NDSU Extension - Williams County


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Tax Management Tip to be Offered - 2015 Wheat Show Hi-Lites

Published November 16, 2014
Tax Management Tip to be Offered - 2015 Wheat Show Hi-Lites

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Tax Management Tip to be Offered

The NDSU Extension Service and Internal Revenue Service are offering a series of Income Tax Management for Ag Producer meetings.  The meetings will be presented at 11 sites across North Dakota through North Dakota Interactive Video Network (IVN) on Tuesday, December 2nd from 9:00 am to 12:00 pm.  In Williston, it will be held in the conference room of the Broadway Commons Building located at 302 East Broadway.

This program, in its 24th year, provides an excellent opportunity for agricultural producers and tax preparers to learn and ask questions about tax management alternatives while there is still time to implement year-end tax management decisions.

There will be updates regarding federal income taxes.  The regulations governing repairs and capitalization and reporting with 1099’s will be explained.  The net investment income surtax and other tax consequences of the Affordable Care Act as premium tax credits, shared responsibility payments and the impact on HRA’s and HSA’s will be detailed.  Examples of scams posing as IRS will be given.  Farm transition planning strategies will be explored along with a session on managing income deferral and prepaids.

Program topics include federal income tax update, net investment income surtax and grouping, repair expense rules, repair expense reporting, transition planning, health insurance premium tax credits, shared responsibility payments, impact of Affordable Care Act on HRA’s and HSA’s,  income deferral and prepaids, tax planning ideas for 2014 and beyond.

Pre-registration is required and seating is limited.  The cost is $15 per person.  Contact your local extension office to register.  The Williston Extension Office phone number is 577-4595.

2015 Wheat Show Hi-Lites

The 62nd Annual National Hard Spring Wheat Show will focus on a variety of issues but much emphasis will be given to strategies of preventing Fusarium head blight (SCAB) and marketing this year’s crops which are heavily infested with scab and vomitoxin.  These issues will be discussed by Dr. Senay Simsek of the Northern Crops Institute, NDSU Crop Quality Specialist and Grain Marketers.

Another hot issue on the agenda is grain transportation.  Dan Wogsland, Executive Director of the Northern Grain Growers Association will give us the latest details on efforts to bring balance to get grains to milling and export destinations.

Consumer issues including gluten intolerance and food fads are at the top of this year’s agenda along with new durum varieties and crop salinity tolerances.

The keynote speaker is Dr. Mike Boehlje of Purdue University.  One of his presentations will focus on a possible cyclical downturn of agriculture income.  He is concerned about the fall of a possible decline in exports due to the decline of economic growth in China and India.  He also feels farmers can expect interest rates to rise steadily during the balance of the decade.  The U.S. farmers export products equal to approximately 25% of their income.

The world has put more land under the plow and he feels this and other factors could cause agricultural land values to drop as much as 15%.

Of course during his three-hour presentation Dr. Boehlje will present other information that is for certain to influence our production decisions in the near future.

During the Williams County Farmers Union luncheon attendees will learn how they can easily be advocates of the business of farming.  Also, the Williams County Farmers Union has secured a great speaker who will talk, sing, and make us laugh and cry.  This presentation by Mark J. Lindquist is titled “Passion! 8 Steps to Find Yours”.

The “Trade Show”, photo contest, and Bread Fair for area 5th grade students will continue as in the past.  Watch for more details as I will bring them to your attention in future weekly columns.    

-Warren Froelich

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