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Thursday, February 28, 2019

IRS extends farmers' deadline for 2018 estimated tax payment


Source:  IRS QuickAlerts February 28, 2019

The IRS is granting an extension of the March 1st deadline for farmers and fishermen to make their estimated tax payment before being subject to estimated tax penalties – as long as they file and pay the full amount of tax reported on their 2018 return by April 15, 2019.

• To claim the waiver of the estimated tax penalty, farmers and fishermen must attach Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to their 2018 tax return. The taxpayer’s name and identifying number should be entered at the top of the form, and the waiver box (Part I, Box A) should be checked.  The rest of the form should be left blank.

• This relief will expand the number of taxpayers eligible for filing the Form 2210-F using checkbox A and will not require calculations or an attachment.

• Farmers or fishermen who qualify for the relief include: Those who did not make the required estimated tax installment payment by January 15, 2019 AND who file and pay the full amount of tax reported on their 2018 return by April 15, 2019.

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