Has anybody heard that we may get an extension on farmers this year from the file and pay by 3-01. Several of my farmers won't have their other 1099 stmts by then. Just wondering.
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Wondering same thing. Our farmers are procrastinating and some co-ops are late. If the farmer made their estimated payment by Jan 15th, then April 15th is deadline.Last edited by Twin Turbo Z; 02-12-2021, 04:15 PM. -
Actually, isn't Apr 15 the filing deadline regardless? Filing by March 1 is optional, right?Originally posted by Twin Turbo Z View Post
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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If the farmer doesn't make estimated payments, March 1 is the filing deadline with no penalty.Originally posted by Rapid Robert View PostJiggers, EAComment
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Answer from today's IRS news release:
"IRS reminds farmers and fishers of March 1 tax deadline
WASHINGTON — The Internal Revenue Service is reminding those with income from a farming or fishing business can avoid making any estimated tax payments by filing and paying their entire tax due on or before March 1.""You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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I was wondering the same thing. Client is waiting for his 1099's from his two brokerage accounts. I am also waiting for further information on COVID-19 grants from SBA and USDA. May be taxable, may not be taxable. and 1099MISC was received from both with no further information.
Someone said that if there is a federal disaster declaration that the IRS "might" change the date. Last word is that the Texas Governor has requested the federal disaster declaration.
My large farmer will owe about $300,000. My intention is that if the 1099's and information is not here in time, and there is no response from the IRS Disaster Declaration, I will suggest to my farmer to send in a 1040-Voucher that is normally used to send in a balance due payment with the $300,000. And then file the return when the information is here.
The missing items and information is probably in the mail. In my town there has been no mail received at our one post office since 2/15 and there has been no delivery to mail boxes or P. O. Boxes since then.Jiggers, EAComment
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The covid monies showing up on USDA 1099G is all taxable. Refer to IRS Farm Handbook.Comment
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Well TX has now been declared some kind of disaster area, so we'll see.
The thing is, the underpayment of estimated tax "penalty" isn't really a penalty, it's just an interest charge, at 3% annually. Where else can you write yourself a loan with no credit check, no collateral, pay back whenever you want up to Apr 15, at only 3%? If the taxpayer owes $300K and hasn't paid a penny of it yet, I hope they had it invested in the stock market or bitcoin, where they probably did a lot better than 3%."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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That is probably what I would do too - make sure the full balance due payment is made by Mar 1st. But still no guarantees without IRS providing guidance. If nothing else, at least it will stop the underpayment interest clock from running from Mar 1st to Apr 15th, that's six weeks of interest avoided.Originally posted by Jiggers View Post
"You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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From the IRS yesterday for Texas:
"The tax relief postpones various tax filing and payment deadlines that occurred starting on Feb. 11. As a result, affected individuals and businesses will have until June 15, 2021, to file returns and pay any taxes that were originally due during this period."
So does this mean that the Farmers that have a March 1, 2021 due day now have an extension to June 15, 2021?
Jiggers, EAComment
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