Preparing for Tax Season, Impacts of the Inflation Reduction Act

Join Rob Holcomb, EA and Agricultural Business Management Extension Educator at the University of Minnesota Extension as he discusses Preparing for Tax Season: Impacts of the Inflation Reduction Act Assistance for Distressed Borrowers On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) into law. Section 22006 of the IRA provided $3.1 billion for USDA to provide relief for distressed borrowers with certain Farm Service Agency (FSA) direct and guaranteed loans and to expedite assistance for those whose agricultural operations are at financial risk. This webinar will provide information on the impacts around these program payments for loan serving assistance. The following topics will be covered, including: Records system & character of income Loan Servicing Assistance and form 1099-G Implications of loan servicing assistance payments on income taxes Strategy and mitigation Tax planning examples Please complete the Survey link to provide your feedback on this webinar – https://uwmadison.co1.qualtrics.com/j… For more information on this topic visit https://farms.extension.wisc.edu/arti…. For more information on Extension Farm Management programs or events, visit https://farms.extension.wisc.edu/. — At University of Wisconsin–Madison Division of Extension, we are working to integrate accessibility into our web, video, and audio content. If you experience accessibility barriers using our web, audio, or video content or would like to request complete captions or other alternative formats, please contact us at accessibility@extension.wisc.edu. You will receive a response within 3 business days. An EEO/AA employer, University of Wisconsin-Madison Division of Extension provides equal opportunities in employment and programming, including Title VI, Title IX, the Americans with Disabilities Act (ADA) and Section 504 of the Rehabilitation Act requirements.