What is in this article?:
- US timber industry takes major hit after housing collapse
- China No. 1 buyer
- Timber tax seminars
- U.S. timber and lumber sales have taken a major hit as a result of the housing bubble collapse and the economic recession that began in 2008 and it may be 2015/2016 before housing starts boost demand to pre-recession levels.
Timber tax seminars
Tax laws for timber producers can be quite complicated, and Henderson notes that three workshops focusing on tax issues are upcoming.
“Landowners, certified public accountants, consulting foresters and loggers are invited to participate in the Income Taxes and Family Forest short course conducted by the Mississippi State University Extension Service.”
The workshops will be held Feb. 28 at Raymond, Miss.; March 1 at Coffeeville, Miss.; and March 29 at Oxford, Miss.
Topics will include changes to capital gains tax law, basics of basis, record keeping, timber sales income, recovery of reforestation costs, casualty losses, strategic tax planning, tax forms and information sources.
Registration is $35 for individuals and $50 for couples, and includes handouts, notebooks with reference materials, lunch and refreshments. The classes begin at 8:30 a.m. and conclude at 4 p.m. Professional loggers and foresters may earn continuing education credits.
Registration deadlines are Feb. 20 for Raymond and Coffeeville, and March 26 for Oxford. For more information, contact the Hinds County Extension office at (601) 372-1424, the Yalobusha County Extension office at (662) 675-2730, or the Lafayette County Extension office at (662) 234-4451.
And Henderson says, producers should “get assistance from a qualified CPA or attorney who is knowledgeable of the intricacies of timber tax issues.
“There are also a number of IRS publications that can be helpful, and a really good website for those owning or managing timberland is timbertax.org. Several timber tax publications are also available at msu.cares.com.”