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Showing posts from February, 2019

IRS waives estimated tax penalty for Farmers that file returns and pay tax by April 15

The Internal Revenue Service announced that farmers (and fishermen) who usually file their Federal tax returns by March 1, 2019, may file and pay their tax up to April 15th without the need to pay a late filing penalty. The most significant issue inhibiting timely farm tax return filing was a lack of guidance on many critical issues that directly affect how farm tax returns are prepared.  Many software programs until recently did not contain all of the required forms to file a farm tax return correctly.  Farm tax returns are now due April 15, 2019.  To waive the estimated tax penalty, all tax must be paid by April 15, 2019. A copy of the IRS news release is posted below. 02 | 24 | 19 IRS waives estimated tax penalty for farmers, fishermen who file returns and pay tax by April 15 IR-2019-28 WASHINGTON — The Internal Revenue Service will waive the estimated tax penalty for any qualifying farmer or fisherman who files his or her 2018 federal income tax return an