The IRS recently announced that it will give farmers additional time to pay their taxes this year. Because of the fiscal cliff fix, the filing season for 2013 does not start until January 30th. This delay was a cause for concern for many farmers. Farmers generally must file returns and pay tax by March 1st. As a result, the filing season delay would cause a time crunch for many farmers. To address this issue, the IRS will allow farmers to file and pay their taxes by April 15th.
The penalty relief may provide tax opportunities for farmers because of its broad applicability. The relief applies to all farmers, as defined by the IRS, not just those who would be unable to file in time. It will give farmers more time to pay their taxes and more time to review their returns. As a result, farmers who meet the IRS’s requirements and make the proper election may benefit from this time extension.
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