Penalty Relief for Farmers and Fishermen
Posted in taxes
The IRS will issue guidance soon to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.
The delay stems from this month?s enactment of the American Taxpayer Relief Act, which affected several tax forms often filed by farmers and fishermen, including Form 4562, Depreciation and Amortization (Including Information on Listed Property).
These forms will require extensive programming and testing of IRS systems, the service said.
Farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013. A taxpayer qualifies as a farmer or fisherman for tax year 2012 if at least two thirds of the taxpayer?s total gross income was from farming or fishing in either 2011 or 2012.
Those requesting this penalty waiver must attach Form 2210-F to their return, submitted electronically or on paper. 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
Last Updated by Brian Radke on 2013-01-22 05:31:45 AM