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Archive for Thursday, February 28, 2008

Farmers are facing revised tax forms

February 28, 2008

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Agricultural industry taxpayers, farmers and fishermen, who electronically file Form 1040 returns with Form 4136, Credit for Federal Tax Paid on Fuels, must wait until Monday to e-file the newly-revised form.

In a reminder announcement Wednesday, the IRS said that normally, 1040 filers who are farmers or fishermen would not be required to make an estimated tax payment if they filed their return and paid all taxes due by Saturday. The weekend deadline pushed the due date back to Monday.

For eligible farmers and fishermen who attach Form 4136 to their Form 1040, the return will be considered timely filed with all tax paid if the return is e-filed and accepted on or before March 10 and all tax due is paid on or before March 10, the IRS said.

The delay does not affect farmers and fishermen who are not attaching Form 4136. Also, paper filers - whether or not they are attaching Form 4136 - are not eligible for the extra time.

Form 4136 has been updated to reflect changes relating to the Leaking Underground Storage Tank tax, which was part of the Tax Technical Corrections Act of 2007, enacted Dec. 29.

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