2024 in Review: Top Tax Articles This Year
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In my first semester as an assistant extension professor at NC State University, I have been blessed with many great opportunities: the opportunity to present materials to farmers and agribusiness owners from the mountains of Sylva to the coast in Barco, the opportunity to learn from great minds at NC State like my colleague, Andrew Branan, and the opportunity to hopefully help out the greater agricultural industry through this portal. Thanks to these opportunities, I have been able to write articles about a myriad of subjects: disaster relief tax rules, the Corporate Transparency Act, and even a Halloween-themed article about keeping pets inside as temperatures dropped.
I wanted to pen one last article in 2024 to highlight this and share my Top 5 articles from this year:
#1: Hurricane Helene
When North Carolinians look back on 2024, one event will resonate with us all: Hurricane Helene. The storm devastated parts of western North Carolina and the rebuilding process, impressive as it has already been, will be an issue on everyone’s minds for years to come. I wrote several articles about disaster relief, and wanted to group those articles into this top ranking:
Hurricane Helene: Tax Rules for Farmers to Know as 2024 Comes to a Close
Helene Tax Strategies: Brown Presents Tax Rules Related to Disaster Relief
Taxability of Disaster Relief Payments
Updates on Unemployment Benefits
Waiver of Dyed Diesel Regulations (waiver now expired)
#2: Becoming the Ag Tax Guy
Though I am officially an ‘assistant extension professor,’ around the office, I’m known as the ‘ag tax guy.’ It is a role that I am still working out my niche in, though my predecessor, Guido van der Hoven, has been an incredible asset in assisting my start here. In addition to the disaster tax relief articles, I managed to write a few articles about other tax issues:
Bonus Depreciation: Scheduled Decrease from 60% to 40%
Farm Tax: ARE Faculty Present at Northeast NC Niche Ag Conference
#3: Farm Succession Talks
Prior to becoming the ag tax guy at NC State, I was a trusts and estate attorney in my hometown of Hartwell, Georgia. In early November, I drove to Sylva, NC and delivered a presentation about farm succession. Read about that presentation here.
#4: Corporate Transparency Act & Beneficial Ownership Information (BOI) Requirements
One of my favorite extension duties is giving presentations around the state (and at times, around the country). Regardless of what my presentation was about, inevitably, an audience member would ask me about the Corporate Transparency Act (CTA), i.e., the law that imposes the beneficial ownership information (BOI) reporting requirements with the Financial Crimes Enforcement Network (FinCEN). At the beginning of this month, a federal judge in Texas issued a preliminary injunction against federal enforcement of the law with a nationwide scope (i.e., it applies to all LLC owners). Read about that injunction in this article. On December 23rd, the Fifth Circuit Court of Appeals lifted the injunction and reinstated the BOI reporting requirements. Then, on December 26, the Fifth Circuit Court of Appeals vacated the decision to reverse the injunction, thus restoring the injunction and making BOI requirements once again voluntary.
The Farm Law & Tax website is filled with articles concerning how to comply with the Act in the event the injunction is reinstated (or if the deadline is otherwise amended) – make sure to subscribe to the website to keep up to date on the law and other important legal and tax matters!
#5: Halloween, Spud the Ghost, and Keeping Pets Warm
One of the really cool parts about my job is the academic freedom granted to me in my research, extension, and teaching duties. I exercised this freedom in one of my favorite articles about Spud, a retired farm dog on a property that I have hunted for nearly two decades. Keeping pets happy and healthy is a subject that is very near and dear to my heart, and I encourage anyone who has pets to read this article. Stay tuned for more holiday-themed articles in the future!