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Tax deadline extension granted for storm-struck Iowa farmers

Agriculture.com Staff 03/01/2007 @ 2:08pm

Sen. Chuck Grassley (R-IA) today convinced the Treasury Secretary to give a break to Iowa farmers who are unable to file their taxes by the March 1 deadline due to winter storm damage.

The Internal Revenue Service issued special instructions that all farmers hit by the storm who are unable to file their taxes by the deadline can request a winter ice storm waiver from the IRS for the penalty that they would otherwise incur, according to a press release from Grassley's office.

"The Secretary stood by his word that he would do what he could to help. Thanks to his quick action, farmers can worry about what's most important - taking care of their livestock and family," Grassley said.

A special rule allows many farmers to routinely delay their estimated tax payments without penalty so long as they file their return with their tax payment by March 1st of each year. The power outages left many farmers unable to complete their returns by March 1st, because their computers were down and they could not print their files. The cancellations will also lead to a backlog when the power does eventually come on.

To request a waiver of the estimated tax penalty in accordance with today’s decision, farmers should complete Form 2210-F Underpayment of Estimated Tax by Farmers and Fishermen. People should also attach a statement explaining the reasons they are unable to meet the estimated tax requirements. At the top of the request write "Request for Waiver Due to Winter Ice Storms."

Grassley has also written President George W. Bush to express his appreciation for the action made by the IRS this afternoon as well as outline the circumstances in Iowa due to the storms. The letter urges the President to respond quickly if the Governor of Iowa makes a request for broad-based federal disaster assistance. This would make available a range of emergency relief services in Iowa and give the IRS the authority to give tax filing flexibility to all farmers in a disaster county.

Sen. Chuck Grassley (R-IA) today convinced the Treasury Secretary to give a break to Iowa farmers who are unable to file their taxes by the March 1 deadline due to winter storm damage.

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