November 14, 2003

 

Tax Program for Ag Producers Is Scheduled for Dec. 2

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. 2, 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 Eckroth, Eide Bailly, Bismarck; Brenda Laub, Farm Credit Services, Valley City; Steve Troyer, Farm Accounting and Tax Service, Fargo; and Terry Knoepfle, NDSU Income Tax Management business administration department, Fargo.

Topics include deferral of income, like-kind exchanges, section 179 and additional first year depreciation. Tax strategies using the new low rates on capital gains and dividends will be detailed. The IRS will explain audit priorities, the status of the K-1 matching program, the 2003 child tax credit, and making tax deposits electronically. The tax implications of the options farms have relative to entity types will be presented. Lastly, uses and abuses of trusts for agricultural producers and compliance issues of estate planning will be discussed.

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 $10.

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; Artzen Building, Minot State University, Bottineau; Dickinson State University, Dickinson; NDSU, Fargo; County Office Building, University of North Dakota, Grand Forks; North Dakota State Hospital, Jamestown; North Dakota State College of Science, 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: Andrew Swenson, (701) 231-7379, aswenson@ndsuext.nodak.edu
Editor: Tom Jirik, (701) 231-9629, tjirik@ndsuext.nodak.edu