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Professional Tax Software News & Advice

IRS Grants Tax Relief to Drought-Stricken Farmers and Ranchers in 30 States

If you have clients who are farmers or ranchers and drought forced them to sell their livestock, special IRS tax relief may help. The IRS has extended the time to replace livestock that farmers were forced to sell due to drought. If your client is eligible, this may help them defer tax on any gains they received from the forced sales. The relief applies to all or part of 30 states affected by drought. Here are several points you should know about this relief. [More]