MADISON, Wis. — Register now for the FREE upcoming webinar, Preparing for Tax Season: Impacts of the Inflation Reduction Act Assistance for Distressed Borrowers, at 1 p.m. on Feb. 20, 2023. The session will be hosted by UW-Madison Division of Extension Farm Management Outreach Specialist Katie Wantoch and will feature C. Robert Holcomb, Enrolled Agent and Agricultural Business Management Extension Educator at the University of Minnesota Extension.
On Aug. 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. Section 22006 of the IRA provided $3.1 billion for USDA to provide relief for distressed borrowers with certain Farm Service Agency (FSA) direct and guaranteed loans and to expedite assistance for those whose agricultural operations are at financial risk.
This webinar will provide information on the impacts around these program payments for loan serving assistance. The following topics will be covered, including:
- Records system & character of income
- Loan Servicing Assistance and form 1099-G
- Implications of loan servicing assistance payments on income taxes
- Strategy and mitigation
- Tax planning examples
Rob Holcomb, EA, has been an Extension Educator with the University of Minnesota since 2004. In addition, Rob has been an instructor for the Minnesota Income Tax Short Course since 2010. Material developed for this webinar is managed and owned by the National Farm Income Tax Committee. For more information on taxes and USDA Programs, visit https://www.farmers.gov/working-with-us/taxes#preparing and RuralTax.org.
Register for this free virtual webinar at https://go.wisc.edu/h3o89h. Once registered, you will receive an email confirmation containing information about joining the meeting.
For more information on Extension Farm Management programs or events, visit https://farms.extension.wisc.edu/ or contact: Katie Wantoch, University of Wisconsin-Madison Division of Extension Farm Management Outreach Specialist, firstname.lastname@example.org, 608-354-3992.
— Michelle Bachand, University of Wisconsin-Madison Division of Extension