Free Producer Webinars on Inflation Reduction Act of 2022

USDA and our partners are offering a series of webinars for producers on the tax impacts of debt relief. The USDA-funded Agricultural Financial, Tax and Asset Protection (AgFTAP) project has organized two free webinars Dec. 1 and 2 focused on the tax implications of debt forgiveness and potential strategies to reduce the taxes due. Producers can also join USDA and tax experts on Dec. 21 at 3 p.m. Eastern for a free webinar about the Inflation Reduction Act (IRA), particularly tax consequences for program assistance as well as tax and farm management methods for producers to consider.

The IRA, signed in August by President Biden, 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.

USDA has allocated up to $1.3 billion for initial steps to help distressed borrowers. This includes both automatic and case-by-case assistance. Recipients of this initial assistance will receive an Internal Revenue Service Tax Form 1099-G from FSA if they receive payments of $600 or more, which are subject to Federal and State Income Taxes. USDA is partnering with the University of Arkansas (agftap.org), the National Farm Income Tax Extension Committee (ruraltax.org) and other partners to develop and deliver taxpayer education. Producers can visit https://www.farmers.gov/working-with-us/taxes and ruraltax.org to access educational resources on ag taxes as well as agftap.org to see online and in person ag tax trainings being offered nationwide and in their community.

Register for the Dec. 21 webinar .

Additionally, the University of Arkansas in partnership with the University of Minnesota and Tax Extension committee has organized December 1 and 2 workshops on tax planning for producers receiving debt relief.

Learn more about the Dec. 1 and 2 workshops at https://bit.ly/3UeycXK