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IRS waives March tax filing deadline for farmers & ranchers

The Internal Revenue Service announced that it will extend the deadline for qualifying farmers and ranchers to file taxes to April 15.

“Our farmers and ranchers are facing real challenges right now, and they can’t afford additional costs from unnecessary tax penalties,” said Sen. John Hoeven in a news release issued Thursday. “With tax regulations only being issued earlier this month, it is unreasonable to expect agriculture producers to be able to meet a March 1 deadline. That’s why we contacted the IRS and the Treasury and helped secure this waiver, which allows farmers to file by April 15 without the added complications of paying a tax estimate beforehand or owing interest on delayed tax payments.”

While agriculture producers are allowed to request an extension beyond March 1, they would have been required to pay the estimated tax amount up front and would owe interest on the difference between the estimate and the amount in their final tax filing. On top of this, farmers would have faced increased accounting costs in order to both calculate the estimate and prepare their final tax filing.

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