MANAGE FORESTS & LAND

  • 2017 Texas Timber Tax Workshop


    Many landowners continue to pay more than their fair share of taxes on their timber income. Even forest landowners who use accountants need to understand how timber expenses and income are taxed, since some tax preparers are not well versed in special tax treatment for forestry. Knowing the tax laws will give you an advantage in planning your forest management activities.


    The daylong workshop will provide basic information about timber taxation and the latest changes to tax laws and rules for 2016 tax return preparations. Topics will focus on federal timber income tax issues for private forest owners with a refresher on local timberland property tax incentives. Participants will gain a clear understanding of commonly misunderstood timber tax issues.


    Who Will Benefit

    The workshop is designed for forest landowners, consulting foresters, accountants, attorneys, and others who work with forest landowners in matters pertaining to timber taxes.


    Download the workshop brochure

     + Speakers
    Dr. Tamara Cushing

    Dr. Tamara Cushing is the Starker Chair of Private and Family Forestry at Oregon State University. She is an Assistant Professor and Extension Specialist in Forest Economics, Management and Policy. Her primary expertise is in taxation of forests and forest products. Dr. Cushing holds a forestry degree from the University of Florida, two Master’s degrees—one in Forest Economics and one in Taxation—from Mississippi State University, and a PhD from the University of Georgia in Forest Finance. Her research focus is on the effects of tax policies on private landowners. In her Extension role, Dr. Cushing works to educate landowners, foresters and tax professionals about the economics of growing trees and the tax code interactions with forestry in addition to educating landowners about succession.


    Mr. Joe Holcomb

    Mr. Holcomb is an agriculture and timberland appraiser in the Property Tax Assistance Division at Texas Comptroller of Public Accounts.


    Mr. Garvey Jackson, CPA

    Axley & Rode, LLP

     + Continuing Education Credits
    The workshop qualifies for Continuing Education Credits: CFE (foresters) 7.0 hours, CLE (loggers) 6.0 hours, CPE (CPAs) TBD, and CPT (property tax professionals) 7.0 hours. No prerequisite needed.
     + Agenda

     

    8:00 - 8:30
    • Registration
    8:30 - 10:00
    • Introduction to the Federal Timber Income Tax
    • Basis Determination and Allocation
    • Forest Management Expenses
    • Reforestation Expenses
    10:00 - 10:15
    • Break
    10:15 - 10:55     
    • Texas Timberland Property Tax
    10:55 - 12:00
    • Income Tax Considerations during Timber Sale
    12:00 - 1:00
    • Lunch (provided)
    1:00 - 2:30
    • Cost-Share Payments under Section 126
    • Record Keeping
    • Form T and Other Related Tax Forms
    2:30 - 2:45
    • Break
    2:45 - 3:30     
    • Pitfalls for landowners to avoid
    3:30 - 4:45
    • Practical Issues during Tax Filing
    • Discussion on current tax related issues
    4:45 - 5:00
    • Use of Advanced Technology in Record Keeping: A Demonstration of TexasForestInfo.com
    5:00
    • Adjourn
     + Time & Location

    Feb 7, 2017 (Tuesday, 8:00 am - 5:00 pm)

    Lottie and Arthur Temple Civic Center
    601 Dennis St., Diboll, TX

     + Registration

    Registration Options:

    1. Register for the event online.


      ==REGISTER NOW==

       

    2. Call (979) 458-6630 to register by telephone.

    3. Download a registration form and fax it to the number on the form or mail it to the address below.  You will need a copy of the free Adobe Acrobat Reader to view and print this application form.

      Mail the form with payment to:

      Attn: Marion Broughton
      Timber Tax Workshop
      Texas A&M Forest Service
      200 Technology Way, Suite 1281
      College Station, TX 77845-3424

    Registration is $75 and includes a workbook, catered lunch and refreshments. Registration for an additional member (no workbook) is $30.

     + Contact
    If you are interested in exhibiting at the workshop or want to know more about the event, please contact Marion Broughton at (979) 458-6630 or mbroughton@tfs.tamu.edu.