North Carolina cafe's story mirrors many hit by Hurricane Helene
The Brief
It has been six months since Hurricane Helene devastated parts of North Carolina, and many are still picking up the pieces.
Hurricane Helene hit on September 27, 2024, and floodwaters turned streets into raging rivers, washing away entire buildings in western North Carolina on September 28, 2024.
A business owned by a former Georgia resident was destroyed but is now back in business.
It has been six months since Hurricane Helene devastated parts of North Carolina.
Many are still picking up the pieces.
What they're saying
On Your Bike is a café and bike rental shop in Marshall, North Carolina is owned by Alex Webber, her husband, Adam Schmitt, and daughter Madeleine.
Their business, along with all the others in Marshall, North Carolina, was destroyed by floodwaters from Hurricane Helene last September.
"The water came up 12 feet inside the shop. It was almost up to our ceiling. Most of the front of our shop is glass and all the glass blew out. Most everything in the shop was swept away and it left about three feet of mud," said Webber.
Six months later, signs of destruction are easily visible throughout Marshall.
"The south end of town, where we are, a lot of the buildings are just gone. They were completely swept away, so it still looks a bit like a war zone," said Webber.
Webber knows all about the power of Mother Nature. The former Cobb County resident lived in New Orleans in 2005 when Hurricane Katrina hit and destroyed her home. That's when she decided to move to the mountains, never imagining a hurricane would take away her livelihood. This time she was determined to stay and rebuild, but it wasn't easy.
"It was a lot of digging out. We were there all day, all evening, on the weekends. We were just working around the clock," said Webber.
On Your Bike was the first food service business to re-open in its original location in the entire county.
Webber says she believes it brought a little happiness and optimism to those around her.
"People were walking into the shop and bursting into tears. It's just a little bit of a visual respite from all the destruction," said Webber.
SEE ALSO:
Georgia Senate wants further boost to spending on Hurricane Helene relief
Chimney Rock, North Carolina, recovery shows progress post-Helene
Art exhibit in Atlanta aids North Carolina artists hit by Hurricane Helene
Kemp making hurricane relief, lawsuit limits his top 2025 priorities
Couple helps hard-hit North Carolina farmers one Christmas tree at a time
The Source
FOX 5's Denise Dillon spoke with Alex Webber, one of the owners of On Your Bike café, about the changes they have seen over the six months since Hurricane Helene hit the area.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
26 photos of the worst hurricanes to have hit the US
Over the past 100-plus years, the United States has been hit by some of its worst hurricanes. In 2005, Hurricane Katrina caused $125 billion in property damage. Hurricane Helene brought catastrophic rainfall to North Carolina, causing flooding and landslides. Hurricane season is here. As people in hurricane-prone states like Florida and Louisiana start to prepare to face whatever storm might come their way between June 1 and November 30, there are lessons they can learn from storms past, including what to pack in a go-bag and how best to protect their home. Hurricanes have been well documented in the southeastern US since the 1800s, and for the past 100 years, we've been able to see the impact they have left on affected communities. These 26 pictures show the worst hurricanes that have hit the US through history. The Galveston Hurricane of 1900 was, and still is, the deadliest hurricane to hit the United States. The hurricane hit Galveston, Texas, on September 8, 1900, as a Category 4 hurricane. An estimated 6,000 to 12,000 people were killed by the hurricane, according to making it the nation's deadliest storm, even 120 years later. A large section of Galveston was destroyed by the storm. Two of the reasons the hurricane resulted in such a high death toll were the lack of any warning and the high storm surge of 8 to 15 feet. The hurricane destroyed 3,600 homes, Fox 13 News reported. It caused the equivalent of more than $640 million worth of damage in today's dollars. The Miami Hurricane of 1926 crippled Florida for decades. There was little warning of the approaching hurricane, according to the National Weather Service. Citizens of Miami who didn't realize the storm was still ongoing left their homes as the hurricane's eye passed over and skies cleared. However, the eye is the center of the storm, so what followed resulted in more death and destruction. In total, 372 people died, over 6,000 people were injured, and the property damage totaled $164 billion in today's dollars. The Okeechobee Hurricane of 1928 was the second-deadliest hurricane to hit the US. In 1928, the hurricane made landfall as a Category 4 storm that claimed between 1,770 to 2,300 lives in central Florida. Winds from the storm blew water from Lake Okeechobee into a storm surge that reached 6 to 10 feet high and spilled into nearby cities. Homes, roads, and businesses were flooded, and over 1,000 people drowned. The 1935 Labor Day Hurricane is one of four in US history that have made landfall as a Category 5 storm. "People were picked up and thrown around like rag dolls," Brad Bertelli, curator of the Keys History & Discovery Center in Islamorada, told the Sun Sentinel. "Bodies were blown all the way across Florida Bay to Cape Sable." The winds were so powerful that they swept an 11-car passenger train off its tracks. USA Today reported the hurricane destroyed the railroad tracks that connected the Florida Keys to the mainland. Among the victims were World War I veterans working on a highway, according to the World Digital Library. They were waiting for a rescue train to evacuate, but the winds derailed it before it ever arrived. Hurricane Camille had the highest speeds of any hurricane to hit the US when it made landfall in 1969. Winds reached an estimated 190 miles per hour as the storm moved across Mississippi. Maximum sustained winds are unknown because the hurricane destroyed all the wind-recording instruments in the area, according to Camille is another of the four Category 5 hurricanes that made landfall in the US, the National Weather Service reported. In the days following Camille, fresh water was scarce for survivors. In the photo, 11-year-old Carl Wright can be seen drinking from a broken pipe amid the rubble of his father's gas station in Gulfport, Mississippi. In the aftermath, citizens tried to return to everyday activities. Though they tried, it was difficult. The National Weather Service reported a storm surge of 24.6 feet hit the town. When it hit Florida, Hurricane Andrew had winds strong enough to blow this sailboat ashore. Andrew was a Category 5 hurricane that struck southern Florida and south-central Louisiana. According to Andrew's wind speeds were estimated at 167 miles per hour, but like Camille, the instruments were destroyed, leaving its exact speed unknown. Andrew negatively impacted both the economy and the environment of Florida. The storm pulled up many large trees. Almost a third of the pine trees in Everglades National Park were badly damaged by the winds. In the aftermath of the storm, 250,000 people were left homeless, and 82,000 businesses were destroyed or damaged. The damage caused by Andrew totaled $26.5 billion. The National Park Service reported Andrew was the most expensive storm of its time, until it was overtaken by Hurricane Katrina 15 years later. Hurricane Katrina, the costliest storm to make landfall in the US, claimed more than 1,800 lives. According to the National Hurricane Center, Katrina and its aftermath killed 1,833 people. The Mississippi Gulf Coast and Louisiana were ravaged by the deadly storm, and property damage caused by the storm reportedly totaled over $125 billion. The storm surge from the hurricane breached the levees in New Orleans, causing mass flooding across the city. Nearly 80% of the city was underwater, with levels being so high in certain areas like St. Bernard Parish and the Ninth Ward that people climbed to their attics and rooftops. Thousands of people took shelter in New Orleans' Superdome. The mayor of New Orleans designated the stadium as a "shelter of last resort" for people the day before Katrina hit, according to the History Channel. Almost 10,000 people sought shelter at the Superdome, and another 15,000 were accepted after the storm hit. In the days that followed the storm, supplies remained limited as the occupants waited for evacuation. The government was criticized by many for a slow reaction to the storm. In the aftermath of Katrina, water had to be pumped out of flooded areas. The Data Center reported almost 1 million people in the Gulf Coast were displaced by Katrina. When it hit in 2012, Hurricane Sandy caused $70 billion in damage and killed 285 people. Sandy had winds of 80 miles per hour when it hit Atlantic City, New Jersey, per Live Science. Streets were flooded from New Jersey into New York, where water surged over downtown Manhattan's seawalls and highways into low-lying streets and subways. Several fires broke out because of the storm. More than 80 homes burned to the ground in Queens when one fire got out of control. The winds were so strong that it pushed the Star Jet roller coaster off its pier. The roller coaster was pushed into the Atlantic Ocean by the storm. Workers later dismantled the ride. In 2017, Hurricane Harvey caused $125 billion worth of damage in Houston. The Texas Tribune reported that extreme flooding and strong winds caused billions of dollars of property damage. According to the Office for Coastal Management, Harvey was the deadliest storm to hit Texas since 1919 — 68 people died during the storm. Harvey impacted Texas' economy, making for a slow recovery in parts. The New York Times reported citizens in Houston hit by the storm were still recovering and adversely affected a year later, with the poorest neighborhoods the slowest to recover. Hurricane Maria hit the US territory of Puerto Rico in 2017, knocking out the power grid and causing widespread flooding. Hurricane Maria hit Puerto Rico and the Caribbean as a Category 4 storm less than two weeks after Hurricane Irma and a month after Hurricane Harvey. With wind gusts up to 155 miles per hour, it was the third-strongest storm to make landfall in the US, according to World Vision. The hurricane likely killed thousands, even though the original death toll was reported to be 64. The official death toll from Hurricane Maria was originally reported as 64. In a 2018 report submitted to Congress requesting $139 billion in federal aid, the government of Puerto Rico quietly acknowledged a higher death toll of 1,400. A 2018 Harvard study estimated that the hurricane actually caused 4,645 deaths due to lack of medical care and loss of basic utilities caused by power outages. The storm caused the largest power blackout in US history and the second-largest in the world, CNN reported. Hurricane Ian pummeled southwest Florida in 2022, with winds at nearly Category 5 speeds. Florida Gov. Ron DeSantis said during a press conference in Tallahassee that the storm "could make landfall as a Category 5" with winds 157 mph or higher. Hurricane Ian remained just short of the Category 5 hurricane threshold, making landfall near Cayo Costa, Florida with 150 mph winds and destructive flooding with over a foot of rainfall in one day. An official from Lee County, Florida, told USA Today reporter Kate Cimini that the community "has been, in some respects, decimated" in the wake of the storm. The hurricane caused catastrophic flooding, widespread blackouts, and shut down airports. More than 2.6 million homes in southwest Florida experienced blackouts due to the storm, according to The Florida Department of Transportation announced on Monday that Tampa Bay International Airport and the St. Pete/Clearwater International Airport were suspending operations due to the storm. The Orlando International Airport also canceled all of its commercial flights starting on Wednesday, and the Jacksonville International Airport announced the cancellation of all its Thursday flights. In 2024, Hurricane Helene became the deadliest storm to hit the US mainland since Katrina. The Category 4 hurricane made landfall in Florida's Big Bend region with winds of over 140 mph, as reported by the Florida Climate Center. The storm then went into the South Appalachians, where North Carolina communities were greatly affected. In Asheville, streets were completely flooded, and people saw intense damage to public infrastructure like roads and hospitals, heightening the crisis situation. The Appalachian communities saw rivers overflowing thanks to the historic rainfall. Of Helene's death count, over 100 occurred in North Carolina, which was hit particularly hard by the flooding, as reported by The Weather Channel. Landslides also occurred during the storm, leading to the destruction of communities in the western part of the state. In total, Helene is estimated to have caused $78 billion in damages. Read the original article on Business Insider


Forbes
an hour ago
- Forbes
Tax Breaks: The New Chapter Is Beginning At The IRS Edition
It's a new chapter at the IRS. getty The traditional individual tax filing season ended two months ago (those of us on extension still have a few months to go), but the IRS is still in the news. Most notably, the Senate has confirmed Billy Long as the new commissioner of the IRS (you can read more about that in a bit as part of our Deeper Dive below). How Long's tenure might impact the future of the IRS and tax administration is still a question, but far from the only one. Still to be determined? What the tax picture might look like during the next filing season for millions of taxpayers. The One Big Beautiful Bill Act (OBBBA) passed the House in May and moved to the Senate, where the White House hoped for a quick approval. Nearly a month later, there's been no real movement. A vote hasn't yet been scheduled, and it's looking very unlikely that the bill will be signed into law by July 4, President Trump's target date (a fact that Trump recently acknowledged). The biggest obstacle in the Senate may not be Senate Minority Leader Chuck Schumer (D-N.Y.) or stalwart deficit hawk Rand Paul (R-Ky.), but rather Elizabeth MacDonough. The name may not ring a bell, but MacDonough has been a fixture in the Senate for over a decade, serving as the Senate Parliamentarian. The Parliamentarian advises on procedural matters and guides precedent. That includes sorting out what's allowed during the debate, amendment, and voting processes. That matters here because reconciliation bills (like OBBBA) are subject to special rules in the Senate. Since those rules can be tricky, the Parliamentarian helps determine what is—and isn't—allowed, especially when it comes to interpreting the Byrd Rule, which imposes limits on what can be in reconciliation bills. If the Parliamentarian determines a provision in a bill violates the Byrd Rule, the provision must be removed from the bill unless the Senators vote to waive the rule—that requires 60 votes, instead of the lower 51 vote majority allowed for reconciliation. As currently written, OBBBA would deliver an average tax cut of almost $80,000 next year to those in the top one percent. That's 40 times the tax relief going to middle-income families who struggle with the costs of housing, food, and raising children. This windfall for the wealthy would be paid for through cuts to health insurance, Pell grants, and food aid for millions of lower income American families. The bill is far from finalized. Elaine Maag writes that the Senate still has time to deliver on the pro-family promises made by many Republican leaders by amending the budget bill to provide economic relief for all families. Key senators, she notes, including Josh Hawley (R-Mo.) have already put forward plans that would do so. One OBBBA provision targeted to families is the creation of the Trump Accounts. If the bill passes, these savings accounts will be funded by the federal government and will provide each baby born between January 1, 2025, and December 31, 2028, with $1,000. The initial set of rules associated with the accounts is complicated–getting it right is crucial if the accounts are to be successful. Not all of the work in Congress this week focused on future budgets – the House of Representatives voted to rescind $9.4 billion in funding for the National Public Radio (NPR), the Public Broadcasting Service (PBS), and the United States Agency for International Development (USAID). The bill, proposed by President Trump, does not focus on approving new dollars, but instead targets a clawback of previously approved funds, a move known as rescission. Not all deal-making was happening in Congress: U.S. District Court Judge Claudia Wilken has approved a settlement between the NCAA and lawyers representing college athletes. While the details are nuanced, the key takeaway is that schools can now begin paying athletes directly. While this is the first time that college athletes can receive direct payments from their schools, athletes have been receiving millions of dollars through name, image, and likeness (NIL) payments and endorsements in recent years. While these significant cash flows for the college athletes can be financially beneficial, they also carry tremendous tax burdens. College athletes aren't the only sports figures to navigate tricky wins. The U.S. Open continues to represent one of golf's biggest prizes. While any golfer would give whatever it takes to take home this year's trophy (the first-place prize is expected to be $4.3 million), there is an extra layer of incentive this year that makes it even more beneficial relative to future years: taxes. Athletes must pay state and local income taxes in the jurisdictions where they earn the money–sometimes referred to as a jock tax. This year, the U.S. Open will be held at Oakmont Country Club, located in the suburbs of Pittsburgh, Pennsylvania. Luckily for those golfers, my own state of Pennsylvania boasts one of the lowest state income tax rates in the country, with a flat rate of 3.07% for 2025. This means that, absent any other deductions, the winner of the $4.3 million prize will only pay approximately $132,010 in state income taxes on the winnings. That's not a bad take-home pay for a few days' work. The U.S. Open kicks off this weekend–hopefully, the weather holds. There are a few other key happenings over the next few days, including a notable birthday (Happy birthday, Mom!). Enjoy your weekend, Kelly Phillips Erb (Senior Writer, Tax) Is the price you pay the price you can claim as a deduction when donating clothes to charity? It's complicated. getty This week, a taxpayer asked: I love to shop. Sometimes, when I'm in the store, I'll pick up something on clearance to donate to the local women's shelter. I get some excellent deals. I've always thought that I could deduct the value of the item (Coach is still Coach even if it's on sale), but my daughter says that I can only deduct what I paid. Who is right? Normally, it's true that if you contribute property to charity, the amount of your deduction is generally the fair market value (FMV) of the property at the time of the contribution. FMV is the price a willing buyer would pay a willing seller for the item in its current condition in the marketplace. In this case, the clothing is new, so the key is whether you paid a genuinely discounted price—or whether the item was actually worth the lower price that you paid. Here's an example. Let's say you bought a coat that sells for $200, but you paid $50. If the coat normally sells for $200 and is brand new, and this was a one-time sale, the FMV may be close to $200. However, if the coat is available for sale for $50 in many stores, or if it's out of style or out of season, then $50 may be the true FMV. But remember that if it sounds too good to be true, it probably is. There's even a Tax Court case on this issue. In Grainger. v. Commissioner, Estelle Grainger was a grandmother who also liked to shop—especially at Talbots. She purchased hundreds of items on sale, often using her Talbots discount points. She then donated those clothes to charity and claimed the retail price, not the price she paid. Those deductions were significant: $18,288 in 2010, $32,672 in 2011, and $34,401 in 2012. The IRS challenged the value of the deductions, and Grainger took the matter to Tax Court. For contributions of property, like clothing, you must be able to provide reliable written records that include the name and address of the donee, the date and location of the contribution, and a description of the property. You must also keep records to establish 'the fair market value of the property at the time the contribution was made' as well as the method used to determine the value. Grainger had receipts from Talbots and from the charity where she donated the items. The receipts included some pertinent info: date, location, and the type of gift. Depending on the value of the property, a written appraisal may also be required. Specifically, the tax rules require taxpayers who donate 'similar items of property' with a value exceeding $5,000 to obtain an appraisal to determine the FMV. Grainger didn't do that. So, the IRS allowed her a total deduction of just $6,117 for all three years, the amount she actually paid for clothing she donated to charity. But don't get too excited. The Tax Court noted that even with the appraisal, it wouldn't have helped because, applying the willing buyer and willing seller test, no 'rational buyer' would have paid more for the clothes than what Talbots was charging. There was one more problem with Grainger's deduction scheme. As the Tax Court noted in a footnote, even if Grainger had been able to prove that the clothing was worth more than what she paid, it would not have helped her. Under section 170(e)(1)(A) of the tax code, you must reduce any allowable charitable deduction by "the amount of gain which would not have been long-term capital gain * * * if the property contributed had been sold by the taxpayer at its fair market value (determined at the time of such contribution)." Since Grainger donated all or most of the items shortly after purchasing them, she would have realized short-term capital gain if she had sold them instead. — Do you have a tax question or matter that you think we should cover in the next newsletter? We'd love to help if we can. Check out our guidelines and submit a question here. The IRS uses a variety of resources to identify fraudulent returns, including those filed by identity thieves, and to prevent the issuance of refunds associated with those returns. According to a recent report from the Treasury Inspector General for Tax Administration (TIGTA), those efforts are paying off–most fraudulent tax returns are stopped before the refund is paid. As of February 22, 2025, the IRS has stopped over $900 million in fraudulent refunds. That number was nearly double from the same time in 2024. The IRS says it is stopping more fraudulent tax returns. Kelly Phillips Erb The IRS attempts to proactively prevent identity theft by issuing Identity Protection Personal Identification Numbers (IP PIN). An identity protection PIN (IP PIN) is a six-digit number issued by the IRS that adds an extra layer of prevention. Think of it like a password – since the IP PIN is only known to you and the IRS, no one else can file your electronic or paper tax return without triggering a warning. The IRS also uses identity theft filters to identify tax returns with characteristics indicative of confirmed identity theft, including amounts claimed for income and withholding, filing requirements, prisoner status, taxpayer age, and filing history. For the 2025 filing season, the IRS used 295 filters to detect potential identity theft tax returns and prevent the issuance of fraudulent refunds. That's more than the 282 filters used in the 2024 Filing Season. Tax returns identified by these filters are held during processing until the IRS can verify the taxpayer's identity, usually with a Notice 5071C. Taxpayers can use their IRS online account or a dedicated toll-free telephone number to verify their identity (here's more information on answering Notice 5071C). The IRS aims to process tax returns and issue refunds within nine weeks after a successful identity verification. If the individual's identity cannot be confirmed, the IRS removes the tax return from processing to prevent the issuance of a fraudulent refund. Depending on when a return is flagged as potentially fraudulent, the IRS may be able to prevent the tax return and associated refund from being paid. If the fraud isn't identified until after the refund is paid, the IRS may pull the return for post-refund compliance processes. The data was published in the Interim Results of the 2025 Filing Season report published by TIGTA in June 2025. The report presents the results of TIGTA's review to evaluate the processing of individual income tax returns for the 2025 Filing Season. WASHINGTON, DC - MAY 20: Former Rep. Billy Long (R-MO), U.S. President Donald Trump's nominee to be Internal Revenue Service Commissioner, departs after a Senate Finance Committee nomination hearing on Capitol Hill on May 20, 2025 in Washington, DC. The IRS has had four acting commissioners since U.S. President Donald Trump took office in January. (Photo by) Getty Images The Senate has confirmed former U.S. Representative Billy Long of Missouri as the next commissioner of the Internal Revenue Service (IRS). The vote was 53-44 along party lines, with all Republicans in the Senate voting yes—all of the no votes came from Democrats. The vote puts a period on a process that had grown contentious at times. President Donald Trump announced Long's nomination in December of 2024, even though Danny Werfel was then serving a term as IRS Commissioner that would normally run until late in 2027. Werfel subsequently announced his resignation, effective January 20, 2025. Since Long had not yet been confirmed at that time, Werfel was replaced by Doug O'Donnell, who served as Acting Commissioner following Werfel's departure. O'Donnell left his position on February 28, 2025, and was replaced by then IRS Chief Operating Officer Melanie Krause. Krause announced her departure in April 2025, following the tax agency's agreement to share immigrant tax data with Immigration and Customs Enforcement (ICE). Michael Faulkender joined the revolving doors at the IRS as the Acting Commissioner on April 18, 2025—he has been in the position since that time. Long will now officially take the reins at the tax agency. (You can read more about Long here.) Former IRS Commissioners Lawrence Gibbs, John Koskinen, Charles Rettig, and Daniel Werfel shared lessons learned from their tenures and predictions for the agency's future with Tax Analysts President and CEO Cara Griffith. The discussion spanned two hours and covered many of the big questions plaguing the IRS. Tax Notes curated a selection of the former commissioners' responses (but if you'd like to hear the whole discussion, you can find the link in the show notes). 📅 June 16, 2025. Due date for individuals living and working abroad to file their 2024 federal income tax return and pay any tax due. 📅 September 30, 2025. Due date for individuals and businesses impacted by recent terrorist attacks in Israel. 📅 October 15, 2025. Due date for individuals and businesses affected by wildfires and straight-line winds in southern California that began on January 7, 2025. 📅 November 3, 2025. Due date for individuals and businesses affected by storms in Arkansas and Tennessee that began on April 2, 2025. 📅 June 16-19, 2025. Latino Tax Fest. MGM Grand Hotel & Casino, Las Vegas, Nevada. Registration required. 📅 June 18, 2025 at 12 p.m. ET. Taxes In The Political Crosshairs: How To Prepare For One Big Beautiful Bill. Members only webinar featuring Forbes editor Janet Novack, Forbes senior writer and tax attorney Kelly Phillips Erb, National Managing Director of alliantgroup and former senior counsel and tax counsel to the U.S. Senate Committee on Finance Dean Zerbe, and PwC Senior Policy Advisor and former Chairman of the Committee on Ways and Means Dave Camp. Registration required. 📅 June 18, 2025. Avalara CRUSH on Tour. Bridgeport Art Center (Skyline Loft), 1200 W. 35th Street, Chicago, IL 60609. Registration required. 📅 June 26, 2025. Avalara CRUSH on Tour. Iron23 (Flatiron District), 29 West 23rd Street, New York, NY 10010. Registration required. 📅 July 1-September 16 (various dates), 2025. IRS Nationwide Tax Forum in Chicago, New Orleans, Orlando, Baltimore and San Diego. Registration required (discounts available for some partner groups). 📅 July 18-19, 2025. Tax Retreat "Anti Conference." Denver, Colorado. Registration required. 📅 July 21-23, 2025. National Association of Tax Professionals Taxposium 2025. Caesars Palace, Las Vegas, Nevada. Registration required. 📅 July 22-24, 2025. Bridging the Gap Conference. Denver Marriott Tech Center, 4900 S. Syracuse Street, Denver, Colorado. Registration required. 📅 July 28-30, 2025. Tax Summit 2025. Grand America Hotel, Salt Lake City. Registration required. Charitable giving comes in various forms. Which woman launched a reading program in 1995 to provide young children with a free book each month? (A) Dolly Parton (B) J.K. Rowling (C) Oprah Winfrey (D) Reese Witherspoon Find the answer at the bottom of this newsletter. The U.S. Department of the Treasury and the IRS issued Notice 2025-33, extending and modifying earlier transition relief for brokers required to file Form 1099-DA to report certain digital asset sale and exchange transactions by customers. Specifically, Notice 2025-33 extends the transition relief from backup withholding tax liability and associated penalties for any broker that fails to withhold and pay the backup withholding tax for any digital asset sale or exchange transaction effected during calendar year 2026. The IRS published Internal Revenue Bulletin 2025-25. The American Institute of CPAs (AICPA) submitted comments to the IRS containing 183 recommendations regarding the 2025-2026 Priority Guidance Plan. The AICPA's recommendations come from the organization's Tax Technical Resource Panels (TRP), which cover the following areas: Corporations and Shareholders; Employee Benefits; Exempt Organizations; Individual and Self-Employed; International; IRS Advocacy & Relations; Partnerships; S Corporations; Tax Methods and Periods; and Trust, Estate and Gift Tax. The American Institute of CPAs (AICPA) released an exposure draft for the Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens, with comments sought from the public through Aug.11, 2025. The draft provides a framework for controls over stablecoins, the fiat currency-backed digital asset that is currently a key focus of regulatory activity in the United States. Tax attorneys Zhanna A. Ziering and Aaron M. Esman have founded Ziering & Esman PLLC, a tax law firm in New York. Ziering & Esman PLLC focuses on tax controversy, providing representation to individuals and businesses involved in disputes with the IRS and state tax authorities. KPMG announced the Americas Board of Directors has elected Will Williams as the next Chair of KPMG's Americas Region, beginning July 1, 2025. Williams will succeed Paul Knopp, who has held the position since 2020. Georgia lawmakers are exploring raising the tax on cigarettes. Currently, only Missouri charges a lower tax than Georgia for a pack of 20 cigarettes. Raising the tax by a dollar to $1.37 would generate between $400 million and $500 million. The cigarette tax currently generates about $115 million a year, and Georgia is spending about $850 million a year on Medicaid costs attributable to smoking. The gas tax in Mississippi will increase by 3 cents per gallon, effective July 1, 2025, as part of a 9-cent boost phased in over three years. The state's gas tax has been 18 cents per gallon since 1987. According to the Tax Foundation, Mississippi's 18-cent gas tax is the second-lowest in the U.S.—only Alaska's is lower at 8.95 cents per gallon. — If you have tax and accounting career or industry news, submit it for consideration here or email me directly. Here's what readers clicked through most often in the newsletter last week: You can find the entire newsletter here. The answer is (A) Dolly Parton. American singer, songwriter and actress Dolly Parton, performs with a guitar, 1976. (Photo by David Redfern/Redferns) Redferns In 1995, Dolly Parton created Dolly Parton's Imagination Library to benefit children in East Tennessee, USA. The first book order totaled just over 1,700. Today, Dolly Parton's Imagination Library sends more than one million books per month to children around the world. How did we do? We'd love your feedback. If you have a suggestion for making the newsletter better, submit it here or email me directly.

Miami Herald
an hour ago
- Miami Herald
Popular brewery and distillery files Chapter 11 bankruptcy
A local taproom or brewery becomes a beloved part of the community. That's actually somewhat rare in the United States where we don't have a tradition of village pubs. There are some bars that fill that role becoming someplace where friends and neighbors come together. Related: New class action suit claims Costco is tricking you on prices A really good neighborhood bar becomes a place where people bring their families, fall in love, and celebrate life's big moments. When a community loses that, it can be devastating. It's very hard to replace a bar, or pub that has become a de facto community center. Real life may not have bars like "Cheers," but a good neighborhood tavern becomes a place where everybody knows your name. Losing that means more than when another Hooters or TGI Fridays closes. Don't miss the move: Subscribe to TheStreet's free daily newsletter Sure, everyone has their favorite place and the loss of any popular business can be a blow, but local pubs build connections with and between passengers unlike any other kind of business. It's just different to be a regular at one of these local businesses than to be known by the bartender at Chilis. The post-Covid period has been dark for local breweries, taprooms, and pubs, and that devastation has continued. When many businesses close or file for bankruptcy, it's solely on the merits of the business. That's not the case for Big Storm Brewing, which has been pulled down due to the financial woes of Boston Finance Group, which is owned by Big Storm partner Leo Govoni. A 2024 lawsuit alleged from 2009 to 2020, Govoni misappropriated over $100 million from special needs trusts, which are specialized irrevocable trusts established for the elderly and people with disabilities. That does not directly speak to the operations of the brewery and distillery which have a long history (at least by the standards of local breweries). More retail: Walmart CEO sounds alarm on a big problem for customersTarget makes a change that might scare Walmart, CostcoTop investor takes firm stance on troubled retail brandWalmart and Costco making major change affecting all customers "Founded in 2012, Big Storm Brewing Co. has embraced our tagline of 'Florida Craft Beer Forecast' by developing a dynamic lineup of Florida favorites like Tropic Pressure Golden Ale, steeped with hibiscus flowers, and Bromosa Tangerine IPA, brewed with all-natural tangerine puree," the company shared on its website. Big Storm also added a distillery to complement its regionally-sold beers, and to sell in its multiple taprooms. "In 2020, Big Storm Distillery was born with a mission to create world-class spirits with a local flair. Our Big Storm team are innovators at heart, always pushing boundaries, and not afraid to take risks. With a commitment to exceptional customer service, dedication to quality products, and the ambition to explore opportunities left unexplored, Big Storm has become a leader in the craft beer industry and beyond," the company added. While the fate of Big Storm had been unclear, its assets were transferred to a bankruptcy trustee by a federal bankruptcy court on June 5. That took control away from Govoni and put it in the hands of the trustee. Judge Roberta Colton found Govoni and Boston Financial Group liable for the missing $100 million as well as $20 million in interest. Big Storm has not closed its Clearwater, Fla taproom and its fate remains unclear. The court's actions put Big Storm Brewing under Chapter 11 bankruptcy protection, but under control of a trustee and not Govoni. The court could decide that the company has more value as a going concern than it does being sold off for parts. If that proves true, then it's more likely to be sold to an operator that wants to keep producing its beers and spirits. Related: Huge music retail chain closes all stores after 'bankruptcy' Big Storm has been very clear in its mission. "We're here to offer more than just a drink; we're sharing a slice of the Florida lifestyle with you, wherever you might be. Our mission? To transform each sip into a sun-drenched experience, a celebration of Floridian culture and zest. Our creations aren't just products; they're invitations to embrace the laid-back, sunny essence of Florida," it posted on its website. Big Storm's operations have continued and it still sells beer and spirits regionally and locally. It's likely to continue operating as long as it's seen as a positive to the estate. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.