By Kimberly Smith
Recovering from a wildfire, drought, flood or other disaster involves more than rebuilding a farm or ranch. The complex tax decisions that follow can affect financial recovery for years.
To help tax and law professionals guide agricultural producers through the many tax considerations following a natural disaster, the Nebraska Tax Institute, part of the Center for Executive and Professional Development at the University of Nebraska–Lincoln, will offer the “Farm Disaster Tax Rules: Deferrals, Casualty Losses, Recovery Payments and Tax Reporting” webinar on Thursday, Aug. 27, from 1 to 5 p.m.
The four-hour webinar will provide practical guidance on federal tax rules that apply when agricultural producers are affected by disasters. The program comes as recent wildfires in western Nebraska highlighted the challenges producers and rural communities face.
“Agriculture is the heartbeat of this region, and the Nebraska Tax Institute is eager to offer continuing education to tax professionals working to assist ag producers who have faced urgent situations beyond their control,” said Amber Messersmith, executive director of the Center for Executive and Professional Development. “With information gained from the Farm Disaster Tax Rules webinar, tax professionals can support producers in making critical financial decisions for their farms and ranches.”
Source : unl.edu