IRS Provides Penalty Relief to Farmers and Fishermen

IRS Provides Penalty Relief to Farmers and Fishermen
The IRS announced that it will issue guidance in the near future to provide relief from the estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.

The delay stems from this month’s enactment of the American Taxpayer Relief Act (ATRA). The ATRA affected several tax forms that are often filed by farmers and fishermen, including the Form 4562, Depreciation and Amortization (Including Information on Listed Property).  These forms will require extensive programming and testing of IRS systems, which will delay the IRS’s ability to accept and process these forms.  The IRS is providing this relief because delays in the agency’s ability  to accept and process these forms may affect the ability of many farmers and fishermen to file and pay their taxes by the March 1 deadline. The relief applies to all farmers and fishermen, not only those who must file late released forms.

Paul French RTRP, ABA ® www.prep.1040.com/PFRENCHTAXSERVICE/ Member - Iowa Assoc. of Accountants, National Assoc. of Tax Professionals (NATP), National Society of Accountants (NSA), Board Member Iowa Chapter NATP, an Accredited Business Accountant ABA, an IRS Registered Tax Return Preparer RTRP