The Hardwood Federation produces a “D.C. Cheat Sheet” e-newsletter to maintain the business up-to-date on the newest information from Washington D.C. Try the September 1st version under and join to obtain your copy at this time.

IRS Affords Flexibility for Pandemic-Associated “Failure to File” Circumstances

On August 24, the IRS issued a discover to supply flexibility for sure particular person and enterprise taxpayers affected by the COVID-19 pandemic from “failure-to-file” penalties with respect to tax returns for tax years 2019 and 2020 (which have been due in 2020 and 2021) filed on or earlier than September 30, 2022. The company additionally said that it expects to subject greater than $1.2 billion in refunds or credit to lots of the almost 1.6 million taxpayers who already paid these penalties, by the tip of September. The IRS states that it’s providing this flexibility to focus its assets on processing backlogged tax returns and taxpayer correspondence to assist the company return to regular operations for the 2023 submitting season.

USFS Highlights Function of Wooden Merchandise in Carbon Storage

On August 22, the U.S. Forest Service (USFS) revealed an article that includes a associated technical report emphasizing the significance of wooden merchandise and carbon sequestration. In line with the article, wooden is “critically essential for our altering local weather.” It additional explains that “when timber are harvested for wooden merchandise like lumber, a few of that carbon continues to be saved.” In line with the “summary” related to the research, “harvested wooden merchandise” utilized in buildings represent an ”essential carbon sink, serving to to mitigate local weather change.” The USFS additional states that “homes retailer a lot carbon that determining what number of homes will probably be constructed sooner or later is essential for understanding the entire U.S. carbon storage capability.”

Supply: Hardwood Federation