FOR IMMEDIATE RELEASE:
January 29, 2013
FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax
State Follows IRS in Providing Penalty Relief to Farmers and Ranchers
LINCOLN – The Nebraska Department of Revenue will follow the decision of the IRS to provide relief to farmers and ranchers on the estimated income tax penalty. Due to the previously-announced delay in finalizing some federal tax forms used by farmers and ranchers, the March 1 deadline has been moved to April 15, 2013. This will primarily impact calculations and penalties associated with the Nebraska Individual Underpayment of Estimated Tax, Form 2210N, filed with the Nebraska Individual Income Tax Return, Form 1040N.
Normally, farmers and ranchers who choose not to make quarterly estimated income tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1. Under the guidance issued by the IRS, farmers and ranchers who miss the March 1 deadline this year will not be subject to the penalty if they file and pay by April 15, 2013.
Affected taxpayers must check the Farmer/Rancher box on the Nebraska Form 1040N to avoid imposition of any Form 2210N penalty.
Douglas A. Ewald