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.
The tax filing and payment deadlines have been postponed at the federal level until July 15, and Northeast states are beginning to follow suit. Dario Arezzo outlines some changes to tax deadlines in Northeast states in his latest Tax Talks.
Our Tax Talks on March 17 outlined the possibility of a tax deadline extension by the IRS. Certain postponements have been made, and Farm Credit East tax specialist Dario Arezzo covers some recent actions by the IRS and what it may mean for your tax filing requirements.
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.