AGRIBUSINESS: IRS Extends Tax Deadline
Last week, Iowa Senator Chuck Grassley urged the Treasury Department and the Internal Revenue Service to grant penalty relief to family farmers forced to file their taxes late.
Some farmers face a filing deadline of March 1st, but Grassley argues the fiscal cliff debate and tax legislation enacted at the start of the year delayed the 2012 tax year filing season.
In a letter to Treasury Secretary Timothy Geithner and IRS Acting Commissioner Steven Miller, Grassley said farmers shouldn’t be penalized for the failure of the President and Congress to act on tax legislation on a timely basis.
The IRS response was to move the tax filing deadline from March 1st to April 15th this year. The IRS will soon issue guidance to provide relief for farmers and fishermen unable to file and pay their 2012 taxes by March 1st.
Farmers and fishermen who request the penalty waiver must attach Form 2210-F to their tax return. They will need to enter the taxpayer’s name and identifying number at the top of the form, check the waiver box, and leave the rest of the form blank. For forms, instructions and other tax assistance, farmers can visit www.irs.gov.