IRS reminder: March 1 deadline for farmers or fishers not making quarterly estimated tax payments
Special rule applies to taxpayers whose farming or fishing income was at least two-thirds of their total gross income
Farmers or fishers not making quarterly estimated tax payments
The IRS today issued a release to remind those with income from a farming or fishing business to file and pay their entire tax due on or before March 1, 2023, if they did not make estimated tax payments.
As noted in the IRS release—IR-2023-34 (February 28, 2023)—this special rule applies to taxpayers whose farming or fishing income was at least two-thirds of their total gross income in either the current or the preceding tax year.
Taxpayers opting to file by the regular April 18 deadline had to make an estimated tax payment by January 17 to avoid an estimated tax penalty.
Special rules for disaster areas
“Disaster-area taxpayers,” including farmers and fishers, have more time to file and pay. Affected taxpayers in Alabama, California, and Georgia, have until October 16, 2023, to file their 2022 return and pay any tax due. Read TaxNewsFlash
For more information, contact KPMG’s National Director of Cooperative Tax Services:
David Antoni | dantoni@kpmg.com
Associate National Director of KPMG’s Cooperative Tax Services:
Brett Huston | bhuston@kpmg.com
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