OSU Extension Announces Two-Day Tax Schools for Tax Practitioners & Agricultural & Natural Resources Income Tax Issues Webinar
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,” said Barry Ward, Director of the Ohio State University Income Tax School Program.
“The tax schools are intermediate-level courses that focus on interpreting tax regulations and changes in tax laws to help tax preparers, accountants, financial planners, and attorneys advise their clients,” he said. The schools offer continuing education credit for certified public accountants, enrolled agents, attorneys, annual filing season preparers, and certified financial planners. Continue reading →
Farm Office Live” returns virtually this summer as an opportunity for you to get the latest outlook and updates on ag law, farm management, 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. Attend “Farm Office Live” online on July 23, 2021, at 10 AM (EST). To register, please visit https://go.osu.edu/farmofficelive
Do you know of a farmer who would be an excellent candidate with leadership, enthusiasm, and passion for soil health and water quality management as a Farmer Advocate for Conservation? You can nominate them by completing an online form. Select the button for the application.
The Nature Conservancy is looking for farmers who are currently utilizing cover crops on their farms in the Maumee River Watershed of the Western Lake Erie Basin. We are looking for a diverse group of farmers; large acreage, small acreage, corn and soy, small grains, livestock, new and experienced, willing to reach out and share their knowledge and experiences with other farmers in their area. Selected farmers will be compensated for their time. Select the button for this application.
If you are interested in being part of this exciting farmer-led outreach project and would like to apply as a Farmer Advocate for Conservation please complete the online application form by selecting the button above.
The application period is open for farmers in the Western Lake Erie Basin that are interested in sharing their conservation farming practices with other farmers. Farmer Advocates will be compensated for their time to attend the training and work with other farmers @ $30/hour. The focus of the project is to promote farmers learning from each other about building soil health and managing water.
By: Barry Ward, David Marrison, Peggy Hall, Dianne Shoemaker, and Julie Strawser – 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 “American Rescue Plan of 2021” – New Stimulus Legislation
General Legislative Update
Ohio Farm Business Analysis – A Look at Crops
Ohio Cash Rental Rates: Outlook and Discussion on Lease Alternatives
The message is clear: farms must know their costs of production for corn, soybeans, hay, milk, meat, and any other commodities they produce. Why? To make informed marketing, production, and financial management decisions that contribute to the overall profitability of the whole farm business.
Farm business analysis is a tool that can be applied to any farm, regardless of size, crop, or livestock enterprise. Financial management is critical to the success of every farm business, and with analysis, farms are able to better understand the numbers behind their profits or losses. Continue reading →
This is a 3-hour educational course that covers good agricultural practices or GAPs. GAPs training provides growers with the knowledge and tools needed to implement on-farm best management practices to reduce on-farm microbial food safety hazards. Participants will receive a certificate of completion at the end of the training.
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 succession and estate plan that helps you transfer your farm’s ownership, management, and assets to the next generation. Learn how to have crucial conversations about the future of your farm. Continue reading →
By: Barry Ward, Director, OSU Income Tax Schools & Leader, Production Business Management
Do you need a resource to answer those tough farm tax questions? If so, you can access the Farmer’s Tax Guide (IRS Publication 225) online at https://www.irs.gov/pub/irs-pdf/p225.pdf The 2020 Farmer’s Tax Guide explains how federal tax laws apply to farming. This guide can be used as a guide for farmers to figure taxes and complete their farm tax returns.
The explanations and examples in this publication reflect the Internal Revenue Service’s interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. However, the information given does not cover every situation and is not intended to replace the law or change its meaning.
Some of the new topics for the 2020 tax year which are included in this publication are: Tax treatment of Coronavirus Food Assistance Program (CFAP) payments, Payroll Protection Program (PPP) Loans and Forgiven Debt, Increased section 179 expense deduction dollar limits, COVID-19 related employment tax credits, and other tax relief, Redesigned Form W-4 for 2020, New Form 1099-NEC, and much more.
Hardcopies of the 2020 Farmer’s Tax Guide are also available at select county OSU Extension offices.
The Rural Tax Education Site has additional resources for agriculturally related income and self-employment tax information that is both current and easy to understand: https://ruraltax.org/
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:
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
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
By: Barry Ward, Director, OSU Income Tax Schools
College of Food, Agricultural and Environmental Sciences, OSU Extension
Are you getting the most from your tax return? Farmers and farmland owners who wish to increase their tax knowledge should consider attending this webinar that will address tax issues specific to this industry. Content focuses on important tax issues and will offer insight into new COVID related legislation.
Mark your calendars for December 3rd, 2020 to participate in this live webinar from 6:30 to 8:30 pm. The event is a joint offering from OSU Income Tax Schools which are a part of OSU Extension and the College of Food, Agricultural, and Environmental Sciences and Purdue University Income Tax Schools. If you are not able to attend the live webinar, all registered participants will receive a link to view the recorded webinar at a time of their convenience. This link will be available through the tax filing season. Continue reading →
The video recap of October 7, 2020, 8:00-9:30 a.m.
The October 7th session included updates on the second round of the Coronavirus Food Assistance Program (CFAP 2), 2020 crop enterprise budgets, farm custom rates, COVID immunity legislation, and other emerging legal and economic issues.
By: Peggy Kirk Hall, Wednesday, September 16th, 2020
It took five months of negotiation, but the Ohio General Assembly has enacted a controversial bill that grants immunity from civil liability for coronavirus injuries, deaths, or losses. Governor DeWine signed House Bill 606 on September 14, stating that it strikes a balance between reopening the economy and keeping Ohioans safe. The bill will be effective in 90 days.
The bill’s statement of findings and declaration of intent illustrate why it faced disagreement within the General Assembly. After stating its findings that business owners are unsure of the tort liability they may face when reopening after COVID-19, that businesses need certainty because recommendations on how to avoid COVID-19 change frequently, that individuals who decide to go out in public places should bear responsibility for taking steps to avoid exposure to COVID-19, that nothing in existing Ohio law established duties on business and premise owners to prevent exposure to airborne germs and viruses, and that the legislature has not delegated authority to Ohio’s Executive Branch to create new legal duties for business and premises owners, the General Assembly made a clear declaration of intent in the bill: “Orders and recommendations from the Executive Branch, from counties and local municipalities, from boards of health and other agencies, and from any federal government agency do not create any new legal duties for purposes of tort liability” and “are presumed to be irrelevant to the issue of the existence of a duty or breach of a duty….and inadmissible at trial to establish proof of a duty or breach of a duty in tort actions.” Continue reading →
Farm Science Review will hold live online sessions September 22-24. Photo: Getty Images.
LONDON, Ohio—The U.S. trade policy, labor and immigration issues, agricultural commodity markets, and the food supply chain will be among the topics addressed at a panel discussion during the 59th annual Farm Science Review Sept. 22–24 at fsr.osu.edu.
The previously titled Tobin Talk, now The Talk on Friday Avenue, “Value Chains in Food and Agriculture,” on Sept. 22 at 10 a.m. at fsr.osu.edu, will feature comments from a panel of agricultural economists from The Ohio State University College of Food, Agricultural, and Environmental Sciences (CFAES).
The Talk on Friday Avenue is among a series of presentations at Farm Science Review to address topics relevant to the agricultural industry, from controlling weeds and managing beef cattle to reducing safety hazards on the farm and growing plants indoors in water, without soil.
As a result of the ongoing coronavirus pandemic, this year’s Farm Science Review will be exclusively virtual, so you can find out about the latest in farm technology and techniques from the convenience of your home. The show, which is sponsored by CFAES, is free. Sign up at fsr.osu.edu.
If you require an accommodation, such as live captioning or interpretation, to participate in this event, please email email@example.com.
The Talk on Friday Avenue is an annual panel discussion given by agricultural economists in CFAES. This year it will focus on supply chains in food and agriculture, many of which were tested earlier this year when the nation’s major meat processors closed down temporarily as a result of the coronavirus pandemic, which left many employees ill with COVID-19. Continue reading →
Farming has always been an unpredictable way to make a living, and that unpredictability can lead to financial stress. Whether caused by down markets, weather impacts, rising input costs, high land values, poor decision making, medical issues, or a host of other unforeseen circumstances, serious financial stress can be a reality a farmer must face.
Filing bankruptcy can be one way to address farm financial stress. But because of its consequences, bankruptcy is not a decision to take lightly and might not be the best option. Our newest resources target farmers who are dealing with financial challenges and considering bankruptcy. Facing Farm Financial Stress: An Overview of the Bankruptcy Optionoffers a seven-part series of law bulletins and infographics focused on bankruptcy issues for farmers. The series covers:
Assessing the bankruptcy option. Steps to take and considerations to make when dealing with financial stress, including alternatives to bankruptcy and farmer to farmer advice from families that have been through the bankruptcy process.
An overview of bankruptcy law. We explain and visualize the legal process, people, institutions, and legal terms involved in bankruptcy with a focus on Chapter 12, the law reserved for qualifying farmers and fishermen.
Thriving after a farm bankruptcy. Ideas for setting a course to attain farm financial stability and reestablish relationships after filing bankruptcy, including farmer to farmer advice from those who’ve survived the bankruptcy.
Our team of authors, which included me along with OSU’s David Marrison, Hannah Scott, and Chris Zoller–created the resources with support from the USDA’s National Agriculture Library and in partnership with the National Agricultural Law Center (NALC). The series is available on our Farm Office site hereor on NALC’s site here.
Sometimes this information is helpful in your farm management decisions. The National Ag Statics Service (NASS) sends different updates throughout the year. This week was a big week of updates for the Great Lakes Region. I am including those PDF updates links below.
One of the questions I have received this week is I can’t join the OSU Farm Office Live, where do I get these recordings. Great News — You can view these recordings and also download the presenter slides at farmoffice.osu.edu/farmofficelive.
I have also included the webinars from April 6 to June 11 below. Go to the link above to review today’s session. Continue reading →