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Helping Ohio Families Address Agricultural and Natural Resource Tax Issues

Barry Ward, Chris Bruynis, Larry Gearhardt, and David Marrison

Summary

One of the greatest risks farm families face is tax management. With the uncertainty of the fiscal cliff legislation and explosion of Marcellus Shale lease payments in Ohio, this team developed a comprehensive outreach effort to help families address these new tax scenarios.

Since 2011, the team has offered agricultural and oil & gas tax updates to 1,584 tax preparers attending the OSU Income Tax Schools. In addition, the team has conducted 25 programs on oil & gas taxation reaching 1,092 landowners. The team has coordinated an annual Agricultural Tax Issues program utilizing Dr. Phil Harris from the University of Wisconsin to teach 304 participants on the latest development in farm taxes. In addition, the team has taught 8 farm tax programs reaching 558 farmers.

The team has authored 30 peer reviewed tax articles and 4 Tax Factsheets which were published on the Ohio Ag Manager web site (http://ohioagmanager.osu.edu). In 2013, the team began offering Farm Management Webinars using Adobe Connect. Thus far, the team has offered four webinars reaching 175 persons. This included participants from 50% of Ohio’s 88 counties and 6 states. The webinar site for these programs is: https://carmenconnect.osu.edu/ohioagmanager/

This presentation will provide details of these programs and their impacts. Typical evaluation results showed substantial increase in awareness of tax issues and tax management strategies by the participants. Participants reported they better understand the proper tax forms to use for the different type of income generated from their property and better understand potential tax management options.

Details

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