Farmers by March 1st

[terry]

Are farmers going to get an extension if have not paid any estimates.

Due to 4562. I alot of them,usually pay by March 1st.

[jainen]

>>Are farmers going to get an extension if have not paid any estimates.<<

Good question. A taxpayer can use Form 2210 to request a waiver of the penalty for "unusual circumstances." I would recommend a good faith estimate be paid by March 1st, even if the return can not be filed.

[Dan]

Don't you mean form 2210-F

[kcjenkins]

From the IRS today:

Normally, farmers and fishermen who choose not to make quarterly estimated tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1. Under the guidance to be issued, farmers or fishermen who miss the March 1 deadline will not be subject to the penalty if they file and pay by April 15, 2013. A taxpayer qualifies as a farmer or fisherman for tax-year 2012 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2011 or 2012.

Farmers and fishermen requesting this penalty waiver must attach Form 2210-F to their tax return. The form can be submitted electronically or on paper. The taxpayer’s name and identifying number should be entered at the top of the form, the waiver box (Part I, Box A) should be checked, and the rest of the form should be left blank

[APF]

Does anyone know if any states are jumping in with IRS on waiving the March 1st deadline? It would make it much more efficent for us if we can prepare state and federal together.