Live Timber Tax Update Scheduled for August 2, 2006
In a continuing effort to provide you and other’s involved in providing information to timber producers, I am working with Neal Bungard, Forest Legacy Specialist, USDA Forest Service, Northeastern Area, to present a live timber tax update.
All you need is a telephone and internet access. It will be August 2nd, 1:30 to 3:30 Eastern Daylight Savings Time. We’ll give you the phone number for the conference call when it’s established. You’ll also need to install the Microsoft LiveMeeting plugin prior to logging into the conference. Before the meeting, please run a simple system check to ensure that the plug-in is installed - http://e-meetings.mci.com/updates/net-systemcheck.php?ver=2003. If you are in a lock-down environment, please contact your IS team to install the plug-in for you. For the most efficient use of time there will be no waiting for people to download the plugin once the conference starts. You will still be able to listen to the audio portion but will not get the benefit of visuals on your computer.
In addition to Neal and me, the presenters will be John Greene, tax specialists, USFS SE Research Station, Bill Siegel, Attorney at Law, and Mark Koontz, webmaster for the National Timber Tax Website. We will all be in Washington for a meeting with the IRS and other timber tax folks on August 1st.
The tentative agenda includes:
Reforestation tax credit and amortization – review deduction and amortization and clarify treatment of trusts and estates
Casualty losses and handling of hurricane related cost share payments
Capital gains treatment summary and implications of 631(b) lump-sum sales – extension of rates
Domestic production activities deduction – potential qualification of timber related activities
Current status of estate and timber tax legislation and corporate c.g. rates on timber
Update on revision of ag handbook
Update on NTTW – accounting software, how questions to site are handled, request for input
We will of course take questions. And, we’d like your input on the kinds of questions you’ve been getting lately. Also, is there a need to provide property tax information? We have reports of states changing laws on how timber and timberland is taxed.
Please let others in your state that do timber tax work know about this program. We only want those who know something on the topic already. THIS IS NOT A SESSION FOR LANDOWNERS WHO NEED TO START WITH THE BASICS.
Please let Neal Bungard know if you will be participating. His e-mail is nbungard@fs.fed.us
