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Ag Producers Income Tax Management Program Set for Nov. 28

Program topics include succession planning, farm income averaging and an update on federal income tax.

A tax management program will be offered to producers and tax preparers from 9 a.m. to noon CST on Nov. 28 at nine interactive video sites in North Dakota. The program, sponsored by the North Dakota State University Extension Service and the Internal Revenue Service, will feature presentations by Ann Makres, IRS; Judy Gilbertson, AgCountry Farm Credit Services, Jamestown; Rhonda Mahlum, Mahlum Goodhart PC, Mandan; Jess Nehl, Eide Bailly LLP, Bismarck; and Brent Roeder, Eide Bailly LLP, Fargo.

Experts will provide federal income tax updates and tax management alternatives while producers still have time to implement year-end tax management decisions. Program topics are:

  • Federal income tax update
  • IRS update: W-2 and 1099 rules
  • Social Security changes
  • Employee or independent contractor
  • Depreciation rules and strategies
  • Succession planning
  • Managing taxable income
  • Net operating losses
  • Farm income averaging

The program will include an overview of when to accelerate or defer income in conjunction with expense timing to manage tax liabilities now and for the future. The handling of net operating losses and strategies for farm income averaging also will be discussed.

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 $15.

Interactive video sites for the program are at Bismarck State College, Bismarck; North Dakota School for the Deaf, Devils Lake; Dickinson State University, Dickinson; NDSU, Fargo; County Office Building, Grand Forks; Law Enforcement Center, Jamestown; North Dakota State College of Science, Wahpeton; and NDSU Research Extension Centers in Minot and Langdon.

The program is approved for 3 IRS continuing education provider credits. For additional information or to register, call the NDSU Extension Service in Fargo at 701-231-8642.

NDSU Agriculture Communication - Nov. 4, 2016

Source:Andrew Swenson, 701- 231-7379,
Editor:Kelli Armbruster, 701-231-6136,
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