IRS reminder to farmers of March 1 deadline | KPMG | US
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March 1 deadline, no quarterly estimated tax payments by farmers

IRS reminder to farmers, fishers

The IRS today issued a release to remind farmers and fishers about the March 1 deadline to take advantage of special rules that allow them to forgo making quarterly estimated tax payments.

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As noted in the IRS release (IR-2018-34), any taxpayer with income from a farming or fishing business may be able to avoid making any estimated tax payments by filing the 2017 return and paying the entire tax due on or before March 1, 2018. This rule generally applies if farming or fishing income was at least two-thirds of the total gross income in either 2017 or the preceding tax year.

 

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 Cooperative Tax Services:

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

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