MANAGE FORESTS & LAND

  • 2024 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 2023 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.

     + Speakers
    Dr. Tamara Cushing

    Dr. Cushing is an Extension Forest Business and Economics Specialist at University of Florida. She was Starker Chair of Private and Family Forestry and Assistant Professor at Oregon State University from 2009 to 2021. She was named a fellow of the Society of American Foresters in 2017 and served as President in 2020. She holds a forestry degree from University of Florida, two Master’s degrees – one in Forest Economics and one in Taxation – from Mississippi State University, and a Ph.D. from University of Georgia in Forest Finance. She works to educate landowners, foresters and tax professionals about the economics of growing trees and tax code interactions with forestry.


    Mr. Matt Broyles, CPA

    Axley & Rode was founded in 1949 and has four locations, twelve partners, and over ninety-five personnel, including twenty-four CPAs.


    Ms. Sarah Gutierrez

    Agriculture and Timberland Appraiser, Property Tax Assistance Division, Texas Comptroller of Public Accounts.


    Mr. Mark Freeman

    Agriculture and Timber Appraiser at San Jacinto County Appraisal District.


    Ms. Michelle Moore and Mr. Eric Wannlund

    Staff Forester at Texas A&M Forest Service.

     + Continuing Education Credits

    The workshop qualifies for Continuing Education Credits: CFE (foresters) 10.0 hours, CLE (loggers) 10.0 hours, CPE (CPAs) 12.4 hours, and CPT (property tax professionals) 6.75 hours. No prerequisite needed.

     + Agenda

    Tuesday, February 6th, 2024 (by Tammy Cushing):

    8:30-8:45

    • Welcome & Introduction
     

    8:45-10:15

    • Update for the Federal Timber Income Tax
    • Record Keeping, Reforestation Expenses, Basis Determination, Depletion, and Amortization
     

    10:15-10:30

    • Q&A session
     

    10:30-11:45

    • Form T and other related Tax Forms: Detailed Explanation 
     
    11:45-12:00
    • Q&A Session 
     

    12:00-1:00

    • Lunch & Break
     

    1:00-2:30

    • Cost-share Payments under Section 126
    • Income Tax Considerations during Timber Sales
     

    2:30-3:00

    • Q&A Session
     
    3:00
    • Adjourn
     


    Wednesday, February 7th, 2024:

    8:30-8:45 

    • Welcome & Introduction
     

    8:45-9:30

    • Texas Timberland Property Tax (by Sarah Gutierrez) 
     

    9:30-9:45

    • Q&A session / Transition
     

    9:45-10:30

    • Appraisal of Timberland (by Mark Freeman)
     
    10:30-10:45
    • Q&A session / Transition
     

    10:45-11:30

    • Use of Advanced Technology for Record Keeping: A Demonstration of Texasforestinfo.com (by Michelle Moore and Eric Wannlund)
     

    11:30-11:45

    • Q&A session
     

    11:45-1:00

    • Lunch & Break
     
    1:00-2:00
    • Practical Issues during Tax Filing
    • Discussion on Current Tax related Issues (by CPA Matt Broyles)
     

    2:00-2:15

    • Q&A Session / Transition
     

    2:15-3:00

    • Mini-consultations with accountants (by CPA Matt Broyles)
     

    3:00-

    • Adjourn
     
     + Time & Location

    Feb 6 - Feb 7, 2024 (Tuesday, 8:30 am - 3:00 pm CDT)

    Online

     + Registration

    ==REGISTER NOW==

     + Contact
    If you are interested in exhibiting at the workshop or want to know more about the event, please contact Melissa Yeldell at (979) 458-6650 or melissa.yeldell@tfs.tamu.edu.