With ever-changing tax codes and revised regulations, staying up to date on the latest tax changes can be a real challenge for farmers. To aid in the process, the Iowa Farm Bureau Federation (IFBF) will present the annual Iowa Farm Income Tax Webinar on Friday, November 14, at 1:00 p.m. The webinar broadcast will originate from a meeting attended by farmers, lenders, ag business people and others who are interested. The site is the Polk County Extension office at Altoona in central Iowa.
A host of experts will cover the key information farmers need to know as they look toward this year's tax preparation. The speakers will draw on their expertise to provide latest information and tax tips to help farmers navigate challenges of tax preparation.
Webinar presenters include Kristine Tidgren, ISU Extension staff attorney, and Kristy Maitre, tax specialist, both from the Center for Agricultural Law and Taxation (CALT) at Iowa State University. Charles Brown, ISU Extension farm management specialist, will also present valuable tax preparation information. The event will be available live, online to anyone wishing to attend, and participants will have the opportunity to text questions to the presenters. The webinar will also be recorded and available exclusively to Farm Bureau members online, along with webinar materials.
Farmers can access the webinar from home or farm office
Farmers can access the webinar from their home or farm office the day of the event. Pre-registration is not required, but interested attendees are encouraged to test their computer and connection prior to the webinar.
"Today's farmers face numerous challenges, and yearly farm income tax preparation is one of those," says Ed Kordick, IFBF commodity services manager. "Each year is unique and topics this year will include 2014 tax strategies, changes in health insurance coverage for farm employees, a new court ruling on CRP and much more. We look forward to providing our members a timely farm income tax update and relevant information again this year." For more information contact Kordick at [email protected].
Crops and livestock outlook and ARC/PLC calculations
The income tax webinar on November 14 will be broadcast from the afternoon meeting attended by farmers and others at the Polk County Extension office at Altoona. Farm income taxes will be the topic of the afternoon portion of the day-long meeting. The morning portion of the meeting will focus on crop and livestock market outlook for 2015. Also covered in the morning session will be an explanation of the new USDA farm programs for crops—the Agricultural Revenue Coverage or ARC and the Price Loss Coverage or PLC programs.
ISU Extension farm management specialist Steve Johnson will explain how the ARC and PLC programs work and what farmers need to consider in deciding which program to sign up for, as these programs are part of the new 2014 Farm Bill. Farmers sign up for 5 years to participate in the program they choose—either ARC or PLC—as this is a 5-year farm bill.
Crop and livestock outlook sessions are in the morning
The crop marketing and price outlook sessions in the morning will be presented by ISU grain marketing economist Chad Hart. The livestock marketing and outlook will be presented by ISU livestock economist Lee Schulz. Cost for the all-day meeting (ag outlook in the morning, and farm income taxes in afternoon) is $35 per individual, $50 per couple. This includes lunch and all training material. You need to pre-register by calling the Polk County Extension office at 515-957-5760.
Doors open at 8:30 a.m. for on-site registration. The morning session starts at 9 a.m. with Chad Hart presenting. Then Steve Johnson will present, followed by Lee Schulz to wrap up the morning. After lunch, the income tax session begins. It will end at 3 p.m. The ISU Extension office for Polk County is located on the northeast edge of Des Moines, at 1625 Adventureland Drive, Altoona, Iowa 50009.