MANAGE FORESTS & LAND

  • 2021 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 2020 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.

    Click here to view the recording for the 2021 Texas Timber Tax Workshop

    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. Tamara Cushing is the Vice President of the SAF Board of Directors and 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.


    CPA

    Coming soon.

     + Continuing Education Credits
    The workshop qualifies for Continuing Education Credits: CFE (foresters) TBD, CLE (loggers) 4.0 hours, CPE (CPAs) 4.0 hours, and CPT (property tax professionals) 2.75 hours. No prerequisite needed.
     + Agenda

    1:00-1:15

    • Welcome & introduction

     

     

    1:15-2:00

    • 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

     

    2:00-2:10

    • Q&A session

     

     

    2:10-3:00

    • Reforestation expenses, cost-share payments under Section 126
    • Income tax considerations during timber sales

     

    3:10-3:50

    • Texas Timberland Property Tax

     

     

    3:50-4:00

    • Q&A session / transition

     

     

    4:00-4:50

    • Practical Issues during Tax Filing
    • Discussion on Current Tax related Issues

     

    4:50-5:00

    • Q&A session / transition

     

     

    5:00-5:30

    • Mini-consultations with accountants

     

     

     

     + Time & Location

    Feb 9, 2021 (Tuesday, 1:00 pm - 5:30 pm CDT)

    This will be a virtual event.  A link to an online platform will be sent to the email address you provide a couple of days in advance.

     + Registration

    Registration Options:

    1. Register for the event online.


      ==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) 458-6630 or melissa.yeldell@tfs.tamu.edu.