By Scout Nelson
Recovering from a farm disaster involves more than repairing equipment, restoring buildings, or replacing livestock. Farmers and ranchers affected by wildfires, droughts, floods, and other disasters also face important tax decisions that can impact their future financial health.
The Nebraska Tax Institute, part of the Center for Executive and Professional Development at the University of Nebraska–Lincoln, is offering the “Farm Disaster Tax Rules: Deferrals, Casualty Losses, Recovery Payments and Tax Reporting” webinar to help tax and law professionals better support agricultural producers after disasters.
The four-hour program provides guidance on federal tax rules related to disaster situations. It helps professionals understand how different recovery options work and how they can assist farmers and ranchers with important financial decisions.
“Agriculture is the heartbeat of this region, and the Nebraska Tax Institute is eager to offer continuing education to tax professionals working to assist ag producers who have faced urgent situations beyond their control,” said Amber Messersmith, executive director of the Center for Executive and Professional Development. “With information gained from the Farm Disaster Tax Rules webinar, tax professionals can support producers in making critical financial decisions for their farms and ranches.”
Registration for the Farm Disaster Tax Rules webinar costs $175. The Nebraska Tax Institute is seeking continuing education credits for participants in Nebraska and Kansas. Interested participants can learn more and register through the official webinar registration page.
The webinar is led by Tina Barrett, an Enrolled Agent, Nebraska Tax Institute instructor and executive director of Nebraska Farm Business Inc., and Mark Dikeman, an Enrolled Agent and executive director of the Kansas Farm Management Association at Kansas State University. Their combined experience provides participants with knowledge about agricultural tax and farm management challenges.
“We are seeing disaster events create both cash-flow strain and tax complexity for agricultural producers,” Barrett said. “The tax answer is not always obvious. It can depend on what type of livestock or property was involved, whether the sale was weather-related, whether the producer plans to replace what was sold or lost, and whether certain disaster rules apply.”
The training covers topics such as livestock deferrals, casualty losses, recovery payments, insurance reimbursements, replacement property, and recordkeeping requirements. Participants also learn about important tax forms and reporting steps related to disaster recovery.
“Agricultural disaster tax issues are not just about getting this year’s tax return filed,” Barrett said. “They can affect basis, depreciation, future gain recognition, balance sheets, lender conversations and ultimately the producer’s ability to recover financially. A good tax decision now can make a real difference for the operation down the road.”
The program supports Nebraska’s agricultural community by providing professionals with tools to help producers make informed recovery decisions after challenging events. Learn more at https://business.unl.edu/execeducation.
Photo Credit: gettyimages-zhuda
Categories: Nebraska, Rural Lifestyle, Weather