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Next Generation Farming

IRS Filing Deadline for Farmers Delayed

IRS lifts the penalty for farmers if they miss the March 1 filing date

Rarely am I glad to hear any news from my accountant about the IRS, but this news came as a bit of a surprise: Our filing date for taxes this year has been pushed back to April 15.

According to the IRS's statement released January 18, farmers and fisherman who miss the March 1 deadline will not be subject to a penalty if they file and pay by April 15.

Apparently Congress isn't the only place struggling with internal operations.

The decision to move the filing date for farmers and fishermen from March 1 to April 15 is because of complications in implementing the American Taxpayer Relief Act, or ATRA, that Pres. Obama signed into law at the start of the year following the "fiscal cliff" crisis. The act affected several tax forms dealing with farmers and fishermen, specifically Form 4562 on Depreciation and Amortization.

According to their announcement, "These forms will require extensive programming and testing of IRS systems, which will delay the IRS's ability to accept and process these forms. The IRS is providing this relief because delays in the agency's ability to accept and process these forms may affect the ability of many farmers and fishermen to file and pay their taxes by the March 1 deadline."

A guidance regarding the rescheduled tax deadline is also expected to be issued sometime "in the near future," according to their statement.

Not that this changes things much. We still have to pay our taxes, and Washington D.C., is still dysfunctional. But for farmers who are staring at a serious tax bill this year, this will come as some minor relief. That's one less month you'll have to pay on interest if you have to take out a loan to cover your taxes this year.

But given a choice between an extra month-and-a-half to pay taxes and a less dysfunctional Congress, I think most of us would probably choose the latter.

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