Article Posted on 03/08/2019
There is a special rule for Schedule F farmers that says that they don’t have to make quarterly tax estimates if they file their tax return on March 1st. With the IRS tax forms and 1099 type forms not coming out until late January this really makes it hard for farmers to accumulate their information and for tax preparers to get the returns completed in time. Most tax preparers that file tax returns for farmers burn the midnight oil in February to make sure that they follow the law. This was even more difficult this year because of the new tax law and the complications with the 20% 199A deduction and the late regulations regarding rents and coops.
So most farm returns were probably either done or well in process by February 28th. So what does the IRS do? On February 28th, the day before the due date, the IRS announces that farmers could wait until April 15th to file their return and not be assessed a penalty.
Thanks IRS, you could have told us sooner and relieved a lot of stress.