NDSU is hosting a Tax Management for Ag Producers program Nov. 25 from 9 a.m. to noon at 12 interactive video sites in North Dakota. The program is for producers and tax preparers.
Experts will provide tax updates and discuss tax provisions of the farm bill, such as limitations on excess farm losses and whether Conservation Reserve Program income is subject to self-employment tax. The requirements for establishing Social Security benefits also will be explained.
Other topics include:
Tax planning using income averaging and 401Ks
Depreciation and section 179
Capital gains tax
1031 like-kind exchanges
Tax planning for retirement, such as gifting of commodities to a charitable trust
Four question-and-answer periods are scheduled during the three-hour program. Preregistration is required because seating is limited. The cost for the program and materials is $12. The program is sponsored by the North Dakota State University Extension Service and Internal Revenue Service.
Presentations will be made by Ann Makres, IRS; Steve Eckroth, Eide Bailly, Bismarck; Brenda Laub, CPA, Valley City; Steve Troyer, Eide Bailly, Fargo; and Terry Knoepfle, NDSU Department of Accounting and Information Systems.
Interactive video sites include:
Bismarck State College and Burleigh County Extension Office
Devils Lake; Armory meeting room
Minot State University Bottineau; Arntzen Building
Dickinson State University, Dickinson
University of North Dakota, Grand Forks
James Valley Career and Technology Center , Jamestown
North Dakota State College of Science, Wahpeton
Williams County Courthouse, Williston
NDSU Research Extension Centers in Minot and Langdon
For additional information or to register, call the NDSU Extension Service in Fargo at (701) 231-8642.
Source: NDSU Extension Communications