IRS to provide estimated tax penalty relief to farmers, fishermen

IRS to provide estimated tax penalty relief

The IRS announced that it is providing relief from the estimated tax penalty for farmers and fishermen who are unable to file and pay their 2014 taxes by the deadline of March 2, 2015, because of the delay caused by the corrected premium tax credit forms (Form 1095-A) from the Health Insurance Marketplace. Taxpayers will now have until April 15, 2015, to file their 2014 returns and pay any tax due.

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Notice 2015-22 provides for waiver of the addition to tax under section 6654(a) for underpayment of estimated taxes for those farmers and fishermen who received erroneous 2014 Forms 1095-A and who file and pay by April 15, 2015

According to a separate IRS release, farmers and fishermen requesting this penalty waiver must attach Form 2210-F to their tax return.

 

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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