MANAGE FORESTS & LAND

  • 2023 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 2022 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 and Mr. Trent Cook, CPAs

    Axley and Rode, LLP was organized in 1949 and has approximately 75 personnel of which approximately 75% are professionals.


    Mr. Joe Holcomb

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

     + Continuing Education Credits

    The workshop qualifies for Continuing Education Credits: CFE (foresters) 5.0 hours, CLE (loggers) 5.0 hours, CPE (CPAs) 6.2 hours, and CPT (property tax professionals) 3.50 hours. No prerequisite needed.

     + Agenda

    8:30-8:45

    • Welcome & Introduction
     

    8:45-9:30

    • Update for the Federal Timber Income Tax
    • Record Keeping, Reforestation Expenses, Basis Determination, Depletion, and Amortization
    • Form T and Other Related Tax Forms: Detailed Explanation
     

    9:30-9:45 

    • Q&A session
     

    9:45-10:30

    • Cost-Share Payments under Section 126
    • Income Tax Considerations during Timber Sales 
     
    10:30-10:45
    • Q&A Session / Transition
     

    10:45-11:30

    • Texas Timberland Property Tax
     

    11:30-11:45

    • Appraisal of Timberland
     

    11:45-12:00

    • Q&A Session
     
    12:00-1:00     
    • Lunch & Break
     

    1:00-2:00

    • Practical Issues during Tax Filing
    • Discussion on Current Tax-Related Issues
     

    2:00-2:15

    • Q&A Session / Transition
     

    2:15-3:00

    • Mini-consultations with accountants
     
    3:00
    • Adjourn
     
     + Time & Location

    February 7, 2023 (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.