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January 25, 2013

IRS Penalty Relief to Farmers and Fisherman Affected by American Taxpayer Relief Act of 2012 (ATRA)

On January 18, Internal Revenue Service (IRS) published IR 2013-7 providing relief to farmers and fishermen affected by the delay in processing returns caused by the enactment of the American Taxpayer Relief Act of 2012 (ATRA) on January 2, 2013. Farmers and fishermen who miss the March deadline will not be subject to the estimated tax penalty if they file and pay by April 15, 2013. California will provide a similar relief process.

Have not yet filed your return?
To request a waiver of the estimated tax penalty, taxpayers who have not yet filed their returns, need to complete Form 5805F, Underpayment of Estimated Tax by Farmers and Fishermen. On line 17, state the reason for the waiver request is “ATRA.” The form 5805F provides detailed instructions on how to complete line 17.

Important: In order to process your return correctly, you must fill in the circle on Form 540, line 113; Long Form 540NR, line 123; or Form 541, line 42.

Already filed your return?
To request a waiver of the estimated tax penalty if you have already filed your return, complete Form 5805F, line 17, stating the reason for the waiver request is “ATRA.” The form 5805F provides detailed instructions on how to complete line 17. You can fax your waiver request to 916.845.9300 or mail it to:

FRANCHISE TAX BOARD
PO BOX 942840
SACRAMENTO, CA 94240-0040

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