IRS reminds farmers, fishermen of March 1 deadline | KPMG | US

IRS reminds farmers, fishermen of March 1 deadline

IRS reminds farmers, fishermen of March 1 deadline

The IRS today issued a release as a reminder to farmers and fishermen of a March 1 deadline for them to take advantage of special rules allowing eligible taxpayers to forgo making quarterly estimated tax payments.

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As explained in today’s IRS release [PDF 58 KB], taxpayers with income from farming or fishing have until March 1, 2017, to file their Form 1040 for 2016 and to pay the amount of tax due to avoid making estimated tax payments. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either the current or the preceding tax year. Farmers and fishers that do not file by March 1 must have made an estimated tax payment by January 17, 2017, to avoid a penalty. 

 

For more information, contact KPMG’s National Director of Cooperative Tax Services:

David Antoni | +1 (267) 256-1627 | dantoni@kpmg.com

 

Or Associate National Director of KPMG’s CooperativeTax Services:

Brett Huston | +1 (916) 554-1654 | bhuston@kpmg.com

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