Farmers and farmland owners wanting to learn more about the recent income tax changes are invited to join a webinar from 6:30 to 8:30 p.m. Dec. 3. Registration costs $35. If an individual is unable to attend, a link will be sent to view the recorded webinar at a later convenience. The fee offers unlimited views, and the webinar will be available throughout the 2020 tax filing season.
This webinar will focus on issues related to tax returns for farmers and farmland owners, and the legislation related to COVID-19 that was introduced in 2020.
The two-hour program will be presented in a live webinar format via Zoom by Ohio State University Extension educators Barry Ward and David Marrison. Individuals who operate farms, own property or are involved with renting farmland should participate.
Among the topics to be covered:
• tax issues related to COVID-19 legislation, including tax credits, Paycheck Protection Program loans, Economic Injury Disaster Loans, etc.
• new 1099-MISC (miscellaneous income) and 1099-NEC (nonemployee compensation) filings
• tax planning in an unusual year, including prevented planting crop insurance indemnity payments, Revenue Protection crop insurance payments, Coronavirus Food Assistance Program payments, etc.
• like-kind exchanges (farm machinery and equipment are no longer eligible for this provision — this is a significant change); how this change may affect state income tax; and how this change may affect your Social Security credits and eventual payments
• qualified business income deductions, sales to cooperatives, lease income, etc.
To register, visit agnr.osu.edu.