Extension offers timber workshop
By Tyler Hargett for the FCT
tyler.hargett@fct.wpengine.com
Owners of timberland and those involved in the production of forest products need to be aware of certain income tax issues in the timber industry. To address this, the Alabama Cooperative Extension System is hosting Timber Tax Workshops in six locations across the state, hoping to draw the attention of landowners, foresters, accountants and attorneys. One of the workshops will be hosted Jan. 9 at the A.W. Todd Center in Russellville.
Topics that will be discussed at the workshop include tax aspects of acquiring land, allocating basis, setting up timber accounts, using separately identifiable properties, calculating depletion allowance, reporting income from harvesting timber, reporting the cost of planting and site preparation, fertilization, timber stand improvement, and other cultural treatments, roads and surveys and disposing or exchanging of property.
There will be two sessions held at the center. The daytime program (8:30 a.m.to 4 p.m.) will focus on timber tax issues and also discuss the forms used to report transactions to the IRS. The evening program (6:30-9:15 p.m.) will focus on timber tax issues but not include the IRS-reporting requirements.
The instructor at each session will be Robert A. Tufts, an emeritus professor at Auburn University and a current visiting professor with the ACES.
The cost for the daytime program will be $25 for landowners, $40 for foresters/loggers (6.5 hours CFE) and $100 for accountants and attorneys (8 hours CPE or 6.5 hours CLE). The cost for the evening program will be $15 for landowners, $25 for foresters/loggers (2.5 hours CFE) and $40 for accountants and attorneys (3 hours CPE).
The locations and dates of the other workshops can be found on www.aces.edu/timbertax. To register for any of the workshops, visit the website, call 334-844-5100 or send a check to 301 O.D. Smith Hall, Auburn University, AL 36849-5608. Make the check payable to Auburn University and specify the location and workshop.
