Farm tax deadline is April 15
At the urging of Senator Chuck Grassley (R-IA) the IRS has moved the tax filing deadline from March 1 to April 15 this year.
Grassley was concerned that the IRS might not have the forms needed by farmers in order to meet the normal March 1 deadline used by farmers and fishermen.
He said Tuesday that he's not certain what will happen "if the April 15 deadline can't be met by farmers" as a result of any remaining tax enforcement issues tied to the late January 2 enactment of the American Taxpayer Relief Act of 2012.
But Grassley welcomed an IRS announcement late last week that the deadline had been extended.
“This is good news. Farmers shouldn’t face a penalty for tax season delays that have nothing to do with them," he said in a statement Friday. "The IRS is right to provide relief from penalties. I look forward to the guidance the IRS announced it will issue in the near future to help farmers file their taxes without penalty.”
On January 15, Grassley had written Treasury Secretary Tim Geithner and Acting Commissioner of the Internal Revenue Service Steven Miller expressing his concern that farmers might be faced with penalties if they couldn't meet the March 1 deadline because the IRS hadn't released all of the forms that are needed.
One form that the IRS does have ready, is "Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen."
According to a press release from the IRS last Friday, for farmers who file late on April 15, "The taxpayer’s name and identifying number should be entered at the top of the form, the waiver box (Part I, Box A) should be checked, and the rest of the form should be left blank."
Here is more information from Grassley's website.
And Iowa State University tax specialist Roger McEowen talks briefly about the extended deadline at the end of today's posting for the Center for Agricultural Law and Taxation.