NDSU Extension to host virtual income tax management program for ag producers – Jamestown Sun

Report on Agricultural Tax Management Program and Sustainable Development Goals

Program Overview

North Dakota State University (NDSU) Extension has announced a virtual tax management program scheduled for December 1, from 1 to 4 p.m. CST. This initiative is designed for agricultural producers and tax preparers, aiming to provide critical information for year-end financial decisions. The program underscores the importance of sound financial management in creating resilient and sustainable agricultural operations, which is a cornerstone for achieving broader global development objectives.

Alignment with Sustainable Development Goals (SDGs)

This educational program directly contributes to the advancement of several United Nations Sustainable Development Goals (SDGs) by empowering the agricultural sector with essential financial knowledge. Key alignments include:

• SDG 1 (No Poverty) & SDG 2 (Zero Hunger): By optimizing tax management, farmers can improve profitability and financial stability. This enhances their capacity to invest in sustainable practices, increase productivity, and build resilience against economic shocks, thereby contributing to poverty reduction and enhanced food security in rural communities.
• SDG 8 (Decent Work and Economic Growth): The program fosters sustained and inclusive economic growth by strengthening the financial viability of agricultural enterprises, which are critical employers in many regions. Effective financial planning supports the creation of decent work and economic stability.
• SDG 9 (Industry, Innovation, and Infrastructure): Knowledge of tax provisions such as depreciation and like-kind exchanges encourages investment in modern, efficient, and sustainable farm infrastructure and technology, driving innovation within the agricultural industry.
• SDG 17 (Partnerships for the Goals): The event exemplifies a multi-stakeholder partnership, bringing together academic institutions (NDSU, University of Minnesota, Oklahoma State University), government bodies (Internal Revenue Service), and financial services (Ag Country Farm Credit Services) to deliver crucial knowledge for a sustainable future.

Key Program Topics and SDG Relevance

The curriculum is structured to address critical financial areas, each with implications for sustainable development:

1. Federal Income Tax & IRS Updates: Ensures compliance and financial efficiency, supporting the economic foundation required for SDG 8.
2. Lease and Easement Income Reporting: Promotes responsible land management and financial transparency, aligning with sustainable land use principles.
3. Identity Theft and Breaches: Secures financial assets, protecting the economic well-being of producers and contributing to stable livelihoods (SDG 1).
4. Tax Management Upon Retirement: Facilitates smooth generational transitions of farms, ensuring long-term food production and rural economic stability (SDG 2 & SDG 8).
5. Depreciation & Like-kind Exchanges: Incentivizes investment in resilient and innovative infrastructure, directly supporting SDG 9.
6. Disaster Provisions and Reporting: Builds financial resilience to climate-related and other disasters, a key target for achieving SDG 1 and SDG 2.
7. Qualified Business Income & Tax Planning: Provides strategic tools for enhancing farm profitability, enabling reinvestment into sustainable production methods and contributing to overall economic growth (SDG 8).

Logistical and Registration Details

• Moderator: Ron Haugen, NDSU Extension Farm Management Specialist.
• Format: Virtual via Zoom.
• Registration Deadline: November 25.
• Cost: $25 per participant, which includes program materials.
• Registration Link: ndsu.ag/incometax
• Requirements: A valid email address and Zoom access are necessary for participation. Registered attendees will receive links for the meeting and materials on November 26.
• Contact: For further inquiries, contact Paulann Haakenson at paulann.haakenson@ndsu.edu.

Please note that continuing education credits will not be offered for this program.

Analysis of Sustainable Development Goals in the Article

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 4: Quality Education

  The article directly addresses this goal by describing an educational event. It details a “tax management program” offered by North Dakota State University Extension, an educational institution. The program’s purpose is to provide lifelong learning opportunities for a specific adult audience (“agricultural producers and tax preparers”) to enhance their professional skills.

• SDG 8: Decent Work and Economic Growth

  The program supports the financial viability of agricultural producers, who run small to medium-sized enterprises. By offering education on topics like “Tax planning,” “Depreciation,” and “Qualified business income,” the initiative helps farmers manage their businesses more effectively, promoting economic productivity and the sustainability of their operations, which contributes to overall economic growth.

• SDG 2: Zero Hunger

  This goal is indirectly connected. The program’s focus on “agricultural producers” supports the foundation of the food supply chain. Enhancing the financial stability and business acumen of farmers helps ensure the resilience and sustainability of food production systems, which is critical for achieving food security.

2. What specific targets under those SDGs can be identified based on the article’s content?

• Target 4.4: Increase the number of youth and adults who have relevant skills for employment, decent jobs and entrepreneurship.

  The article’s focus on a “tax management program” for “agricultural producers” directly aligns with this target. Tax management is a crucial vocational and entrepreneurial skill that enables farmers to run their businesses more efficiently and profitably, enhancing their capacity for decent work and successful entrepreneurship.

• Target 8.3: Promote development-oriented policies that support productive activities, entrepreneurship, and the growth of micro-, small- and medium-sized enterprises.

  The program offered by NDSU Extension is an example of a development-oriented policy in action. It provides critical support to farms, which are typically small- and medium-sized enterprises, by giving them access to specialized financial knowledge (“Federal income tax updates,” “Tax management upon retirement”) that fosters their growth and formalization.

• Target 2.3: Double the agricultural productivity and incomes of small-scale food producers.

  The program provides farmers with access to knowledge and financial services information (“presentations by… Ag Country Farm Credit Services”). Effective tax management, as taught in the program, can directly lead to improved net income for agricultural producers by helping them make better “year-end tax management decisions.”

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Implied Indicator for Target 4.4

  The article states that “Preregistration is required by Nov. 25” and provides a registration link. This implies that the number of participants will be tracked. Therefore, a relevant indicator is the number of agricultural producers and tax preparers participating in the vocational training program. This directly measures the reach of the educational initiative.

• Implied Indicator for Targets 8.3 and 2.3

  The existence of the program itself serves as an indicator of support for small-scale agriculture. While the article announces just one event, it can be seen as a data point for a broader indicator, such as the number of financial literacy or business management support programs made available to small- and medium-sized enterprises in the agricultural sector. The goal of helping producers “implement year-end tax management decisions” suggests the program’s intent is to foster tangible improvements in business practices.

4. Summary Table of SDGs, Targets, and Indicators

Source: jamestownsun.com