Do I get more time to replace drought-sold livestock under the 2026 IRS notice? If the county where you sold, or any contiguous county, is on the Notice 2026-54 Appendix, yes. The IRS treats the 12-month period ending August 31, 2026 as not a drought-free year, so the section 1033(e) four-year replacement period is extended…
Does IRS Notice 2026-24 waive the underpayment penalty for farmers and fishermen? Yes — the farmer fisherman underpayment penalty waiver 2026 provided under IRS Notice 2026-24 waives the addition to tax under IRC §6654(a) for qualifying farmers and fishermen who did not make estimated tax payments for the 2025 tax year, provided they file their…
Facing drought and had to sell your livestock? You might be eligible for special IRS tax relief. Discover how you can get more time to replace your animals and defer capital gains tax. It’s been a tough year. Watching the land dry up and knowing you have to make hard decisions about your livestock…
