On December 6, 2024, the Farm Office Team hosted their annual Farmer and Farmland Owner Tax Webinar, offering valuable insights into critical tax topics affecting the agricultural community. Designed to address the unique challenges farmers and landowners face, the session featured expert guidance from Barry Ward, David Marrison, Jeff Lewis, and Robert Moore.
Key Topics Discussed
The webinar provided in-depth discussions on the following topics:
- Farm Economy and Tax Planning: Strategies to navigate tax implications in today’s agricultural economy.
- Tax Planning for Low Income/Drought Years: Guidance for managing taxes during challenging financial years caused by adverse conditions.
- Beneficial Ownership Information (BOI) Reporting: Understanding compliance requirements for BOI under new regulations.
- Pending Sunset of Larger Estate Tax Exclusion Amount: Insights on planning for changes to the Unified Credit in 2026.
- Residual Fertility/Fertilizer Deduction: Navigating deductions related to soil fertility management.
- Clean Fuel Production Credit (I.R.C. § 45Z): Opportunities for farmers in clean fuel initiatives.
- Current Agricultural Use Valuation (CAUV) Changes in 2024: Updates on CAUV calculations impacting property taxes.
- IRC § 45Q – Credit for Carbon Oxide Sequestration: Leveraging carbon capture tax credits for sustainability efforts.
- Farm Loan Immediate Relief under the Inflation Reduction Act: Clarifications on corrected 1099s for debt relief programs.
- Taxability of USDA Discrimination Financial Assistance Awards: Determining the tax implications of these financial awards.
- Sunsetting Tax Cuts and Jobs Act (TCJA) Provisions: Preparing for the expiration of key provisions affecting agriculture.
Access the Recording
Missed the live webinar or want to revisit key details? You can access the recording and slides:
- Farm Office Live (Farmer and Farmland Owner Tax Webinar 2024): Farm Office Website
- Direct on YouTube: Watch Here
- Slides: Link to Slide that match YouTube Video
Expert Guidance for Tax Planning
Each topic was tailored to help farmers and landowners make informed decisions during the 2024 tax season and beyond. The team provided practical advice for optimizing tax strategies, minimizing liabilities, and preparing for upcoming changes in the tax landscape.
Stay informed with updates from the Farm Office Team—your trusted resource for agricultural tax and management expertise!