James D. Lynch
IRS Waives Tax Penalty for Farmers and Fishermen
The Internal Revenue Service will waive the estimated tax penalty for any qualifying farmer or fisherman who files their 2018 federal income tax return and pays any tax due by Monday, April 15, 2019.
The IRS is providing this relief because, due to certain rule changes, many farmers and fishermen may have difficulty accurately determining their tax liability by the March 1 deadline that usually applies to them. For tax year 2018, an individual who received at least two-thirds of his or her total gross income from farming or fishing during either 2017 or 2018 qualifies as a farmer or fisherman.
To be eligible for the waiver, qualifying taxpayers must attach Form 2210-F to their 2018 income tax return. The taxpayer’s name and tax ID number are entered at the top of the form, and the waiver box (Part I, Box A) should be checked. The rest of the form should be left blank.