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Cooperative Extension: Tax School

Upcoming Timber Tax Course

Upcoming Timber Tax Course

Registration for this Course will begin on June 15 via Eventbrite

October 22
Tuesday
Online via Zoom Webinar
4 credit hours
9 am - 1 pm (*)

IRS Program Code:
3XKET-T-00049-24-O

IRS Program Title:
Federal Tax Law for Timber and Forestry

(*) Online sign-in begins at 8:30 am

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.
  • 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
    North Carolina State University, Emeritus Professor

    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.

  • Agenda
    timber tax course agenda
    Time Agenda Item
    8:30 -  8:50    Registration and sign in
    8:50 -  9:00    Announcements
    9:00 - 10:40  Timber Tax Law and Updates
    10:40 - 10:50  Break
    10:50 - 12:30  Timber Tax Law and Updates
  • Continuing Education Credits
    • For CPA, Enrolled Agents and Other Tax Professionals: 4 hours of CPE
    • For Attorneys: 3.33 hours of CLE

    *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 200 minutes.  Extra time is allotted for online sign-in and a 10-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 8:30 am.

  • Course Materials

    Participants will receive via e-mail a PowerPoint presentation 2 days before the event starts.

  • 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-00049-24-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.

  • Online Access to Zoom Webinar

    The Zoom link and instructions to access the webinar will be provided with the confirmation email after completing the 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 completing your purchase, please check your Spam folder and/or email us at tax@clemson.edu

    A reminder email with the 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 or within your network 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. You will not need to have a video camera or a microphone for this event. You will be able to communicate through the Chat and Q&A function of the webinar.

    Moderator/Group Sign-in and out form for participants attending as a group.

  • Certificates of Attendance

    A Certificate of Attendance will be sent to participants via email the day after the Course ends to the email address given during registration. Participants that do not attend the entire length of the seminar will have their credit hours adjusted accordingly per IRS regulations.

    Attorneys will be emailed an additional Certificate of Attendance to present to their respective accreditation organizations.

  • Cancellation Fee and Refund Policy

    If the participant cancels their registration:

    1. Over seven days of the Course start date: a full refund will be granted to the participant to the original method of payment.
    2. Within seven days of the Course start: no refund will be granted; however, all course materials will be sent to the participant. The original participant may substitute his registration to another attendee.
    3. Please contact the Program Director via email to tax@clemson.edu or phone (864) 656-1625 to cancel attendance and request a refund (if applicable).

    If the Tax School cancels the Course:

    1. The participant may switch to another date or webinar or receive a full refund to the original method of payment.
    2. The participant will be notified by the Program Director or his assistants via email from the following address: tax@clemson.edu If no confirmation by the participant has been received within seven days of Course start, the participant will be notified via phone from (864) 656-1625. Furthermore, Course cancellation notifications will be made available at the Tax School’s website: https://www.clemson.edu/extension/taxschool/timber-tax.html
  • Complaint Resolution Policy

    For more information regarding administrative policies such as complaint, cancellation, and refund, please contact tax@clemson.edu or (864) 656-1625.

  • Support Staff

    General Inquiries
    Phone: (864) 650-3282
    Email: tax@clemson.edu

    Dr. Adam J. Kantrovich
    Director, Tax School
    Extension Associate Professor
    Clemson University
    E-mail address: akantro@clemson.edu
    Phone number: 803-699-3176

    Kevin Burkett, CPA
    Assistant Director, Tax School
    Extension Associate
    Clemson University
    E-mail address: kburke5@clemson.edu
    Phone number: 803-788-5700

    Mandy Smith
    Administrative Support
    Tax School
    Clemson University Cooperative Extension
    Phone:864-656-1625
    Email: abs4@clemson.edu

Clemson Tax School
Clemson Tax School | Sandhill REC, 900 Clemson Road, Columbia, SC 29229