IRS ASSISTANCE TO FARMERS FORCED TO SELL LIVESTOCK –

Illinois farmers and ranchers in a number of counties may be able to shield themselves from a big tax hit after severe weather forced them to sell off their livestock. The IRS announced Friday that qualified farmers and ranchers whose drought-sale replacement period was scheduled to expire on Dec. 31, now have until the end of their 2020 tax year to replace the livestock, deferring gains taxes from the forced sales. (The Center Square)