Timber Tax Course

Timber Tax Course

Our Timber Tax Course covers emerging topics that affect woodland owners and loggers who need a basic understanding of federal income tax rules on the management of woodland property. Some of the topics addressed include: woodland tax classification, timber sales, capital asset and cost recovery, expenses of woodland management and protection, cost-share payment, timber losses, 1031 like-kind exchanges for timber and timber property, and we will also have a discussion on what is taking place surrounding changes to estate and gift tax laws, among other topics.

Upcoming Timber Tax Courses

Thursday, October 27, 2022
Online Delivery Through Zoom
9:00 AM - 12:00 PM
Cost: $125.00
IRS Program Code: 3XKET-T-00027-22-O (Online)
3 Credit Hours
Register at Eventbrite for this Course:

  • Course Topics
    Participants will:
    • Know how timber is treated under the Internal Revenue Code
    • Understand the tax implications of timber:
      • Basis
      • Being in the business vs. being an investor
    • Learn:
      • To report timber income dependent upon taxpayer’s use
        • Form 4797
        • Form 8949
        • Schedule D
      • How to deduct expenses or capitalize
        • Trade or Business?
        • Investor
      • 1031 like-kind exchanges for timber and timber property
      • Making the IRS section 631(a) election if in business (e.g. Christmas tree growers)
      • 1099-S versus 1099 MISC for reporting timber sales
      • Form T
      • Reforestation expenses under IRC section 194 and recapture upon sale
    • Implement
      • Questions which may be asked of rural landowner clients to better serve them
      • How a landowner may hold timber property
    • We will also have a discussion on what is taking place surrounding changes to estate and gift tax laws.

      Note: Participants will receive via e-mail PowerPoint presentation slides after the event.
  • Course Faculty
    Guido Van Der Hoeven, Agricultural Tax Specialist, Iowa State University

    Guido van der Hoeven was an Extension Specialist / Senior Lecturer, in the Department of Agricultural and Resource Economics at North Carolina State University in Raleigh, North Carolina prior to his retirement. Guido’s extension experience includes income taxation of individuals and business entities, farm business management and the profitable continuation of "family firms" to succeeding generations. Van der Hoeven is an Enrolled Agent and presents income tax educational programming across the United States. He has over 40 years of experience in taxation with a focus on farming and natural resources issues. Van der Hoeven is President of the Land Grant University Tax Education Foundation, Inc. which publishes a ~700 page text for income tax training of professional tax practitioners.

    Guido van der Hoeven holds a B.S. in Natural Resource Management – Soils and a M.S. in Agricultural Economics from Kansas State University. Guido is married; he and Emily, his wife, have four adult children and two grandchildren.

  • Continuing Education Credits
    • For CPA, Enrolled Agents and Other Tax Professionals: 3 hours of CPE
    • For Attorneys: 2.5 hours of CLE
    • For Foresters / Loggers: 3.5 hours of CFE (Cat. 1, SAF)

    *CPA, EA and other Tax Professionals are based on a 50-minute credit hour while attorneys are based on a 60-minute credit hour. The total time of instruction is 150 minutes.  Extra time is allotted for online sign-in and a 15 minute break. (*) Extra time is allotted Q&A at the end of the Workshop for those that wish to stay on.  Online sign-in begins at 8:45 am.

  • Course Materials

    Participants will receive via e-mail PowerPoint presentation slides after the event.

  • Reporting to the IRS

    Completed credit hours will be reported to the IRS within two weeks of the course completion for all participants providing their PTIN number during registration. Please be sure to include your name as it is listed with the IRS and that your PTIN number is valid for the current year. The IRS Program ID for this course is: 3XKET-T-00027-22-O. The title of the program is Federal Tax Law for Timber and Forestry (3 credit hours).

    Observation: We plan to use a 4-hour period of time where we can take up to that last hour for Q&A for those that wish to stay on.

  • Reporting to the CLE

    Completed credit hours will be reported to the Commission on CLE and Specialization of The Supreme Court of South Carolina within one week of the course completion for all participants providing their bar number during registration.

  • Reporting to SAF

    A roster of names and forestry registration numbers will be sent to the Society of American Foresters within two weeks of the course. This will be for participants seeking CFE credits who provided their information during registration.

  • Online Access to Zoom Webinar
    The Zoom link and instructions to access the webinar will be provided with the confirmation email after completing registration and providing payment through the Eventbrite registration process. Please make sure to check your Inbox folder. If you do not receive this email within 24 hours after your purchase, please check your Spam folder and/or email us at tax@clemson.edu.

    A reminder email with Zoom link and instructions are sent again 48 hours before the course begins. Finally, if you are not familiar with Zoom, please be sure to test your system before the event as in very rare cases the firewall settings in your computer may prevent you from logging into the platform. You can go to: https://zoom.us/test and test your internet connection by joining a test meeting. Once you access the Test meeting, you will be able to check your speakers and microphone functionality.

    - Moderator/Group Sign in and out form for participants attending as a group.
    - Zoom Webinar Set Up Guide and Protocols that will help you to get the most out of your Zoom experience as well as solve any connection issues you may have.

Explore Other Clemson Tax School Courses