The IRS announced today that it will waive penalties for farmers and fishermen who do not meet the usual March 1st filing deadline. This essentially extends that federal deadline to April 15th for those qualifying taxpayers who in either tax year 2017 or 2018 received at least two-thirds of his or her total gross income from farming or fishing.
The IRS released a statement claiming the agency “is providing this relief because, due to certain rule changes, many farmers and fisherman may have difficulty accurately determining their tax liability by the March 1 deadline that usually applies to them.”
Further details can be found in Notice 2019-17 on IRS.gov. For questions concerning this news, please contact your local Scheffel Boyle office.