While guidance and legislation continue to come from all sides, the House of Representatives — following the Senate’s lead — passed the Coronavirus Aid, Relief and Economic Security Act and the legislation has been signed by President Trump. The purpose of this post is to highlight the current legislation’s tax implications and their relevance to Northeast agriculture and customers of Farm Credit East.
A group of bipartisan lawmakers from the House of Representatives recently wrote a letter to the IRS urging the April 15 tax deadline be extended due to the events surrounding the coronavirus. While no final decision has been made, Dario Arezzo explains how, amidst all the uncertainty, your Farm Credit East tax preparers are here to help.
If you are not taking full advantage of the beneficial provisions the tax code provides, you may be overpaying your tax bill. Farm Credit East tax specialist Andrew Cerio gives readers examples of tax provisions that may be overlooked if a tax preparer isn’t well-versed in the business of agriculture.