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LET IT SNOW: MARCH 1 FARM FILERS GET ICE STORM EXTENSION

February 28, 2007

Farmers who are slip-sliding to their mailbox to mail their returns by March 1 can skate back inside. The IRS today announced that it is waiving the March 1 deadline for farmers and fishermen affected by the recent ice storms. From the announcement:

Generally, farmers and fisherman can avoid an estimated tax penalty if they file their returns and pay the full amount of tax shown on their return by March 1, 2006. An individual is a farmer or fisherman for these purposes if two-thirds of the individual�s total gross income for the taxable year or the preceding taxable year is from farming or fishing (including oyster farming).

If a taxpayer has an underpayment of estimated tax, all or part of the penalty for the underpayment may be waived if the IRS determines that the underpayment was due to a casualty, disaster or other unusual circumstance and it would be inequitable to impose the penalty.

To request a waiver of the estimated tax penalty, complete Form 2210-F Underpayment of Estimated Tax by Farmers and Fisherman. As indicated in the instructions, attach a statement explaining the reasons you are unable to meet the estimated tax requirements. At the top of your request write �Request for Waiver Due to Winter Ice Storms�.