NDSU Extension Service - Stark & Billings County

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Tax Program for Farmers is November 14

A “Tax Management for Ag Producers” program will be offered to agricultural producers and tax preparers from 1 p.m. to 4 p.m. CST on Tuesday, November 14, via interactive video at 9 sites around the state, including Klinefelter Hall at Dickinson State University.
The program provides an excellent opportunity for agricultural producers and tax preparers to learn about tax management alternatives while there is still time to implement year-end tax management decisions.  

There will be updates regarding 2017 federal income rates, brackets, deductions and limits. The IRS will speak on new legislation, Affordable Care updates, preventing identity theft and data breaches, and estimated payment tips for the taxpayer. Deferral of income and replacement periods for livestock sold due to drought will be explained.
 
There will be sessions on managing taxable farm income in 2017, using defined benefit plans as a tax management tool upon retirement, the new Minnesota beginning farmer tax credit, and the North Dakota ag processing investment tax credit. The benefits of transitioning from a C Corp to a S Corp will be discussed. An explanation of who qualifies for the ND farm resident property tax exemption will be provided.

The program, sponsored by the North Dakota State University Extension Service and Internal Revenue Service, will feature presentations by Alan Gregerson, IRS; Judy Gilbertson, AgCountry Farm Credit Services, Jamestown; Jess Nehl, Eide Bailly LLP, Bismarck; Brent Roeder, Eide Bailly LLP, Fargo; and Kelda Rerick, Haga Kommer, Bismarck.

Four question and answer periods are scheduled during the three-hour program. Pre-registration is required, as seating is limited. The cost for the program and materials is $20. The program is approved IRS Continuing Education Provider for 3 credits.

For additional information or registration, call the NDSU Extension Service in Fargo at (701) 231-8642.

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