Iowa Governor Chet Culver today has directed the Iowa Department of Revenue to grant special relief to farmers who have been affected by the recent storm and power outages that have affected much of Iowa.
Normally, individual taxpayers who are farmers must file and pay their 2006 Iowa individual income tax by March 1, 2007, to avoid penalties for failing to make estimated payments. Governor Culver has directed the Department of Revenue to extend the deadline until March 15, 2007, for these 2006 individual income tax returns by farmers to be filed. No Iowa penalty for failure to make estimated payments will be due for the 2006 tax year if these returns are filed by March 15, 2007.
The Internal Revenue Service announced that farmers may ask the IRS to waive any estimated tax penalties if the taxpayers were affected by the snowstorms that began on February 19, 2007.
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