Timber Tax Workshop
2020 Clemson University Timber Tax Workshop
Monday, October 26, 2020
1:00 pm until 4:00 pm
This Program 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, and timber losses among other topics.
- Know how timber is treated under the Internal Revenue Code
- Understand the tax implications of timber:
- Being in the business vs. being an investor
- To report timber income dependent upon taxpayer’s use
- Form 4797
- Form 8949
- Schedule D
- How to deduct expenses or capitalize
- Trade or Business?
- Considerations of like-kind exchange
- 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
- To report timber income dependent upon taxpayer’s use
- Questions which may be asked of rural landowner clients to better serve them
- How a landowner may hold timber property
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.
- PowerPoint slides used in the course
Date and Registration Link
Monday, October 26th, 2020
1:00 p.m. – 4:00 p.m.
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: 2.5 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.
Certificate of Attendance
A Certificate of Attendance will be sent to registered participants via postal mail the day after the presentation to the address provided during registration.
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-00010-19-O.
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 and Interaction with Presenters
You will receive a web-link to access the online platform (Zoom) for the seminar at least two days before the workshop begins to the email address provided during registration. Please be sure to test the connection before the event as in very rare cases the firewall settings in your computer may prevent you from logging into the platform.
You will have the ability to watch and listen to the event. You will be able to interact with the instructors via:
Poll questions throughout the presentation. The instructors may provide quick input by the participants through these type of questions to make sure participants are following the presentation.
Questions and answers during the panel. These are written by participants at the time of registration at Eventbrite and are going to be read aloud and responded to by the instructor. You will have the opportunity to submit questions during the presentation via Zoom platform if you wish to do so. It is important to note that questions that remain unanswered will be answered following the live webinar with answers emailed to the entire audience.
A survey will be available at the end of the seminar for you to complete and evaluate the online seminar as required by IRS CPE regulations. This is the second time we are conducting a seminar from the Clemson Tax School virtually and we are working hard to deliver the level of quality that you expect.
Group Sign-In and Sign-Out
For those following the online seminar as a group, we will provide a pdf document to sign-in and sign-out via email. After the workshop adjourns, this document must be signed and sent to us as early as possible so we can finalize and send the Certificate of Attendance and accredit hours with the IRS Database.
Those participants that follow the presentation individually, do not need to complete this form. We will have their sign-in and out information provided by the online platform.
Cancellation Fee and Refund Policy
No refund will be granted for failure to cancel at least seven days in advance of your workshop start date (however all course materials will be sent to you).
Please contact the Program Director to cancel attendance and obtain a refund.
Registration details available at Eventbrite: