IRS announces late filing penalty relief for farmers, fishermen

Jan. 31, 2013

On Jan 18 the U.S. Internal Revenue Service issued a notice that the agency will provide relief from the estimated tax penalty for farmers and fishermen unable to file their 2012 tax returns by March 1 because of Congressional delays in enacting a new tax law.

The IRS is offering this relief because of its delayed ability to accept and process forms often used by farmers and fishermen, including Form 4562, Depreciation and Amortization.

Farmers and fishermen who do not make quarterly payments are normally required to submit their complete tax returns by March 1. This year, according to the IRS, they will not be subject to a penalty if they file their returns and all payments by April 15. Qualified taxpayers who request the penalty waiver must attach Form 2210-F to their respective returns.

To obtain a copy of the formal notice, access