Will March 1 Filing Date Get Extended?

Many farmers typically file their return by March 1. In that case, as long as they file AND pay the tax by that date, there is no requirement for paying an estimated tax payment on January 15.

The IRS extended this due date about 5 years ago when an Tax Extenders bill was passed late in the year and IRS and income tax software companies were not ready with their computer systems.

This tax season is not exactly the same. However, we know that the IRS and the income tax software providers are not all caught up. Based on emails that we have received from income tax preparers all over the country, none of the software companies appear to have much of an handle (or any at all) on the cooperative transition income tax treatment.

There has been no guidance from the IRS directly on this issue and it would appear that there is even more authority for them to extend the March 1 deadline to April 15 than the last time.

March 1 is this Friday and it would be welcome relief if the IRS issued guidance on Monday regarding this due date. We will keep you posted.

  • Principal
  • CliftonLarsonAllen
  • Walla Walla, Washington
  • 509-823-2920

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.

Comments

Any word yet on if they extended the March 1st deadline?

Hello Paul, Yes it would be a great thing to know before the last day!!

Just found where to enter the DPAD information. My client has a schedule F, go to tab 1099P.
Line 6 I believe is where you enter the amount. I hope this is correct!!!

It would be a welcome move – but would be nice to know sooner rather than later. I am still getting software updates that make me wonder about the previous returns that are out.

My software finally released a patch this last week that releases the hold for filing returns with 1099-PATR forms on them but they certainly do not have an understanding of the treatment of cooperative sales at all. I’m having to override the calculations on every return.

I am hoping for that!!
So that I am not here at 4:36 AM for the rest of the week.