Conferences
Tax considerations when working with producers under financial duress
Ruby Ward and Adam Kantrovich
Summary
There are estimations of wide-spread varying levels of financial distress for farmers. Prolonged sustained stress may change a farmer's comprehension and the ability to properly consider their situation.
In many cases, product prices have not kept pace with the increased input costs. Tax liability, debt relief and other provisions can both increase the financial burden as well as being a tool to help manage it. Tax decisions in previous years such as deferring tax liability, can cause higher current tax liability in a year of financial distress. By understanding some of the potential consequences as well as options for tax management, education provided to agricultural producers can be improved. In this presentation members of the National Farm Income Tax Extension Committee will discuss tips, resources and strategies for incorporating tax considerations when working with producers facing financial and mental distress. It will also talk about the symbiotic relationship with farm financial analysis. Regardless of experiences with asset protection and farm financial analysis, the information provided will be of benefit to all Extension personnel.
The resources include websites with fact sheets, webinar recordings, blog posts and a tax estimator tool. The session will also discuss tips and provide some examples as well as share experiences. This will include tips on how to improve communication with individuals under prolonged stress.
Details
| Conference | 2026 Extension Risk Management Education National Conference |
| Presentation Type | 30-Minute Concurrent |