Tax Calendar... ➡B elow: In the front row are Tom and Jack’s grandparents, Nellie and Levi. In the back row on the left is Tom and Jack’s dad, Gene, and their Uncle Levi Jr. is on the right.
JULY
15
• I RS tax filing deadline for all tax returns typically due April 15 were moved to July 15 in response to the COVID-19 pandemic (automatically applies to individual returns, trusts, and corporations without filing any additional forms). •1 st and 2nd quarter estimates are due for 2020 for individuals who pay estimated taxes.
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•N on-farm employers file Form 941 for the 2nd quarter to report Social Security, Medicare, and withholding. • Form 5500 due for all employers that maintain an employee benefit plan such as a pension plan. • I f not able to file, file Form 5588 to request an automatic 2.5-month extension.
SEPTEMBER
15
• T hird quarter estimate is due for 2020 for individuals who pay estimated taxes. • S Corporations file a 2019 calendar year income tax return (Form 1120S) if an automatic extension was requested. • P artnerships file a 2019 calendar year income tax return (Form 1065) if an automatic extension was requested. • Corporations deposit the third installment of estimated tax for 2020.
Scott Martin admitted he was pleased that GreenStone has been able to adapt quickly during the coronavirus and provide the necessary electronic resources to remotely service the needs of our customers. “Given that we help the Jeppesens with payroll throughout the year, and review the books at year-end, we were able to quickly and easily send all the documents Jack needed,” says Scott. “The online accounting portal we set up for the farm last fall was also very helpful – I was able to quickly jump into their accounting system to print the reports that were required. I really enjoy working with Jack and Tom and I look forward to continuing this partnership in the future.” Joys outweigh the challenges The biggest challenge for Black Locust Farm has been the weather over the last year and a half. In 2019, a prolonged wet season prevented planting; this year, corn
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Summer 2020 — Partners
and soybeans made it into the ground but required replanting after getting too much rain in May.
OCTOBER
15
Still, Jack admits, the setbacks may be frustrating but when farming is in your blood, nothing stops your gratitude for an occupation you love. “My wife and I like to go on rides every night, just around the neighborhood. We go by a cornfield every day, and I watch it to see when the corn is going to start spiking. Then, you see corn coming up out of the ground and you think ahead to harvest and wish city people could smell the fragrance of fresh cut corn silage or fresh mown hay,” Jack explains. “And the older I get, the more I appreciate little things like that.
• I ndividuals file a 2019 income tax return (Form 1040) if an automatic extension was requested. •C orporations file a 2019 calendar year tax return (Form 1120) if an automatic extension was requested. •N on-farm employers file Form 941 for the third quarter to report Social Security, Medicare, and withholding.
“I used to not bother to look at the sunrises, but you know, anymore in the mornings when I come out and milk, I always wait for the sunrise. “It’s just the best lifestyle, being out here in the country.” ■