Annual Farm Tax Seminar set for Thursday

Published 12:00 am Wednesday, November 1, 2000

Features Editor

The annual "Farm Tax Seminar" will be held from 9 a.m. until noon, Thursday, Nov. 2, at South Alabama Electric Cooperative on U.S. Highway 231 South. Reservations may be made by calling 735-2179, however, reservations are not necessary to attend.

Even though "tax" is a three letter word, it still ruffles more feathers than any word in the English language.

Sign up for our daily email newsletter

Get the latest news sent to your inbox

Taxes are one of the certainties of this world and, the more you know about them, the better able you are to live with them.

For those who work for salaries, Uncle Sam gets his share before they get theirs. Then, by mid-April, some tax accountant has determined whether a client gets a refund or has to ante up some more.

However, farmers find themselves in a different situation. Working for themselves, they have a burden of responsibility toward Uncle Sam that is almost mind boggling. So, about this time each year, the "Farm Tax Seminar" is held to help farmers with this "taxing" situation,

The "Farm Tax Seminar" is held in conjunction with the annual "Farm City" activities and is hosted by Delatha Mobley, Mobley Business Service of Brundidge; Jerry Carden, Gibson & Carden PC CPA of Troy and Luverne; Max Davis, South Alabama Electric Cooperative; and Tammy Powell, Pike County Extension System.

Mobley said the seminar titled "Farm View 2000" will include business, financial and tax information for farmers.

"We have four outstanding speakers who will cover business, financial and tax issues of specific interest to farmers," Mobley said.

James Pickett, Internal Revenue Service, will speak on "Tax Issues Concerning Farmers."

"Our tax laws are very complex and often change," Mobley said. "James Pickett will bring farmers up to date on the tax laws and will be available to answer questions the farmers might have.’

James Novak, Extension Economist and Professor, Auburn University Department of Agriculture, will speak on a topic of great concern to all farmers, "A Survey of the Agriculture Crisis."

Jerry Carden, will give farmers information on how they can keep the family farm in this time of crisis in agriculture. His topic will be "Keeping the Farm in the Family Using Trusts and Family Limited Partnerships."

The last speaker at the seminar will present a topic of interest to all, "Wealth-Building Strategies." Taron Thorpe, Regions Bank, will discuss ways that will help farmers increase their base wealth even during difficult and trying times on the farm.

"Sadly, the farming community gets smaller each year, however, we expect the largest crowd this year that we have had in our three-year history," said Carden. "The tax seminar is a way of providing information to farm and timber owners that addresses timely issues. Hopefully, they will hear something that they will pursue in more depth at a later date."

Carden said the seminar is designed to get farm and timber owners pertinent information in a timely manner.

"We know they are busy and working on tight schedules so we just cover the high spots and let them follow up as they see fit," Carden said. "All of our speakers will be available to answer questions for those who want to stay around or they will provide them with the resources they need to get the information they need."

Mobley and Carden said all farmers are encouraged to attend the "Farm Tax Seminar" Thursday.

"Information of value to all farmers will be presented and we hope to have a large group of farmers in attendance," Mobley said. "I know everyone will come away much more knowledgeable about taxes and with information that can benefit them from a business and financial standpoint on the farm."

Again, Carden emphasized that pre-registration is helpful but not required.

"We will be happy to have people show up that morning," he said. "Just park in the visitors’ parking lot and come in the back door. We’ll have coffee and sweet rolls waiting."