The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
We wrote a post a couple of weeks ago about the possible late filing of form 2290 to report the excise tax owed on semi-trucks owned by farmers for the period ended June 30, 2011.
The IRS has just issued release 2011-77 indicating there is an automatic three month extension until November 30, 2011 to file the return. The IRS is also indicating that no payments should be remitted until after November 1, 2011.
The release also indicates that the states are required to accept the schedule 1 that was stamped by the IRS for the previous year's return. This will allow farmers to register their trucks with the state or local authority.
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