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IRS grants estimated tax penalty relief for individual farmers, fishermen

Estimated tax penalty relief for farmers, fishermen

The IRS today issued a release concerning an extension of the March 1 deadline for farmers and fishermen to make their estimated tax payment before being subject to estimated tax penalties.

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The IRS transmittal message notes that as long as eligible farmers and fishermen file and pay the full amount of tax reported on their 2018 return by April 15, 2019 (or by April 17, 2019, for those taxpayers who live in Maine or Massachusetts), there will be relief available from estimated tax penalties.

The IRS also today released an advance version of Notice 2019-17 [PDF 13 KB] announcing the waiver of the addition to tax under section 6654 for underpayment of estimated income tax by qualifying farmers and fishermen for the 2018 tax year.

 

For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni | +1 (267) 256-1627 | dantoni@kpmg.com

Or Associate National Director of KPMG’s Cooperative Tax Services:

Brett Huston | +1 (916) 554-1654 | bhuston@kpmg.com

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