IRS Notice: Relief From Additions to Tax for Qualified Farmland Property Sale Election (IRC §1062)

The IRS published a notice providing relief from the additions to tax under I.R.C. §§6654 and 6655 for underpayment of estimated income tax by a taxpayer that makes a valid election under I.R.C. §1062(a). The notice assists in implementing §70437 of the One, Big, Beautiful Bill Act, which added a new limited payment deferral election in I.R.C. §1062(a) applicable to a sale or exchange of qualified farmland property to a qualified farmer (qualified sale or exchange). The IRS will waive a portion of the addition to tax under I.R.C. §§6654 and 6655 attributable to a qualified sale or exchange for ...