Farm Office Live is this Friday, April 19

We have a packed schedule of topics for the final Farm Office Live webinar of the season this Friday, April 19 at 10 a.m. Our industry guest will be appraiser Tim Harpster, who’ll talk with us about trends in farm appraisals.  Also on the agenda are several tax topics, the popular crop input outlook, the Dairy Margin Coverage Program, transferring operating assets, and an update on the Corporate Transparency Act.  Here’s the line up:

• CAT Tax – Closing Accounts
• Taxation of Equipment Trade-ins
• 20204 Crop Input Outlook
• OSU Fertilizer Survey Release
• Dairy Margin Coverage Program
• Beginning Farmer Tax Credit Update
• Transferring Operating Assets
• Update on Beneficial Ownership Reporting under the Corporate Transparency Act
• Trends in Farm Appraisals, with industry guest and appraiser Tim Harpster

Register for the live webinar at go.osu.edu/farmofficelive, where our recordings of Farm Office Live are also available for later viewing.  This is our final webinar of the season.  After a summer break, we’ll kick off the new season at the Farm Science Review in September.

Ohio Legislative Roundup

Authored by Ellen Essman, CFAES Government Relations

The Ohio General Assembly is back in Columbus after the March 19^th primary election, and committee schedules are already filling up. Given the increased activity in recent weeks, we thought it was a good time to examine what has happened legislatively this year up until this point.

H.B. 64—Eminent Domain. This bill was first introduced by Representatives Kick (R-Loudonville) and Creech (R-West Alexandria) in February of 2023. The bill’s purpose is to make it more difficult for governmental agencies or private entities to take private property through eminent domain. On February 6, 2024, the bill was updated with a Substitute House Bill 64 in the House Civil Justice Committee.

The previous version of the bill excluded recreational trails from the definition of “public use,” meaning that property could not be taken by a government agency for recreational trails. The current version of the bill narrows this language, allowing for a taking for the purpose of creating recreational trails, but not in cases where the property is not adjacent to a public road and where the property’s primary use will be for a recreational trail.

Another substantial change between the versions involves compensation offers from the government entity to the landowner. In the original version of the bill, a government entity would not have been allowed to reduce an offer made to purchase property before proceedings commenced if the reduction was based on hard-to-discover issues with the property. The current version would exclude this provision, restoring an agency’s authority to reduce offers.

Substitute House Bill 64 would also make changes to compensation and awards landowners could receive if the issue goes to court.

H.B. 197—Solar Development. Sponsored by Representatives Hoops (R-Napoleon) and Ray (R-Wadsworth), H.B. 197 would establish a the community solar pilot program and the solar development program. Under the language of the bill, a “community solar facility” is defined as a single facility with at least three subscribers and a nameplate capacity of 10 megawatts or less, or 20 megawatts or less if on a distressed site. Furthermore, the bill would require The Public Utilities Commission of Ohio (PUCO) to establish a Community Solar Pilot Program of 250 megawatts on sites in the Appalachian region of the state. The bill would also amend the state competitive retail electric service policy to encourage community solar facilities in the state and allow subscribers to community solar facilities to receive monthly electric bill offsets.

H.B. 324—Motor Fuel. Introduced by Representatives McClain (R-Upper Sandusky) and Klopfenstein (R-Haviland) in November of 2023, H.B. 324 passed the House on February 7, 2024 and was referred to the Senate Ways and Means Committee on February 27. 

If passed, the bill would authorize a temporary, nonrefundable income or CAT tax credit of 5 cents per gallon for retail dealers who sell high-ethanol blend motor fuel containing between 15-85% ethanol. The tax credit would be limited to five years or to a total of $10 million, whichever occurs first.

H.B. 327—Employee Verification. H.B. 327, introduced by Representatives Wiggam (R-Wayne County), and Swearingen (R-Huron), had its first committee hearing in House Commerce & Labor on February 13, 2024. The bill would require political subdivisions, private employers employing 75 individuals within the state of Ohio, and nonresidential construction contractors to verify each new employee’s work eligibility through the federal E-verify program. E-Verify is an online program that helps employers verify employees’ eligibility for employment. If the bill were to pass, the employer would be required to keep a record of the verification for the duration of the employee’s employment, or three years, whichever is longer. During testimony on the bill, Representatives Wiggam and Swearingen indicated an interest in possibly lowering the employee threshold, citing Florida’s 25 employee threshold.

H.B. 347—Farming Equipment Taxes. This bill was introduced by Representative Don Jones (R-Freeport) and referred to the House Ways and Means Committee in early December of 2023. Since then, the bill has been heard in committee twice, once in January, and once in February, both times without testimony. The bill would change the way farmers claim a tax exemption on certain purchases.

Currently, when an Ohioan engaged in farming, agriculture, horticulture, or floriculture is buying a product for “agricultural use,” they must provide the seller with an exemption certificate. This certificate comes from the Ohio Department of Taxation and relieves the seller of the obligation to collect the sales tax on behalf of the state. However, the Department of Taxation can later determine that the purchase does not qualify for exemption, and then the farmer would be expected to pay the tax.

H.B. 347 would slightly alter this current way of doing things when it comes to the purchase of certain vehicles and trailers. Under the bill, the purchaser could receive an agricultural use exemption for taxes on these vehicles if the purchaser shows the seller copies of the purchaser’s Schedule F—the federal income tax profit of loss from farming form—for three most recent preceding years. Alternatively, a farmer could obtain a certificate from the Department of Taxation verifying that they have filed a Schedule F for three years in lieu of providing the forms directly to the seller. Notably, the bill states that “no other documentation or explanation shall be required by the vendor or the tax commissioner” to prove that the purchase qualifies for the agricultural use exemption.

The following vehicles and trailers would be included under the bill:

• Trailers, excluding watercraft trailers;
• Utility vehicles, (vehicles with a bed, principally for the purpose of transporting material or cargo in connection with construction, agricultural, forestry, grounds maintenance, land and garden, materials handling, or similar activities);
• All-purpose vehicles, (vehicles designed primarily for cross-country travel on land and water, or on multiple types of terrain, but excluding golf carts);
• Compact tractors (garden tractors, small utility tractors, and riding mowers).

H.B. 364—Seed Labeling; Noxious Weeds. Sponsored by Representatives Dobos (R-Columbus), and Klopfenstein (R-Haviland), H.B. 364 had its first hearing in the House Agriculture Committee on February 6, 2024.  Specifically, the bill would allow the Ohio Prairie Association and other noncommercial entities sharing seeds to distribute milkweed seeds non-commercially to i members, with the intent of promoting habitats for pollinators like monarch butterflies.

The bill would legally define “non-commercial seed sharing” as the distribution or transfer of ownership of seeds with no compensation or remuneration. Also included in the definition are a list of situations that are not considered “non-commercial seed sharing,” including when:

• The seeds are given as compensation of work or services rendered;

• The seeds are collected outside of Ohio;
• The seeds are patented, treated, or contain noxious weed species or invasive plants.

H.B. 364 also includes a definition of “seed library,” which it defines as a non-profit, governmental, or cooperative organization or association to which both of the following apply:

• It is established for the purpose of facilitating the donation, exchange, preservation, and dissemination of seeds among the seed library’s members or the general public.
• The use, exchange, transfer, or possession of seeds acquired by or from the non-profit governmental, or cooperative organization or association are obtained free of charge.

The bill would further exempt non-commercial seed sharers and seed libraries from labeling, advertising, handling, and sales restrictions under Ohio law.

To further the goal of promoting pollinators and habitats, H.B. 364 would make changes to the requirements for maintaining toll roads, railroads, or electric railways. Current law requires managers of such thoroughfares to destroy a number of noxious weeds along the roadway or in right of ways. The bill would no longer require the destruction of Russian thistle, Canadian thistle, common thistle, wild lettuce, wild mustard, wild parsnip, ragweed, milkweed, or ironweed. 

H.B. 447—Property Tax. Introduced on March 12, 2024 by Representative Loychik (R-Cortland), H.B. 447 was referred to the House Ways & Means Committee on April 2, 2024. The bill would modify and expand property tax homestead exemptions, gradually reduce school districts’ 20-mill floor for tax levies and modify the formula for determining farmland’s current agricultural use value (CAUV). The change to CAUV would involve the calculation of the overall capitalization rate for agricultural land.  Current law does not establish a minimum rate, but the bill would do so by stating that overall capitalization rate plus additur shall not be less than 10 percent.  Since a higher capitalization rate results in a lower CAUV value and because the current capitalization rate is around 8%, the change would likely lower CAUV values.

S.B. 156—Scenic Rivers. This bill, sponsored by Senators Reineke (R-Tiffin) and Hackett (R-London) passed the Ohio Senate on January 24, 2024, and was referred in the House to the Energy and Natural Resources Committee on February 6, 2024. The bill would transfer the Wild, Scenic, and Recreational Rivers Program from the Division of Parks and Watercraft to the Division of Natural Areas and Preserves (DNAP) in ODNR. The bill would narrow the scope DNAP’s authority to watercourses designated as wild, scenic, and recreational rivers. Currently, the law is written so that the regulatory agency has authority over areas. “Areas” encompass not just the water, but also the land surrounding rivers. On the other hand, “watercourses” are defined as “substantially natural channel[s] that [are] at least five miles in length with recognized banks and a bottom in which the flow or water occurs.” Thus, agency oversight would be diminished from the river and its surrounding area to just confines of the river itself.

The bill also clarifies that a watercourse designation does not affect private property rights adjacent to a designated river.

Finally, the bill would require DNAP to adopt rules for the use, visitation, and protection of scenic river lands and provide for the establishment of facilities and improvements that are necessary for their visitation, use, restoration, and protection, but do not impair their natural character.

S.B. 226—Agricultural Land. S.B. 226 was introduced by Senator Terry Johnson (R-McDermott) in late February and referred to the Veterans & Public Safety Committee on February 27, 2024. The bill would create the Ohio Property Protection Act, which would include protection of:

• Agricultural land, defined as “land suitable for use in agriculture,” including the water on the land, airspace above the land, and natural products and products from the land;
• Any land located within a twenty-five-mile radius of any installation under the jurisdiction of the United States Armed Forces;
• Any land located within a twenty-five radius of a critical infrastructure facility.

To protect property in the above categories, the bill would make it illegal for the following people and entities to acquire or purchase such property:

• Those persons and foreign adversaries listed on a registry compiled by the Ohio Secretary of State;
• A government of a foreign adversary;
• An individual who is a citizen of a foreign adversary;
• A business that is headquartered in a foreign adversary;
• A business that is directly or indirectly owned or controlled by one or more of the above persons and entities; and
• An agent, fiduciary, or trustee of the above persons and entities.

The Essential Role of Notaries

At some point, we have all had to find a notary to get a document notarized.  Ohio law requires certain documents like deeds, long-term leases and vehicle titles to be notarized.  But, have you ever thought, why do we need to have documents notarized and what are notaries?  In this article, we will discuss notaries and the important role they plan in our society.

What Does an Ohio Notary Do?

An Ohio notary is an official empowered by the state to perform various acts that add an extra layer of security and credibility to legal proceedings. Their primary duties include:

• Verifying Signatory Identity: A notary ensures that the person signing a document is who they claim to be. This involves either personally knowing the person or requesting valid government-issued photo identification and verifying its details.
• Witnessing Signature: The notary observes the signing of the document and attests to their presence during this act. Their signature and official seal serve as evidence of this witnessing.
• Administering Oaths and Affirmations: Notaries can administer oaths, which are formal declarations made under penalty of perjury, and affirmations, which are non-religious oaths. This ensures the seriousness and truthfulness of statements made during legal proceedings.
• Taking Acknowledgments: An acknowledgment is a formal statement confirming that a signer understands the content of a document and willingly signed it. The notary verifies the signer’s identity, witnesses their signature, and completes a separate acknowledgment certificate.

Why Do We Need Documents Notarized?

Notarization serves several critical purposes:

• Combating Fraud: By verifying identity and witnessing signatures, notaries help deter fraud by ensuring documents haven’t been forged or signed under duress. This adds a layer of security to important transactions, protecting individuals and organizations from potential scams and financial losses.
• Promoting Trust: A notary’s seal signifies an independent and impartial witness to the signing process. This official recognition instills confidence in the document’s authenticity, especially when dealing with parties unfamiliar with each other.
• Facilitating Legal Processes: Certain legal documents, such as deeds, powers of attorney, and sworn statements, require notarization to be considered valid in court proceedings. The notary’s presence strengthens the document’s legitimacy and streamlines the legal process.

Who Can Be an Ohio Notary?

To be a notary, a person must meet the following requirements:

• Be at least 18 years old and a legal resident of Ohio, or
• Be an attorney admitted to practice law in the state with a primary practice in Ohio.
• Have no criminal convictions.

All new notaries are required to complete a 3-hour notary class and obtain a background check.  Non-attorneys must also pass an exam. 

Conclusion

Notaries play a vital role in safeguarding the integrity of legal documents and transactions within the state of Ohio. By verifying identities, witnessing signatures, and administering oaths, they contribute to a more secure and efficient legal system. If you’re interested in a rewarding role that upholds trust and protects individuals, becoming an Ohio notary public might be a perfect fit for you.

Opportunities for agricultural attorneys and law students

I’m often asked how an attorney becomes an “agricultural attorney.”  The answer is simple: through knowledge. The best agricultural attorneys I know have two kinds of knowledge: they know agriculture, and they know the laws that affect agriculture.  There are several upcoming events that can help attorneys and law students gain the legal knowledge required to be an agricultural attorney.

The National Agricultural Law Center is currently offering two opportunities for attorneys and law students:

1. Research Fellowships for Law Students.  NALC employs law students in their second and third years as Research Fellows who help conduct legal research and writing projects. It’s an outstanding opportunity to gain research experience and access to the world of agricultural law.  As a partner of the NALC, our OSU Agricultural & Resource Law Program usually has one or two NALC Research Fellows working with us. For the upcoming term, specific research topics for NALC Research Fellows might include but are not limited to:

• Environmental regulation of agriculture;
• Food safety and food labeling;
• Agricultural finance and credit;
• Other relevant issues such as agricultural data and technology, land use, farm programs, local and regional food systems and agricultural labor;
• Legal issues of importance to underserved populations, including BIPOC, such as heirs property, access to credit, environmental law/justice and food system equity.

Interested law students must act quickly, as the fellowship applications are due April 5, 2024.  Application information is available on the National Agricultural Law Center website.

2. Agricultural & Environmental Law Conferences.  NALC is hosting two legal conferences this June:  the Mid-South Agricultural & Environmental Conference in Memphis, Tennessee on June 6-7 and the Western Agricultural & Environmental Law Conference on June 13-14.  We’ve attended the NALC conferences, and they’re excellent learning experiences that cover the breadth of topics we face in agricultural law.  The conferences also allow attendees to interact with speakers and other attorneys from around the country, and law students are welcomed.  Registration is now open for both conferences and is available on the National Agricultural Law Center website.

Two additional opportunities for agricultural attorneys and law students are on the horizon, and include:

1. The Cultivating Connections Conference.  Our program here at OSU, in partnership with Iowa State University’s Center for Agricultural Law and Taxation and the National Agricultural Law Center, is planning to host the second annual Cultivating Connections Conference for attorneys, accountants, appraisers, financial planners, and other professionals interested in farm transition planning.  We welcome law students and other young professionals to join us. The conference will be in Cincinnati, Ohio on August 4 and 5, and registration will soon be available on our Farm Office website.
2. The AALA Annual Educational Symposium.  The American Agricultural Law Association (AALA) will host its annual conference on November 7- 9 in Memphis, Tennessee.  The AALA also includes law students in its conference, and offers several activities for the students.  The AALA is currently accepting presentation proposals for the conference and registration will open later this Spring on the AALA website.

If you are or want to be in agricultural law, don’t miss out on these opportunities to gain the critical knowledge necessary to be an agricultural attorney.  Agriculture needs you!

OSU Small Farm Conference is April 6

It’s time for our annual Small Farm Conference, a day-long educational program for those who live on and operate smaller-scale farms. This year, the conference will be on April 6 on the eastern side of Ohio at the Mid-East Career Technical Center in Senecaville. Our Agricultural & Resource Law Program will teach a “Solar and Wind Leasing” session in the Business Management track.  Other track topics include Horticulture and Produce Production, Livestock, Natural Resources, and The Farm Kitchen. 

Here’s the session and speaker line-up for each track:

Track 1:  Horticulture and Produce Production

• Organic Pest Management – Logan Minter, OSU Extension Specialty Crops Field Specialist
• Planning for Planting – High Tunnels, Low Tunnels and Gardens – Kacey Gantzer, West Virginia Dept. of Agriculture
• Common Produce Disease and Management – Frank Becker, OSU Extension Educator
• Growing Produce with Hydroponics – Tim McDermott, OSU Extension Educator
• Introduction to Bramble Production – Ryan Slaughter, OSU Extension Educator

Track 2:  Business Management

• Ohio Landowner/Hunter Access Partnership Program – John Morton, ODNR Wildlife Management Consultant
• Small Farm Equipment – Frank Becker, OSU Extension Educator
• Solar and Wind Leasing – Peggy Hall, Attorney, OSU Agricultural & Resource Law Program
• Budgeting to Make Large Purchases – Jennie Schultice, Farm Credit
• What Do I Need to Start and Set Up a Business? – David Marrison, OSU Extension Farm Management Field Specialis

Track 3:  Livestock

• Raising Meat Rabbit – Kim Ray, The Ray Family Farm
• Pasture Poultry – Tyler and Jessica Radcliff, B&R Farms
• Outdoors Hands-on Demonstration! Livestock Handling form Large to Small Animals – OSU Field Specialists and The Mid–East Career Technical Center
• How to Make Goat Milk Soap – Radisson Norman, Bubble Goat Soap Co.

Track 4:  Natural Resources

• Invasive Plant Species – Carrie Brown, OSUExtension
• Timber Harvesting and Marketing – Jake Peer, Peer Family Forestry
• Coyote-Livestock Interactions and Research Efforts – OHcoyote Research Group
• Basics of Growing Paw Paws – Valerie Libbey, Libbey Farm
• Products From the Hive – Joan Leary, Products of the Hive

Track 5:  The Farm Kitchen

• Seed Starting – Carri Jagger, OSU Extension Educator
• Herb Vinegars: Come to Where the Flavor Is – Kate Shumaker, OSU Extension Educator
• Cooking With a Slow Cooker or Instant Pot – Misty Harmon, OSU Extension Educator
• Freeze Drying vs. Dehydrating – Candace Heer and Shari Gallup, OSUExtension Educators
• Food Preservation Basics – Emily Marrison, OSU Extension Educator

Registration for the conference is $100 and includes lunch, session materials, and a trade show.   Registrations are due March 28, so register now!  To register, visit https://go.osu.edu/2024osusmallfarmconference. 

Join us for Farm Office Live on March 15

March is already upon us and we’re busy preparing for the March edition of Farm Office Live.  Grab a cup of coffee and join us next Friday morning at 10:00 a.m. for our March webinar.  We’re excited to have a few industry professionals on this month for a panel discussion on the latest WASDE report and strategies for 2024 grain marketing.  The full Farm Office Live agenda includes:

• Second Marriages and Transition Planning — Robert Moore, Attorney, OSU Agricultural & Resource Law Program
• The New Rule for Independent Contractors — Jeff Lewis, Attorney, OSU Income Tax Program
• Legislative Update — Peggy Hall, Attorney, OSU Agricultural & Resource Law Program
• 2024 Crop Input Outlook — Barry Ward, Leader, Production Business Management
• Industry Panel — WASDE and Strategies for Grain Marketing, moderated by Bruce Clevenger, OSU Field Specialist in Farm Management
• Hot Topics and Upcoming Programs — David Marrison, Interim Director, Farm Financial Management & Policy Institute

Register for Farm Office Live at no cost through this link.  Can’t attend?  We record every Farm Office Live webinar and post the recordings at https://farmoffice.osu.edu/farmofficelive.

Long-Term Care and the Farm Webinar Available

For many family farms, Long-Term Care (LTC) costs are the biggest threat to the future viability of the farm.  Nursing homes can cost well over $100,000 annually and about 20% of people who require LTC will need it for five years or more.  While there are no easy solutions to the LTC issue, there are strategies that can be implemented to lessen the risk of LTC on the family farming operation.

On February 20, the OSU Agricultural and Resource Law Program, PA Farm Link and the National Agricultural Law Center will be offering a webinar to discuss LTC issues for farms and the strategies available to them.  Topics that will be covered include:

• Costs for LTC
• LTC statistics
• Practical insights from an experience Care Manager who has helped families determine their LTC needs
• Developing a LTC risk assessment and applying it to your specific situation
• Strategies to reduce the risk of LTC costs
• Reviewing the LTC risk calculator application

The webinar will be held from 7:00 – 9:00 (EST).  The webinar is free but registration is required.  For more information and registration, go to https://farmoffice.osu.edu/long_term_care .

Managing Risk on Farms – Insurance, Business Entity, or Both?

Managing the inherent risks of a farm is a top priority for most farm managers.  The challenge for those managers is how best to manage the risks.  We often are encouraged to invest in liability insurance and/or establish a business entity such as an LLC.  The question becomes: is one better than the other and do we need both?

For most legal questions, the answer is “it depends on the situation”.  However, regarding farm insurance, the answer is a definite “yes, you need good liability insurance”.  Farm liability insurance is the best, most cost-effective liability management strategy for a farming operation. Insurance should always be the primary risk management tool with a business entity being the backup plan. Before spending time and money on setting up a business entity, make sure the farm’s liability insurance policy has adequate coverage limits and protects all the farm’s activities and assets.

There is no precise answer as to how much liability insurance a farm should carry.  For farms with higher risk exposure like customer visitors or trucks and large machinery frequenting roadways, the coverage limit should be higher.  Smaller farms with less liability exposure may need a smaller coverage limit.  Every farm should probably have at least $1 million in liability coverage.  A coverage limit of $3 million to $5 million is probably better for farms with moderate liability exposure.  Farms with high liability exposure for visitors or trucks/equipment may want $5 million or more in coverage.  With liability insurance, more is better although the premium costs must be considered.  Liability insurance is relatively low-cost compared to the protection it provides.  The best solution is to talk to the insurance agent to determine the best coverage limits for the specific farming operation.

When discussing the liability insurance policy with the insurance agent, it is vital to make sure the agent is aware of all activities and assets on the farm.  If the agent does not know about it, the activity or asset might not be covered.  For example, farmers who lease their land for hunting may not be covered by a typical farm policy for injuries to hunters.  To address issues like this, a checklist of unique farm activities and assets has been developed and is available here. Each activity and asset that applies to the farming operation should be checked and the completed list provided to the insurance agent.  The agent can them make sure that all activities and assets are covered.

For a more thorough discussion on farm insurance, see the Farm Insurance: Covering Your Assets Bulletin available at farmoffice.osu.edu.

After ensuring an adequate liability insurance policy is in place, focus can then turn to a business entity.  Whether a business entity is needed in addition to the insurance depends on the situation.  Generally, a business entity will help provide backup liability protection if the business has any of the following:

• Multiple owners;
• Employees;
• Many visitors;
• External liability exposure such as food safety or product liability.

If none of the above factors apply to a farming operation, a business entity might have limited value for liability protection.  The reason is if a liability issue occurs, the owner of the business will have caused it.  The business owner will likely be personally liable regardless of what type of business entity they may have.

Consider the following examples:

Example 1.  Farmer is a sole proprietor with no employees.  He only occasionally receives help from family members.  If a liability incident happens with machinery on the roadway, Farmer will likely to have caused it.  Farmer will be personally liable.   Even if Farmer had an LLC, Farmer would still be personally liable because they caused the liability incident. Farmer’s best liability protection is liability insurance. 

Example 2. Farmer adds a full-time employee to help on the farming operation and continues to operate as a sole proprietor.  If employee has a liability incident while driving equipment, Farmer will probably be fully liable for employee’s actions.  Under Ohio law, an employer is liable for an employee’s actions during the course of work.  Again, Farmer’s only protection is insurance.

Example 3. Farmer establishes an LLC for his farming operation when they hire the employee.  Now, the LLC is the employer, not Farmer.  When the employee has an incident driving the machinery, the LLC is liable for the employee, not Farmer.  All of Farmer’s assets outside of the LLC are safe because Farmer is not personally liable.  The LLC may be liable and the assets in the LLC are still at risk, but the LLC contains the employee’s liability to only the LLC. 

As these examples show, the utility of a business entity to provide liability protection depends on the situation.  In some cases, the business entity will provide little protection while in other cases, the entity will provide significant protection.  The best course of action is to consult with an attorney to determine the best strategy for a particular situation. 

The type of entity used also affects the protection provided.  A general partnership provides no liability protection and a limited partnership provides some, but not complete, liability protection.  An LLC or corporation are the best entities to use for liability protection.  For a detailed discussion on business entities and liability protection, see the Using Business Entities to Manage Farm Liability Risk Bulletin available at farmoffice.osu.edu.

To summarize, let’s go back to the original question: do you need liability insurance, a business entity or both?  There is no doubt every farm should have liability insurance.  Working closely with the insurance agent to ensure that all activities and assets are covered is a goal that every farm should have.  Business entities can provide a good backup plan but, in some situations, may only provide limited protection.  So, it depends on the situation as to whether a business entity is needed.  Consulting with an attorney is the best way to determine if a business entity is a good choice.

Start the new year smart with our webinar on farm insurance

Are your farm business assets adequately protected against risk?  Our webinar on farm insurance, an excellent tool for protecting your assets, can help you answer that question.  Join us for Covering Your Assets: Understanding the Basics of Farm Insurance on January 11, 2024 from 7-9 p.m.  Sponsored by OSU’s Agricultural & Resource Law Program and the National Agricultural Law Center, the webinar aims to help you ensure that your insurance best protects you and your farm business.

Topics we’ll cover in the webinar include:

• Who should be insured?
• How much coverage do you need?
• Updating asset inventories
• Contractual duties of carriers
• Are casual employees covered?
• Business entities and insurance
• The claims process
• Appealing a claim determination
• Working with your agent

Webinar speakers are the authors of our publication on farm insurance, Covering Your Assets, and include:

• Robert Moore, Attorney, OSU Agricultural & Resource Law Program.
• Jeff Lewis, Attorney, OSU Agricultural & Resource Law Program, also previously an insurance defense attorney.
• Samantha Capaldo, Staff Attorney, National Agricultural Law Center, also previously an insurance agent.

The webinar is free, but registration is necessary!  Register at farmoffice.osu.edu/farminsurance.

Farmer/Farmland Owner Income Tax Webinar on December’s Farm Office Live!

Farmer and Farmland Owner Income Tax Webinar
Barry Ward & Jeff Lewis, OSU Income Tax Schools

Are you a farmer or farmland owner wanting to learn more about the recent tax law issues? If so, join us for this webinar on Friday, December 15th, 2023 from 10am to noon. This webinar is a part of our Farm Office Live Series and serves as our Farm Office Live! Webinar for December. To register for this webinar go to: https://go.osu.edu/register4fol

This webinar will focus on issues related to farmer and farmland owner income tax returns as well as the latest news on CAUV and property taxes in Ohio and the big changes to the Ohio Commercial Activity Tax (CAT). This two-hour program will be presented in a live webinar format via Zoom by OSU Extension Educators Barry Ward, David Marrison and Jeff Lewis along with Purdue faculty member Dr. Michael Langemeier. Individuals who operate farms, own property, or are involved with renting farmland should participate.

Topics to be discussed during this webinar include (subject to change based on tax law change):

• Economic Outlook 
• Depreciation Update 
• Employee vs. Independent Contractor 
• Corporate Transparency Act/Beneficial Owners Information Reporting
• 1099-K Changes 
• Charitable Remainder Trusts 
• Basis Allocation Land Acquisition – Allocating Basis to Residual Fertility for Future Deductions 
• Defining Farm Income to Avoid Paying Estimated Tax 
• Keeping an Eye Forward on Estate/Gift Tax Limitation 
• Reminder – Keeping an Eye on Tax Cuts and Jobs Act Provisions Sunsetting After 2025 Tax Year
• Ohio Tax Update (CAUV/Property Tax Update, CAT Changes, Beginning Farmer Tax Credit, Ohio Tax Law Interpretation – Ohio Supreme Court Issues New Ruling)
• Indiana Tax Update

To register: https://go.osu.edu/register4fol

For more information, contact Barry Ward at ward.8@osu.edu or Jeff Lewis at lewis.1459@osu.edu