The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Paul is now part of the fourth generation in America that is involved in farming and hopes the next generation will be involved also. Through his blog he provides analysis and insight to farmer tax questions.
Many farmers typically file their return by March 1. In that case, as long as they file AND pay the tax by that date, there is no requirement for paying an estimated tax payment on January 15.
The IRS extended this due date about 5 years ago when an Tax Extenders bill was passed late in the year and IRS and income tax software companies were not ready with their computer systems.
This tax season is not exactly the same. However, we know that the IRS and the income tax software providers are not all caught up. Based on emails that we have received from income tax preparers all over the country, none of the software companies appear to have much of an handle (or any at all) on the cooperative transition income tax treatment.
There has been no guidance from the IRS directly on this issue and it would appear that there is even more authority for them to extend the March 1 deadline to April 15 than the last time.
March 1 is this Friday and it would be welcome relief if the IRS issued guidance on Monday regarding this due date. We will keep you posted.
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