Underpayment of Estimated Income Tax Penalty Waiver for Farmers and Fishermen
Thursday, March 21, 2019
Posted by: Ann Lupo
LCPA's advocacy efforts to get complimentary penalty relief for Louisiana farmers and fishermen was a success. As explained in IRS Notice 2019-17, due to “certain changes in the rules that affect farmers and fishermen, the Treasury Department and IRS anticipate that farmers and fishermen may have difficulty accurately determining and paying their tax liability for the 2018 taxable year by March 1, 2019.” Therefore, the IRS is granting a waiver of the 2018 estimated income tax penalty to certain farmers and fishermen.
Accordingly, on March 20, LDR Secretary Kimberly Lewis Robinson issued RIB 19-007 for complimentary relief provided certain requirements are satisfied.