The Missouri Department of Revenue is providing relief from possible penalties to farmers and fishermen who have not filed and paid their income taxes by March 1.
Farmers and Fishermen who choose not to make quarterly estimated income tax payments must normally file their returns as pay full amount of taxes 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 fisherman) additional time when filing their income taxes.
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