Department of Revenue Provides Underpayment of Estimated Tax Interest Relief to Farmers and Fishermen
The American Taxpayer Relief Act (ATRA) signed by President Obama on January 2, 2013, required revisions to the Internal Revenue Service (IRS) forms and processes. Included were revisions impacting farmers and commercial fishermen. The revisions may affect the ability of many farmers and fishermen to file and pay their taxes by the March 1 deadline. Therefore, farmers or commercial fishermen who miss the March 1 deadline will not be subject to estimated tax interest if they file their return and pay the total tax due in full on or before April 15, 2013.