IRS Has Impeccable Timing (As Usual)
It was announced a couple of weeks ago that about 800,000 Form 1095-A were issued by the government with incorrect information. As a result of this error, the government has issued relief from certain filing requirements or penalties associated with these incorrect forms.
The latest News Release was released just last Friday indicating that qualifying farmers who normally file and pay by March 1 (March 2 this year due to Sunday being March 1) are now allowed to file and pay by April 15, 2015. If you are one of unlucky recipients of these wrong forms: you actually luck out this year and get to file and pay by April 15, 2015. If you have already filed your return, there is nothing more you need to do. If you have not filed, you have an extra 45 days or so to file your return without incurring any estimated tax penalty.
I have a feeling that this relief does not apply to many farmers, but again as usual, the timing by the IRS is impeccable.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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