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