Hoeven: IRS Waives March Tax Filing Deadline for Farmers & Ranchers

Senator Worked with IRS, Treasury to Ensure Ag Producers Would Not Face Additional Costs Due to Delayed Tax Regulations

WASHINGTON – Senator John Hoeven today issued the following statement after the Internal Revenue Service (IRS) announced that it will extend the deadline for qualifying farmers and ranchers to file taxes to April 15. Hoeven worked to secure this relief in response to concerns that many farmers would be unable to properly file their taxes by the usual deadline of March 1, as the IRS recently issued final regulations implementing sections of the Tax Cuts and Jobs Act related to farm income on February 8.

“Our farmers and ranchers are facing real challenges right now, and they can’t afford additional costs from unnecessary tax penalties,” said Hoeven. “With tax regulations only being issued earlier this month, it is unreasonable to expect agriculture producers to be able to meet a March 1 deadline. That’s why we contacted the IRS and the Treasury and helped secure this waiver, which allows farmers to file by April 15 without the added complications of paying a tax estimate beforehand or owing interest on delayed tax payments.”

While agriculture producers are allowed to request an extension beyond March 1, they would have been required to pay the estimated tax amount up front and would owe interest on the difference between the estimate and the amount in their final tax filing. On top of this, farmers would have faced increased accounting costs in order to both calculate the estimate and prepare their final tax filing. 

Accordingly, Hoeven worked with officials at the IRS and the U.S. Treasury to provide today’s waiver, removing the risk of increased costs and providing much-needed relief for farmers. Farmers looking to request the waiver must include Form 2210-F, which can be found here, with their 2018 tax return. The IRS’ full announcement can be read here.