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“Is this taxable?” Delivering Farm Tax Education in Partnership with USDA

Sarah Campbell, Ruby Ward, Adam Kantrovich, and Ronald Rainey

Summary

In recent years, USDA has delivered a high volume of disaster and financial assistance program payments to farmers and ranchers. The American Rescue Plan and Inflation Reduction Act contained provisions and funding to provide relief to financially distressed producers. There has also been an increase in the availability of grant funds for producers and funding for climate smart agriculture for producers of all types and scales. Many producers lack access to a certified tax professional and beginning, limited resource, and historically underserved farmers and ranchers need help navigating the tax liability created by a USDA program payment.

USDA developed a national network housed within the Farm Service Agency (FSA) to help respond to producers’ emerging tax resource needs. FSA partnered with the National Farm Tax Income Extension Committee and Southern Risk Management Education Center at the University of Arkansas to create and deliver ag tax education materials to producers, service providers, and tax professionals.

This project has been extremely iterative and unique. FSA staff are working closely with extension faculty, tax experts, and partner organizations to create new resources in real time as new programs are launched. During this presentation, staff from USDA and its partners will provide an overview of the new ag tax resources, critical tax information related to recent USDA programs such as the Discrimination Payments and Inflation Reduction Act FSA Farm Loan assistance, disaster program payments, and how to get involved with the effort at the local and State level.

Presenters will include Sarah Campbell, USDA National Beginning Farmer and Rancher Coordinator (farmers.gov/taxes); Dr. Ruby Ward, Utah State Applied Economics Department and Co-Chair of the National Farm Income Tax Extension Committee (ruraltax.org); Dr. Adam Kantrovich, Clemson University Asst. Director of Clemson Extension Agribusiness Team; and Dr. Ron Rainey, Assistant Vice President with the University of Arkansas Division of Agriculture (agftap.org)

Details

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