Annual workshop to highlight tax law changes for forest landowners
Did you know that timber tax laws have changed due to the new tax law passed by Congress in December 2015? An upcoming workshop aims to keep forest landowners and other professionals informed on the latest updates to tax laws regarding timberland properties.
Knowing the tax laws gives landowners and other professionals an advantage in planning forest management activities. Landowners who do not know about timber taxes may end up paying more than their fair share of taxes on their timber income. Forest landowners also benefit from understanding record keeping and how timber expenses and income are taxed, since some tax preparers are not well versed in special tax treatment for forestry.
The 2016 Texas Timber Tax Workshop scheduled for Feb. 16 in East Texas is a day-long event that provides information on timber tax laws and rules, helping attendees understand recent changes before filing taxes.
“This workshop hits just as landowners begin to worry about filing their taxes. Our goal is to bring landowners up-to-date on federal timber tax laws, which often change, and other topics related to timberland property taxation in Texas,” said Omkar Joshi, forest economist for Texas A&M Forest Service.
This annual workshop hosted by Texas A&M Forest Service and Texas Forestry Association gives hundreds of foresters, landowners and other professionals the training and education needed for applying new tax rules, which could prove an advantage in forest management planning.
“Tax laws aren’t simple and timber taxation rules can be even more complex,” Joshi said. “We want landowners to be fully aware of the many favorable tax provisions and help them to determine appropriate basis of their property.”
The workshop is scheduled for Tuesday, Feb. 16 from 8 a.m. to 5 p.m. at the Lottie and Arthur Temple Civic Center, 601 Dennis St., Diboll, Texas. Registration is $75 and includes a workbook, lunch and refreshments.
The workshop is designed for forest landowners, consulting foresters, public accountants, loggers and anyone who deals with timber taxes. Participating in this workshop also qualifies for continuing education credits.
For more information or to register, go to http://texasforestservice.tamu.edu/timbertaxworkshop, or contact Jennifer Hayes at 979-458-6630 or firstname.lastname@example.org.