Filtering by tag: IRS ✕

Helene: SBC to Host Free Storm Tax Webinar for WNC Farmers

On Thursday, April 3rd, 2025 from 6:00 PM to 7:30 PM, the Small Business Center at Mayland Community College will host Prof. Nicholas Brown for a free disaster tax relief webinar. Attendees who wish…

No image

Will Your Life Insurance Policy Be Subject to Estate Taxes?

At a recent extension event, a question was raised about whether an individual's life insurance policy placed on themselves was considered part of the 'gross estate,' which is subject to the estate…

Helene & Taxes: Frequently Asked Questions for Affected Farmers, Business Owners

As the 'ag tax' professor at NC State, I have made it my mission since the devastation caused by Hurricane Helene and Hurricane Debby to provide as much tax information as possible to help those…

No image

2025 Mileage: IRS Increases Mileage Rates But Leaves Other Rates In Place

The IRS recently announced a $0.03 increase for the optional standard mileage rate for business uses in 2025. The IRS also announced that there will be no change in the optional mileage rate for…

No image

Helene Tax Strategies: Brown Presents Tax Rules Related to Disaster Relief

Nicholas Brown, an editor for Farm Law & Tax, recently gave a webinar to extension agents associated with Virginia Tech. The webinar, which is free for anyone to watch, reviews tax rules designed…

No image

Disaster Relief Assistance: Taxable Event or Not?

In light of Hurricane Helene and the subsequent assistance provided by the federal, state, and local governments along with other entities and individuals, many recipients are now asking, "will we be…

Yellow sign reading: SLOW MOVING FARM EQUIPMENT USES THIS HIGHWAY NEXT 30 MILES

End of Dyed Diesel Relief: IRS' Dyed Diesel Penalty Relief Set to Expire on October 15th

The IRS penalty relief for dyed diesel for highway vehicle use is set to expire on October 15.The IRS regulations on dyed diesel, which has a sulfur content that does not exceed 15 parts-per-million…