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.

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 

 

Navigating Direct Support for Ohio’s Farmers and Ranchers Webinar on May 27 at 9:30 am

Join OSU Extension’s Ben Brown and Dianne Shoemaker for a webinar  on “Navigating Direct Support for Ohio’s Farmers and Ranchers” on Wednesday, May 27, 2020 at 9:30 am with special guest, Ohio Farm Service Agency Director Leonard Hubert.  This webinar is generously produced and distributed by Ohio Ag Net.

This webinar is produced and distributed by Ohio Ag Net.

The webinar will be available for viewing at https://farmoffice.osu.edu/, or through Ohio Ag Net’s Facebook Live Video.

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 

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.

Join OSU Extension for Farm Office Live on April 20

OSU Extension is pleased to be offering the third session of “Farm Office Live” session on Monday evening, April 20, 2020 from 8:00 to 9:30 p.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 past week.  Topics to be highlighted include:

  • Update on the CARES Paycheck Protection Program (It is out of money!)
  • WHIP+
  • Update on commodity prices
  • Update on Dairy Margin Coverage program
  • Update on Unemployment compensation
  • 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 Monday evening at  https://go.osu.edu/farmofficelive 

“Farm Office Live” returns Monday, April 13 at 8:00 p.m.

OSU Extension is pleased to be offering a second “Farm Office Live” session on Monday evening, April 13, 2020 from 8:00 to 9:30 p.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 past week.  Topics to be highlighted include:

  • Update on the CARES Paycheck Protection Program
  • Update on the Dairy Economy
  • Examination of how COVID-19 is impacting agricultural exports
  • Bureau of Workers Compensation’s announcement  of dividend returns
  • A look at the long term macro economic impact of COVID-19
  • Will property taxes be delayed?
  • Potential Legal Impacts of COVID-19

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.  Please register at  https://go.osu.edu/farmofficelive 

The OSU Farm Office is Open! COVID-19 and Other Hot Topics on Monday, April 6 at 8:00 p.m.

As you may know, Ohio State’s campuses and offices are closed.  But we are all working away at home, and our virtual offices are still open for business.  Starting Monday April 6th, the OSU Farm Office Team  will open our offices online and offer weekly live office hours from 8:00 to 9:30 p.m.  We’ll provide you with short updates on emerging topics and help answer your questions about the farm economy.   Each evening will start off with a quick 10-15-minute summary of select farm management topics from our experts and then we’ll open it up for questions and answers from attendees on other topics of interest.

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

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

Each office session is limited to 500 people and if you miss our office hours, we’ll post recordings on farmoffice.osu.edu the following day.  Register at  https://go.osu.edu/farmofficelive.  We look forward to seeing you there!

Lady Landlord Program Slated for March 31

by: Eric Richer, Extension Educator

Do you have questions for what are the best practices for farmland leasing? Would you like to incorporate conservation practices or other items into your lease agreement? Do you know what should be in writing? If you are a farmland owner or farmer and you have these types of questions, consider attending the Lady Landlord program on Tuesday, March 31st from 9 am to 1 pm at the Robert Fulton Ag Center, 8770 State Route 108, Wauseon, OH. Attorney Peggy Hall, OSU Extension Ag Law Specialist, will discuss the legal aspects of farmland leasing.  Other topics will include understanding the current market’s cost of production (enterprise budgets), incorporating conservation into leases, landlord-tenant communication, and farmland liability coverage.  This program is open to all farmland owners and farmers. Registration cost is $20 per landowner or farm family and is due by March 27th.  Lunch and materials are included in registration. More information can be found by visiting www.fulton.osu.edu or calling 419-337-9210.

Mental Health First Aid Training for Agricultural Professionals Offered by OSU Extension

by: Chris Zoller, Extension Educator, ANR

The wet weather of 2019 caused a great deal of stress for farmers and Ohio’s agricultural industry.  While we don’t know what Spring 2020 will bring, there are indications that we may have another delayed start to the planting season.  Ohio State University Extension educators and specialists responded last year with the creation of a website (https://u.osu.edu/2019farmassistance/home/) to address Ohio’s agricultural challenges.  This website continues to be maintained with resources that address agronomic crops, financial management, and stress management.

Through a grant from the USDA Farm Stress and Rural Assistance Network, Ohio State University Extension is able to offer Mental Health First Aid Training for agriculture professionals at seven locations across Ohio between mid-March and mid-April.  Training dates and locations include:

March 18             FABE Building at OARDC Wooster

March 19             OSU Extension Regional Office, Caldwell

March 27             OSU Extension Fayette County

March 30             OSU Piketon

April 9                   OSU Lima Campus

April 14                 OSU Extension Butler County

April 17                 OSU Extension Franklin County

The registration fee is $20 per person and includes eight hours of training by OSU Extension professionals, materials, and lunch.  Space is limited at each location.  Training begins at 8:15 am and will conclude by 5 pm.  To register, please click here: https://go.osu.edu/mhfa20