Agricultural tax education helps farmers understand tax law updates

Agricultural Systems, Story 2026, Economic Development, Extension, Minnesota, North Central, Profitability/Competitiveness, Rural Communities/Health, University of Minnesota

With tax laws changing annually, farmers, businesses and tax professionals must navigate a challenging landscape to comply with the latest regulations. The University of Minnesota Extension’s Income Tax Short Course, as well as the Ag Tax School, provide focused opportunities for tax professionals to learn about the latest updates affecting current and future tax returns.

The programs are beneficial for those preparing individual and small business returns including CPAs, enrolled agents, attorneys, volunteer income tax assistance and annual filing season program participants.

Federal and state tax law updates are highlighted, along with compliance and planning strategies. Participants learn how to navigate complex tax scenarios and stay informed about recent legislative changes, enhancing their ability to serve clients effectively. Topics include ethical considerations for tax practitioners, trusts and estates, related party transactions, limited liability company issues and tax-exempt organizations.

The following are 2024 results:

Of 473 Income Tax Short Course participants, 94% agreed or strongly agreed that they learned new information that they could use in their job.
Of 156 Ag Tax School participants, 95% agreed that their knowledge of current agricultural tax law issues for 2024 increased due to the course and that this additional understanding of agricultural tax law issues has increased their ability to assist and counsel clients or producers regarding their tax-related management decisions. 95% of participants agree that they were better prepared for the upcoming tax planning and tax preparation season.

The program helps ensure accurate tax filing, reducing errors, audits and penalties. It also provides specialized education on deductions, credits and estate planning, helping farmers and tax professionals maximize financial opportunities and sustain agricultural operations. The program benefits the broader community by fostering ethical tax practices, supporting local economies through well-informed financial decision-making and ensuring fair tax contributions that fund public services.

Additionally, the program enhances workforce development by providing continuing education credits, CECs, for tax professionals, strengthening Minnesota’s network of qualified tax preparers. By improving tax knowledge and compliance, Extension contributes to a more financially resilient and informed society.

View the full statement on the NIDB.

University of Minnesota Extension | Project supported by Smith-Lever (3b&c) capacity funds. Photo courtesy of University of Minnesota Extension.