osu.edu or 419-354-9050

 

Specific details about each of the workshops can be found at: go.osu.edu/farmsuccession

 

2022 Agricultural Outlook and Policy Meetings Set to Kickoff

by: Mike Estadt, OSU Extension, estadt.3@osu.edu

The Ohio State University Extension is pleased to announce the Regional Ag Outlook and Policy Meetings for 2022.  Meetings will be held around the state beginning the last of January and ending in March.

Speakers will address a myriad of topics of agriculture interest  here in Ohio as well as across the Corn Belt.  Programs will include presentations on Grain Market Outlook, Ag Law Updates, Dairy Industry 2022, Ohio’s Changing Climate, Farm Policy and Farm Bill, SB 52: Utility Solar Legislative, Farm Real Estate and Cash Rent Trends, Ag Input Price Projections and Federal Tax Updates.

New to this year’s program  is the statewide sponsorship and support of the Ohio Corn and Wheat Growers Association.

“We are proud to partner with Ohio State University  Extension educators across the state to support this year’s agronomy, outlook and grower meetings.  We value this partnership and look forward to supporting programs that bring value to our members farm businesses”, according to Brad Moffitt, Director of Membership and Market Development for the Ohio Corn and Wheat Growers Association.

The following table lists the scheduled Outlook programs with contact information to register.

 

Hosts: Union/Madison/Champaign

DATE: January 28th

Time: 8:30 a.m.

Place: Der Dutchman Restaurant, 445 S. Jefferson Ave, Plain City, Ohio  43064

Speakers:

Barry Ward, Farm Inputs, Rent and Real Estate

Ben Brown, Grain Marketing Outlook

Robert Moore, Farm Transition and Taxes

Contact  Amanda Douridas (douridas.1@osu.edu)

Registration: Go.osu.edu/PlainCityOutlook

 

 Host: Defiance County

Date: January 31, 2022

Time: 6:00-9:00 p.m.

Place: Jewell Community Center, 7900 Independence Road, Defiance, OH  43512

Speakers:

Barry Ward, Farm Inputs, Rent and Real Estate

Matt Roberts, Grain Marketing Outlook

 

Contact: Bruce Clevenger (Clevenger.1@osu.edu)

Registration:  https://defiance.osu.edu/
Host: Wayne County

Date: January 13, 2022

Place: Buckeye Ag Museum, 877 West Old Lincoln Way,  Wooster, OH   44691

Time: 8:00 a.m-12:00

Speakers:

Barry Ward, Farm Inputs, Rent and Real Estate

Peggy Hall,  Ag Law Update

Aaron Wilson, Ohio’s Changing Climate

Dianne Shoemaker, Dairy Industry 2022

 

Contact: Haley Zynda (zynda.7@osu.edu)

 Host: Clinton County

Date January 14, 2022

Time: 7:00 a.m. Breakfast  7:30 a.m. Program

Place: OSU Extension Office, 111 S. Nelson Ave. Wilmington, Ohio  45177

Speakers:

Barry Ward Farm Inputs, Rent and Real Estate

Peggy Hall, Ag Law Update

Aaron Wilson, Ohio’s Changing Climate

Eric Romich, SB 52 Solar Farm Legislation

Carl Zulauf,  Farm Bill 2023

Contact:  Tony Nye (Nye.1@osu.edu)
Host: Crawford County

Date: February 1, 2022

Place: Wayside Chapel Community Center, 2341 Kersetter Rd., Bucyrus, OH 44820

Time: 5:00 p.m.

Speakers:

Peggy Hall Ag Law Update

Carl Zulauf Farm Bill 2023

Matt Roberts, Grain Marketing Outlook

Aaron Wilson  Ohio’s Changing Climate

 

Contact: Jason Hartschuh (hartschuh.11@osu.edu)

 Host: Pickaway County

Date  Feb 2, 2022

Place: Emmett Chapel 318 Tarlton Rd, Circleville, Ohio 43113

Time: 8:00 a.m.

Speakers:

Barry Ward Farm Inputs, Rent and Real Estate

Matt Roberts,  Grain Marketing Outlook

Carl Zulauf,  Farm Bill 2023

 

Contact: Mike Estadt (estadt.3@osu.edu)
Host: Muskingum County

Date: February 14, 2022

Place: Muskingum County Convention Center, 205 N. 5th St. Zanesville, Ohio 43701

Time: 9:00 a.m.

Speakers:

Barry Ward  Farm Inputs, Rent and Real Estate

Peggy Hall,  Ag Law Update

Matt Roberts,  Grain Marketing Outlook

Carl Zulauf,  Farm Bill 2023

Contact: Clifton Martin (martin.2242@osu.edu)

 Host:  Darke County

Date: March 25, 2022

Place: Romers Catering,118 E Main St, Greenville, OH 45331     

Time  10:00-2:00 p.m.

Speakers:

Barry Ward,  Farm Inputs, Rent and Real Estate

Peggy Hall Ag Law Update

Aaron Wilson  Ohio’s Changing Climate

Contact Taylor Dill (Dill.138@osu.edu)

 

 

OSU Extension to Host “Planning for the Future Your Farm” Webinar Series

OSU Extension will host a virtual four part “Planning for the Future of Your Farm” workshop on January 31 and February 7, 21 & 28, 2022 from 6:30 to 8:00 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.

Click here for Planning For Future Farm Flyer 

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 Your Affairs in Order; and Selecting an Attorney

This workshop will be taught by members of the OSU Farm Office Team featuring Attorneys Peggy Hall & Robert Moore 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 so that a packet of program materials can be mailed in advance to participating families. Electronic copies of the course materials will also be available to all participants. The registration fee is $75 per farm family.  The registration deadline is January 25, 2022. 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.

In addition to this webinar series, an in-person version of this workshop will be held in regional locations workshops in 2022.  The workshops will be held in Greene County on February 10 (9-4 p.m.), Wayne County on February 25 (9-4 p.m.) and Wood County on March 4 (9-4 p.m.).  Specific details about these in-person workshops can be found at: go.osu.edu/farmsuccession

Farm Office Live Returns on December 15 & 17

The OSU Extension Farm Office Team invites you to join them for the December edition of Farm Office Live which will be held on Wednesday, December 15 from 7:00 to 8:30 p.m. and then repeated (live) on Friday, December 17 from 10:00 to 11:30 a.m. You are invited to attend the session which fits your schedule best.

The topics which will be discussed this month include:

  • USDA NASS Update with Special Guest Cheryl Turner
  • 2022 Dairy Margin Coverage Signup and Supplemental Coverage
    Opportunity
  • Meat Processor/Federal Program Updates
  • State and Federal Legislative Updates
  • Farm Tax Update
  • Looking Ahead to 2022
  • Q&A

Presenters for this webinar are Cheryl Turner from USDA-NASS and OSU Extension Farm Office Team members: Peggy Kirk Hall, David Marrison, Dianne Shoemaker, and Barry Ward. Registration for the December Farm Office Live webinar can be made at http://go.osu.edu/farmofficelive.  Future webinars will be held on January 19 & 21, February 16 & 18, and March 16 & 18. More information can be obtained at http://farmoffice.osu.edu

FARM OFFICE LIVE FALL and WINTER EDITION!

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

“Farm Office Live” returns virtually this fall and 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 include presentations on select ag law and farm management topics from our experts. Participants will have an opportunity to ask questions and interact with presenters via webinar features. 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 fall and winter:

November 17th 7:00 – 8:30pm

November 19th 10am – 11:30am

December 15th 7:00 – 8:30pm

December 17th 10:00 – 11:30am

January 19th 7:00 – 8:30 pm

January 21st 10:00 – 11:30 am

February 16th 7:00 – 8:30 pm

February 18th 10:00 – 11:30 am

March 16th 7:00 – 8:30 pm

March 18th 10:00 – 11:30 am

April 20th 7:00 – 8:30 pm

Topics to be addressed over the next few months include:

Legal trends for 2021

Legislative updates

Tax Issues That May Impact Farm Businesses

Crop Input Costs and Profit Margins

Cropland Values and Cash Rents

Interest Rates

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

Julie Strawser – marketing, webinar management and support, administrative support

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

We look forward to you joining us this fall and winter!

Upcoming Farm Profitability Series Announcement

by: Chris Bruynis, OSU Extension Educator

It does not take long to figure out that planting 2022’s crop is going to be significantly more expensive that this past year. Between supply disruption, industry labor issues, and a host of other issues, inputs for the next crop are going to cost more. So this means farmers will need to make the best decision possible to protect profitability in 2022. You are invited to join a free virtual webinar series looking at critical decisions concerning where to invest technology dollars, fertility management, and best management practices for crops. Join us to learn from top industry, private sector, and university experts on issues important to farm profitability in 2022 and beyond.

Each webinar will open at 11:30 AM for participants to log in and check audio settings. The program will start at 11:45 AM and last until 1:00 PM. The agenda for the series is as follows:

January 5:           Farming Technology: Where to Make the Next Investment

– John Fulton, OSU, Professor and Extension Specialist

January 19:        Should Fertilizer Applications be Reduced?

– Steve Culman, OSU, Associate Professor, State Specialist Soil Fertility

February 2:        ARC/PLC and Crop Insurance: Decision for 2022

– Chris Bruynis, OSU Associate Professor & Extension Educator

February 16:      Good Crop Production Practices: Research Findings

– Laura Lindsey, OSU, Associate Professor, Soybean Specialist

– Osler Ortez, OSU, Assistant Professor, Corn Specialist

March 2:             The Rational and Economics of Irrigation in Ohio

– Aaron Wilson, OSU Atmospheric Scientist

– Mark Ackerman, President, George F Ackerman Co.

March 16:           Grain Marketing Outlook: Show me the Money

– Matt Roberts, Founder of The Kernmantle Group

Feel free to join one, or six of these session by registering at https://go.osu.edu/2020farmprofit to get your name included. Additional Zoom invitations will be sent prior to each meeting to remind participants. Please RSVP by the end of December 2021. Question may be directed to bruynis.1@osu.edu or by calling OSU Extension Ross County at 740-702-3200.

 

OSU Income Tax Schools 2021 Two-Day Tax Schools for Tax Practitioners & Agricultural & Natural Resources Income Tax Issues Webinar

by: Barry Ward & Julie Strawser, OSU Income Tax Schools

Dealing with the tax provisions of the COVID-related legislation for both individuals and businesses are among the topics to be discussed during the upcoming Tax School workshop series offered throughout Ohio in November and December.

The annual series is designed to help tax preparers learn about federal tax law changes and updates for this year as well as learn more about issues they may encounter when filing individual and small business 2021 tax returns.

OSU Income Tax Schools are intermediate-level courses that focus on interpreting tax regulations and changes in tax law to help tax preparers, accountants, financial planners and attorneys advise their clients. The schools offer continuing education credit for certified public accountants, enrolled agents, attorneys, annual filing season preparers and certified financial planners.

Attendees also receive a class workbook that alone is an extremely valuable reference as it offers over 600 pages of material including helpful tables and examples that will be valuable to practitioners. Summaries of the chapters in this year’s workbook can be viewed at this site:

https://farmoffice.osu.edu/tax/2021-tax-school-chapters

A sample chapter from a past workbook can be found at:

https://taxworkbook.com/about-the-tax-workbook/

This year, OSU Income Tax Schools will offer both in-person schools and an online virtual school presented over the course of four afternoons.

In-person schools:

November 1-2, Presidential Banquet Center, Kettering/Dayton

November 3-4, Ole Zim’s Wagon Shed, Gibsonburg/Fremont

November 17-18, Ashland University John C. Meyer Convocation Center, Ashland

November 22-23, Christopher Conference Center, Chillicothe

November 29-30, Zane State/Ohio University Zanesville Campus, Zanesville

December 2-3, Nationwide & Ohio Farm Bureau 4-H Center, OSU Campus, Columbus

December 6-7, Hartville Kitchen, Hartville

Virtual On-Line School presented via Zoom:

November 8, 12, 15 & 19, 12:30 – 4:45 p.m.

Register two weeks prior to the school date and receive the two-day tax school early-bird registration fee of $400.  This includes all materials, lunches and refreshments. The deadline to enroll is 10 business days prior to the date of each school. After the school deadline, the fee increases to $450.

Additionally, the 2022 RIA Federal Tax Handbook is available to purchase by participants for a discounted fee of $50 each. Registration information and the online registration portal can be found online at:

http://go.osu.edu/2021tax

In addition to the tax schools, the program offers a separate, two-hour ethics webinar that will broadcast Wednesday, Dec. 15 at 1 p.m. The webinar is $25 for school attendees and $50 for non-attendees and is approved by the IRS and the Ohio Accountancy Board for continuing education credit.

A webinar on Ag Tax Issues will be held Monday, Dec. 13 from 8:45 a.m. to 3:20 p.m.

If you are a tax practitioner that represents farmers or rural landowners or are a farmer or farmland owner that prepares your own taxes, this five-hour webinar is for you. It will focus on key topics and new legislation related specifically to those income tax returns.

Registration, which includes the Ag Tax Issues workbook, is $150 if registered at least two weeks prior to the webinar. After November 29, registration is $200. Register by mail or on-line at https://go.osu.edu/agissues2021.

Participants may contact Ward at 614-688-3959, ward.8@osu.edu or Julie Strawser 614-292-2433, strawser.35@osu.edu for more information.

Western Ohio Cropland Values and Cash Rents 2020-21

by: Barry Ward, Leader, Production Business Management, Director, OSU Income Tax Schools, OSU Extension, Agriculture & Natural Resources

 Ohio cropland varies significantly in its production capabilities and, consequently, cropland values and cash rents vary widely throughout the state. Generally, western Ohio cropland values and cash rents differ from much of southern and eastern Ohio cropland values and cash rents. The primary factors affecting these values and rents are land productivity and potential crop return, and the variability of those crop returns. Soils, fertility and drainage/irrigation capabilities are primary factors that most influence land productivity, crop return and variability of those crop returns.

Other factors impacting land values and cash rents may include field size and shape, field accessibility, market access, local market prices, field perimeter characteristics and potential for wildlife damage, buildings and grain storage, previous tillage system and crops, tolerant/resistant weed populations, USDA Program Yields, population density, and competition for the cropland in a region. Factors specific to cash rental rates may include services provided by the operator and specific conditions of the lease.

The Western Ohio Cropland Values and Cash Rents study was conducted from January through April in 2021. The opinion-based study surveyed professionals with a knowledge of Ohio’s cropland values and rental rates. Professionals surveyed were rural appraisers, agricultural lenders, professional farm managers, ag business professionals, OSU Extension educators, farmers, landowners, and Farm Service Agency personnel.

The study results are based on 94 surveys. Respondents were asked to group their estimates based on three land quality classes: average, top, and poor. Within each land-quality class, respondents were asked to estimate average corn and soybean yields for a five-year period based on typical farming practices. Survey respondents were also asked to estimate current bare cropland values and cash rents negotiated in the current or recent year for each land-quality class. Survey results are summarized below for western Ohio with regional summaries (subsets of western Ohio) for northwest Ohio and southwest Ohio.

According to the Western Ohio Cropland Values and Cash Rents Survey, cropland values in western Ohio are expected to increase in 2021 by 3.8 to 5.3 percent depending on the region and land class. Cash rents are expected to increase from 3.6 to 3.9 percent depending on the region and land class.

For the complete survey research summary go to the OSU Extension Farm Office website at:

https://farmoffice.osu.edu/farm-management-tools/farm-management-publications/cash-rents

 

 

 

 

Farm Office Live to Analyze USDA’s Pandemic Assistance for Producers Initiative

By Barry Ward, David Marrison, Peggy Hall, Dianne Shoemaker and Julie Strawser – Ohio State University Extension

April’s “Farm Office Live” will focus on details of the USDA’s Pandemic Assistance for Producers” initiative announced on March 24, 2021. Changes were made in effort to reach a greater share of farming operations and improve USDA pandemic assistance.

During the webinar, we will be sharing details about the pandemic initiative and discussing some of the changes made to the Coronavirus Food Assistance Program (CFAP).  Our Farm Office Team will also provide a legislative update and discuss changes to the Paycheck Protection Program and Employee Retention Credits. They will also be on hand to answer your questions and address any related issues.

Two live sessions will be offered on Wednesday, April 7, from 7:00 – 8:30 p.m. and again on Friday, April 9, from 10:00 – 11:30 a.m. A replay will be available on the Farm Office website if you cannot attend the live event.

Farm Office Live is a webinar series addressing the latest outlook and updates on ag law, farm management, ag economics, farm business analysis and other related issues. It is presented by the faculty and educators with the College of Food, Agricultural and Environmental Sciences at The Ohio State University.

To register or view past recordings, visit https://go.osu.edu/farmofficelive.

For more information or to submit a topic for discussion, email Julie Strawser at strawser.35@osu.edu or call the Farm Office at 614-292-2433.

Farm Office Live Continues!

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

“Farm Office Live” continues 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, Agricultural and Environmental Sciences at The Ohio State University.

Each Farm Office Live begins with presentations on select ag law and farm management topics from our specialists followed by open discussions and a Q&A session. 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 remaining for this winter are:

  • 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 in March include:

  • Coronavirus Food Assistance Program (CFAP)
  • Proposed Stimulus Legislation
  • General Legislative Update
  • Ohio Farm Business Analysis – A Look at Crops
  • Crop Budget & Rental Rates

To register or view past recordings, visit https://go.osu.edu/farmofficelive

For more information or to submit a topic for discussion, email Julie Strawser at strawser.35@osu.edu or call the farm office at 614-292-2433. We look forward to you joining us!