The IRS announced yesterday that the deadline for filing and paying 2019 taxes is extended to July 15, 2020 due to the COVID-19 pandemic. The extension is automatic; individuals and businesses do not need to file any paperwork to take advantage of the extension. Further, the extension applies to both individuals and other entities, such as trusts, estates, corporations, partnerships, and S-corps.
The extension is great news for Christmas tree growers and timber owners who have not yet taken advantage of the substantial tax savings available under IRC 631. Growers should use the additional time to ensure they are taking advantage of all available tax savings and their record keeping system tracks the data required under IRC 631.
Not sure if you are taking advantage of the substantial tax savings available for Christmas tree growers or timber owners? Unsure how to properly use bookkeeping software in conjunction with IRC 631? Contact Andrew to learn more!
