The Missouri Department of Revenue is providing relief from possible penalties to farmers and fishermen who have not filed and paid their state income taxes by March 1.
Farmers and fishermen who choose not to make quarterly estimated income tax payments must normally file their returns and pay the full amount of tax due by March 1.
If the deadline is missed, they could be subject to penalties. However, this year the late enactment of the American Taxpayer Relief Act by the U.S. Congress shortened the time period the Internal Revenue Service could accept tax returns. The result of this situation is that the IRS will consider the tax returns from farmers and fishermen to be timely until April 15, even if they make quarterly estimated payments. The Missouri Department of Revenue has also decided not to impose any underpayment penalties for missing the March 1 deadline.
Brian K. Long, director of the Missouri Department of Revenue, said this decision gives the large number of Missouri farmers (and the smaller number of fishermen) additional time when filing their income taxes.
“Agriculture is a vital industry in Missouri, so if unusual circumstances make it difficult for farmers to file their tax returns on time, the Department will make it as easy as possible for them to comply with Missouri’s tax laws,” Long said.
A taxpayer qualifies as a farmer or fishermen for Tax Year 2012 if at least two-thirds of the filer’s total gross income was from farming or fishing in either 2011 or 2012.
For more information on income tax filing with the Missouri Department of Revenue, go to http://dor.mo.gov/personal/individual/. Information about filing for farmers and fishermen can be found at the IRS’ website at http://www.irs.gov/uac/Newsroom/IRS-Provides-Penalty-Relief-to-Farmers-and-Fishermen.