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Virginia Cooperative Extension -
 Knowledge for the CommonWealth

2001 Income Tax Conference - Ten Virginia Locations

Farm Business Management Update, August 2001

By L. Leon Geyer

The Virginia Tech Income Tax Conferences are scheduled at ten Virginia locations this year. The conferences will occur in November and December 2001. They feature an intensive study of tax law and regulations governing individual, farm, and small business taxes. They are designed for people with income tax experience who assist taxpayers in preparing and filing income tax returns. Preparation of both federal and state taxes will be covered. The table that follows gives the schedule for general sessions and special sessions on farm and forestry taxation.

This is the forty-first year that Virginia Cooperative Extension, Virginia Tech's Department of Agricultural and Applied Economics, the Virginia Department of Taxation, and the US Internal Revenue Service (IRS) have cooperated in bringing this program to the people who assist taxpayers in preparing and filing federal and state income tax returns. This conference is Virginia's largest workshop for tax practitioners.

Faculty from Virginia Tech, staff from the IRS, private tax practitioners, and the Virginia Department of Taxation will examine new tax laws and their implications and will examine case studies to interpret new regulations. Topics for the major program will include

New Tax Legislation

Rulings and Cases

Individual Taxpayer Problems

Small Business Problems

Retirement

Compliance

LLCs and Partnerships

Corporations

Credits

Gifting

Investment Reporting

And much more...

Brochures for the conferences have been mailed to tax practitioners, CPAs, lawyers, Commissioners of the Revenue, and other past attendees. Brochures are also available in Extension Unit and District Offices. Registration forms can be duplicated, or you may contact Brenda Chandler by phone: (540) 231-7936, fax: (540) 231-7417, or email: tax@vt.edu for further information. Our web site (http://www.tax.vt.edu) includes all conference information and an online registration form that can also be printed to mail or fax.

Special farm and forestry tax workshops are available to registered participants. Farm sessions take place from 5 - 7 p.m. at selected locations (see schedule). Virginia Tech's agricultural lawyer, Leon Geyer, teaches the farm tax workshops. He will address Farm Income Averaging, Self-employment Tax, Government Program Payments, Prepaid Expenses, Interest Paid to Supplier/Lender, Conservation Programs, FmHA Write Down of Debt, Electing Optional Method for Calculating SE Tax. Virginia Tech's Garland Gray Professor of Forestry, Harry Haney, will conduct the forestry workshops from 5:00 - 7:00 PM at selected locations (see schedule). He will cover Tax decisions that affect a forestry investment; Capital investment expenditures and recovery; Operating and management expenses; Taxation of timber income - capital gains and depletion; Like-kind exchanges; Casualties and involuntary conversions; A review of Ag Handbook 718.

The tax conference general sessions will run each day from 8:30 AM until 4:45 PM. Pre-registration and pre-payment is required. The registration fee includes a textbook, reference material, refreshment breaks, two luncheons, the farm and forestry workshops and the What's New tax update that is mailed in January. Lodging is not included. The 700+ page Income Tax textbook is a comprehensive study manual used in more than 45 states. It is written and reviewed by CPAs, tax attorneys, IRS agents, and tax practitioners.

Please contact the Income Tax Conference Registrar, at the Continuing Education Center, phone (540) 231-2008, fax (540) 231-3306 or e-mail vttax@vt.edu for registration information.

2001 Virginia Tech Income Tax Conference Dates And Locations
General Session Farm Sessions Forestry Sessions
Nov 5-6 - Richmond I Nov 5 - Richmond I  
Nov 7-8 - Staunton Nov 7 - Staunton  
Nov 12-13 - Lynchburg Nov 12 - Lynchburg  
Nov 14-15 - Roanoke Nov 14 - Roanoke  
Nov 19-20 - Bristol Nov 19 - Bristol Nov 20 Bristol
Nov 26-27 - Dulles Nov 26 - Dulles  
Nov 28-29 - Fredericksburg*   Nov 28 - Fredericksburg
Dec 3-4 - Williamsburg Dec 3 - Williamsburg  
Dec 5-6 - VA Beach Dec 5 - VA Beach  
Dec 10-11 - Richmond II   Dec 11 - Richmond II
*New Hotel Location

Contact the author at geyer@vt.edu

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