| Contact Information | Date |
|---|---|
| For Immediate Release Contact: David Richert 276.389.9072 |
January 17, 2012 VDOF 12004 |
Two timber tax workshops to be offered in Southwest Virginia
The severe weather events of 2011 may have forest landowners thinking about timber taxes. A forest casualty loss from tornado or other storm-damaged timber may offset tax liability from other, non-timber related income.
Forest landowners, CPAs and foresters interested in learning more about forest casualty losses or the tax treatment of forestland should attend one of two timber tax workshops in Southwest Virginia next month. Organized by the Virginia Forest Landowner Education Program, the New River-Highlands RC&D Council and the Virginia Department of Forestry, these workshops will provide useful information about timber taxes, regardless of the individual’s experience level.
Instructors for the workshop include North Carolina State University Professors Rick Hamilton, emeritus forestry extension specialist and department extension leader, and Mark Megalos, assistant professor and forestry extension specialist in forest management.
Virginia’s Forest Landowner Education Program Coordinator Jennifer Gagnon said, “The first workshop, offered Feb. 9, 2012 in Galax, will be geared to the forest landowner and will address: timber definitions; timber basis; the sale of timber; treatment of annual expenses and carrying costs; exempting cost-share from income; reforestation tax incentives; forest/casualty loss, and updates to the tax code affecting the treatment of timber tax accounting.
“The second workshop – slated for February 10th in Abingdon – provides more detailed information and would be suitable for a forester, CPA or a forest landowner with some understanding of timber tax. This workshop will cover all of the topics listed above in greater detail, and will explore additional topics including: estate tax; conservation easements; the interaction of sale of personal residence with timber tax, and the tax treatment of Farm Bill Programs.”
Workshop organizers are hoping to raise awareness of the tax treatment of sustainable forest management.
Extension Forester Bill Worrell said, “Although a well-planned timber tax strategy can reduce a forest landowner’s overall tax liability, timber taxes may not be a high priority consideration for some family forest owners. For starters, timber tax is a complicated subject that can be confusing or even frustrating, especially to the novice.”
VDOF Forester David Richert said, “Many people own and manage forestland primarily for the natural returns—the clean air and water, aesthetics and/or wildlife – and may not be thinking about the tax implications. Other forest owners harvest timber so infrequently (sometimes only once in their lifetime) that timber tax becomes a priority only in the year that timber is sold.”
While the emphasis of these workshops is on the federal tax treatment of forestland, state experts will be on hand to present information and answer questions about the Virginia riparian tax buffer program, which is designed to ease an individual’s state income tax burden in exchange for deferring timber harvest along streams and waterways.
Registration has been set at $20 for the landowner workshop and $45 for the advanced workshop to cover the costs of meals and materials. Interested parties can learn more about the two workshops and register online by visiting http://cnre.vt.edu/forestupdate/. Any questions or correspondence about these workshops should be directed to the workshop organizers by phone: 276.389.9072 or by email: david.richert@dof.virginia.gov.
Partial support for these workshops comes from a USDA Conservation Innovation Grant # 69-3A75-9-124 awarded to the New River-Highlands RC&D Council.
Virginia Cooperative Extension and Virginia Department of Forestry programs and employment are open to all, regardless of race, color, national origin, sex, religion, age, disability, political beliefs, sexual orientation, or marital or family status.
If you are a person with a disability and require any auxiliary aids, services or other accommodations for this workshop, please discuss your accommodation needs with Jennifer Gagnon (540) 231-6391* before February 3, 2012. *TDD number is 800-828-1120.
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The Virginia Department of Forestry protects and develops healthy, sustainable forest resources for Virginians. Headquartered in Charlottesville, the Agency has forestry staff members assigned to every county to provide citizen service and public safety protection across the Commonwealth. VDOF is an equal opportunity provider.
With nearly 16 million acres of forestland and more than 144,000 Virginians employed in forestry, forest products and related industries, Virginia forests provide more than $27.5 Billion annually in benefits to the Commonwealth.
