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 2014 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.
| What |
|
|---|---|
| When |
Feb 17, 2015 from 08:00 AM to 05:00 PM |
| Where | Lottie and Arthur Temple Civic Center 601 Dennis St., Diboll, TX |
| Contact Name | Jennifer Hayes |
| Contact Phone | 979-458-6630 |
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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. Harry L. Haney, Jr.
Dr. Haney is the Garland Gray Emeritus Professor, Department of Forestry, Virginia Tech, Blacksburg, VA and is a nationally recognized expert with over 40 years of experience in timber taxation, estate planning and financial analysis. He has written numerous technical publications on forestry investment analysis, timber taxation, and forest management. He is coauthor of the widely-referred book on timber taxation, Forest Landowners’ Guide to the Federal Income Tax (Agriculture Handbook 718). Dr. Haney is also coauthor of Estate Planning for Forest Landowners: What Will Become of Your Timberland? He has written frequently for Virginia Forests magazine and Forest Landowner magazine on timber taxes and financial management issues.
Ms. Sharon Hersh
Ms. Hersh is Division Manager of the Property Tax Assistance – Information Analysis and Security, 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) 8.0 hours, and CPT (property tax professionals) 7.0 hours. No course prerequisites.
Agenda
| 8:00 - 8:30 |
Registration |
| 8:30-10:00 | Introduction to the Federal Timber Income Tax Record Keeping for Capital Expenditures and Recovery |
| 10:00 - 10:15 | Break |
| 10:15 - 10:55 | Texas Timberland Property Tax |
| 10:55 - 12:00 | Form T, Forest Operating and Management Expenses and the Passive Loss Role, Capital Gains, Timber Depletion and Basis Recovery |
| 12:00 - 1:00 | Lunch (provided) |
| 1:00 - 2:30 | Exclusion of Cost-Share Payments Under Section 126 Installment Sales and Other Tax Strategies For Selling Timber |
| 2:30 - 2:45 | Break |
| 2:45 - 4:45 | Tax-Free Like-Kind Exchanges Practical Issues during Tax Filing |
| 4:45 - 5:00 | Introduction to Texasforestinfo.com |
| 5:00 | Adjourn |
