Cooperative Extension To Host Workshop For Regional Farms And Small Businesses
POSTED: December 5, 2008
A regional farm and small business, one-day income tax school will be hosted by Cornell Cooperative Extension of Wyoming County on Wednesday, December 10th from 8:30 AM to 4:30 PM at Byrncliff Resort & Conference Center, Humphrey Road, Varysburg.
Certified Public Accounts, Enrolled Agents, Tax Preparers, Attorneys, Bookkeepers and individuals involved in planning and filing of 2008 tax returns are encouraged to register.
The course will prepare participants for the new 2008 legislative income tax changes and prior year’s income tax changes. They will learn, by examples, of tax management and reporting recommendations and take home an updated reference book to be used throughout the tax season. Up to 8 CPE credits for Enrolled Agents and New York State CPAs are available to those who qualify.
Speakers include Joseph A. Bennett, CPA Sr. Extension Associate with leadership in income tax management at Cornell University and IRS representatives.
Topics of discussion include: new legislation on the federal and state levels; individual issues dealing with capital gains and losses, and sale of principal residence and alternative minimum tax. Business issues to be discussed are: depreciation and cost recovery, sale of business assets, like kind exchanges and installment sales. Retirement issues include retirement plans and Social Security. Current developments such as agricultural outlook and gas and oil leases will also be discussed.
Farm Issues include livestock sales, income averaging, conservation and environmental receipts, prepaid expenses and financial distress. Topics on the state level, which are included in a separate manual for 2008, include new legislation, modifications, personal credits and “gifts”.
The registration cost is $140 per person if postmarked on or before Monday, November 24, 2008 and $150 if postmarked after Nov. 24th. The registration cost includes materials, lunch buffet and breaks.
Pre-paid registration is required. To register, or for more information, please contact Cindy Kiel at Cornell Cooperative Extension, Wyoming County at 585-786-2251 or cjk84@cornell.edu.
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