Webinar, workshop on new tax rules

Tony Nye - OSU Extension

Are you getting ready for the ghosts and goblins of Halloween? Maybe you’re getting ready for the Great Pumpkin to visit you next week.

It is hard to believe we have almost completed another month and that we are a little closer to winter. I just do not know where time goes these days. The good thing is we are almost complete with harvest in the county. Driving around this week, it appears we could be considered completed with the county harvest by Halloween if Mother Nature cooperates.

It has been another good harvest year, especially considering how our planting and early growing season began. With harvest almost complete, I know many farm families will be thinking taxes or should be thinking taxes as the year comes to a close. If you are really interested, there is an invitation to any farmer, farm representatives and rural landowner who wants to learn more about the special issues with farm tax returns during a daylong tax webinar and workshop Dec. 14 hosted by the College of Food, Agricultural, and Environmental Sciences at The Ohio State University

Topics such as inherited property and income tax on farm transfers will be discussed during the workshop, which focuses on issues specific to farm tax returns related to agriculture and natural resources, according to Larry Gearhardt, director of the Ohio State University Income Tax School Program of Ohio State University Extension. The six-hour program, which will be presented in a live webinar format, is open to tax preparers as well as individuals who file their own farm taxes.

The program, which is an intermediate-level course, will focus on the changes in tax laws, in particular those that deal with agriculture like Section 179 expense deductions and bonus depreciation. Gearhardt notes that right now we are in a holding pattern waiting to see if Congress takes any action on making changes to this section.

Other topics to be discussed during the webinar include:

• Repair regulations

• Farmer net investment income tax issues

• Commodity credit corporation loans

• Livestock transactions

The cost for the one-day school is $130, and organizers have applied for continuing education credits for the course. More information on the workshop, including how to register, can be found at go.osu.edu/taxschools. Participants can contact Gearhardt at 614-292-2433 or gearhardt.5@osu.edu for more information.

Registration includes the Agricultural Tax Issues Book. The deadline to register is Nov. 23 in order to ensure participants can get the manual via mail in time for the workshop. The live webinar, which will also feature a real-time Q-and-A, can be viewed at several host locations statewide and will include lunch. Participants also have the option to view the webinar from home if they aren’t able to attend a host location, he said.

For those who choose not to attend the host location, Gearhardt will provide a web address for the webinar will be sent to those who have registered a week in advance of the Dec. 14 presentation. Participants must be registered before Nov. 23 to ensure receipt of the tax issues workbook by mail before the webinar, he said.

Host locations that would be close to us in Clinton County include: OSU Extension, Clermont County Office, 1000 Locust St., Owensville; OSU Extension, Miami County Office, 201 W. Main St., Old Courthouse, Troy; and OSU Extension, Ross County Office, 475 Western Ave., Chillicothe.

Finally this week, Marie Marty, County Operations Trainee in the Clinton County Ohio Farm Service Agency office for the U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) would like to remind agricultural producers that FSA provides a receipt to customers who request or receive assistance or information on FSA programs.

The 2014 Farm Bill requires a receipt to be issued for any agricultural program assistance requested from FSA, the National Resources Conservation Service (NRCS) and Rural Development (RD). Receipts include the date, summary of the visit and any agricultural information, program and/or loan assistance provided to an individual or entity.

In some cases, a form or document such as a completed and signed program enrollment form –serve as the customer receipt instead of a printed or electronic receipt. A service is any information, program or loan assistance provided whether through a visit, email, fax or letter.

Tony Nye is the state coordinator for Small Farm Programs and an OSU Extension educator, agriculture and natural resources, for Clinton County and the Miami Valley EERA.


Tony Nye

OSU Extension