IRS & IDR extends farmer deadline to April 15th
The Internal Revenue Service, and subsequently the Iowa Department of Revenue, have decided to waive the estimated tax penalty for any qualifying farmer who files and pays their 2018 tax returns and taxes due by Monday, April 15th. This decision was made primarily because of tax reform and the lack of guidance to determine the correct tax liability by today, March 1st.
In order to qualify for this waiver, the qualifying farmer must attach Form 2210-F to their 2018 income tax return. Besides filling out the taxpayer’s name and social security number, only the waiver box in Part 1, Box A, should be checked.
This extension has only been granted three times in the past, under very specific circumstances, so don’t get used to this relief.