November 8, 2001

Income Tax Management Program for Farmers is Scheduled for Dec. 4

A "Tax Management for Ag Producers" program will be offered to agricultural producers and tax preparers from 9 a.m. to noon CST on Tuesday, Dec. 4, at 11 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 Gay Blazek, Internal Revenue Service agent, Fargo; Steve Troyer, Farm Accounting and Tax Service, Fargo; Brenda Laub, Farm Credit Services, Valley City; Terry Knoepfle, NDSU business administration department, Fargo; and Tom Will, Brady, Martz and Associates, Minot.

Topics include how to lock in a lower future capital gain rate, how farmers can average their income, and show the tax and financial aspects of buying versus leasing equipment. Rules on crop insurance deferral, depreciation involving like-kind exchanges, and distribution from retirement plans will also be explained. Highlights of recent tax legislation on estate taxes, education, and IRA's will be presented. The IRS will discuss an audit problem with partnership tax returns, the omission of calculating a partner's outside basis. Also, the advantages and procedures of e-filing business taxes and electronic payroll deposits (EFTPS) will be presented.

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 $8.

Interactive video sites for the program are at Bismarck State College, Bismarck; Lake Region State College, Devils Lake; Minot State University, Minot and Bottineau; Dickinson State University, Dickinson; NDSU, Fargo; UND, Grand Forks; the State Hospital, Jamestown; Fort Berthold Community College, New Town; NDSCS, Wahpeton; and Williston State College.

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

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Source: Andy Swenson (701) 231-7379, aswenson@ndsuext.nodak.edu
Editor: Tom Jirik, (701) 231-9629, tjirik@ndsuext.nodak.edu