Farm & Ranch News
Go Back
2013-03-07

IRS waives penalties for farmers before April 15

Contributed

The Internal Revenue Service (IRS) will not penalize farmers unable to file and pay their 2012 taxes by March 1 deadline, due to the IRS's delayed start for filing tax returns.
"Farm Bureau alerted the IRS of this issue in January," said Barbara Mazurek, president of the Bandera County Farm Bureau. "We are glad the IRS was responsive and allowed penalty waivers to give farmers more time to file."
Farmers who choose not to make quarterly estimated tax payments usually are not required to pay a penalty if they file their returns and pay the full amount of tax due by March 1. Under the current IRS guidance, farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15.
"Farmers should be aware that they still must file paperwork to be exempt from any penalty," Mazurek said.
Farmers requesting the penalty waiver must attach Form 2210-F to their tax return.
The taxpayer's name and identifying number should be entered at the top of the form, the wavier box should be checked, and the rest of the form should be left blank.
To access forms, instructions and other tax assistance, visit the IRS website at www.irs.gov.