Tax Break for Storm-Hit Farmers Wednesday February 28, 3:35 pm ET Storm-Hit Farmers and Fishermen Get IRS Payment Reprieve
WASHINGTON (AP) -- Farmers and fishermen hit by a Feb. 19 snowstorm can ask the Internal Revenue Service to waive any estimated-tax penalties, the tax agency said Wednesday. The IRS said the timing and suddenness of the storm, which swept across the Great Plains, the Midwest and the Northeast and caused power outages, may have made it difficult to file 2006 calendar year returns by March 1.
Farmers and fishermen, defined as those getting two-thirds of their income from those occupations, have the option of making an estimated tax payment on Jan. 16, prior to filing their April return. Those who don't make the estimated payment must file by March 1.
Those seeking a waiver of an estimated tax penalty should ask for Form 2210-F and attach a note specifying that it is a request for a waiver due to winter ice storms, the IRS said.