November 18, 2002

Income Tax Management Program for Farmers is Scheduled for Dec. 3

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. 3, at 10 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 Steve Eckroth, Eide Bailly, Bismarck.

Topics include updates on payroll taxes, farm income averaging, drought-forced livestock sales, hedging and speculation, the new 30 percent bonus depreciation and correcting previous mistakes in farm depreciation. Options will be detailed for reporting insurance proceeds received when business property is damaged or destroyed. Alternatives for reporting CCC loans and the tax implications of farm program payment limits will be analyzed. The IRS will discuss abusive tax schemes and IRS audit priorities. There will be explanations on the new rules for retirement plans and on using life estates in succession planning. Also, 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; Memorial Building, 524 Fourth Ave, Devils Lake; NDSU North Central Research Extension Center, Minot and Artzen Building, Minot State University, Bottineau; Dickinson State University, Dickinson; NDSU, Fargo; UND, Grand Forks; the State Hospital, Jamestown; 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