WITAXLADY Posted February 27, 2023 Report Share Posted February 27, 2023 So a farmer, Sch F does not have to pay until March 1st if filing by 3/1 So if the farm is now an S corp and the individual is no longer a farmer but a Shareholder - does he still owe by 3/1? or by April 15th? Bu then he would have to be making estimates? If he does not have all his stuff together - can he make a payment 3/1 and that is good? and finish up later? Thx d Quote Link to comment Share on other sites More sharing options...
schirallicpa Posted February 27, 2023 Report Share Posted February 27, 2023 I think all the March 1st deadline does is keep away the penalties. Otherwise, they follow the April 15 deadline but can be assessed penalty for not paying by the 3/1 deadline. I believe that when they are a S corp the S corp follows normal reporting on 3/15 and then the shareholders follow the april 15 deadline for filing. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted February 27, 2023 Report Share Posted February 27, 2023 It was my understanding that a farmer had to FILE and PAY by March 1 to avoid the penalty for not making estimated tax payments. As long as two-thirds of the gross income is from farming, I think he or she would still be a farmer for this purpose, even if filing as an S-corporation, although I would be more confident if it were a partnership since I have had that situation. However, i think to use that exception to the penalty, the corporation return and the individual return would both have to be filed by March 1. Quote Link to comment Share on other sites More sharing options...
DANRVAN Posted February 27, 2023 Report Share Posted February 27, 2023 3 hours ago, WITAXLADY said: o if the farm is now an S corp and the individual is no longer a farmer but a Shareholder The wages he receives as a shareholder/employee do not count as gross income from farming and therefore do not count towards the special estimated tax payment rules of section 6654(i) for farmers. 3 hours ago, WITAXLADY said: If he does not have all his stuff together - can he make a payment 3/1 and that is good? Even if he met the estimated tax exception for farmers, he would have to either make his estimated payment by January 15th; or file and pay by March 1st. 2 Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted March 8, 2023 Author Report Share Posted March 8, 2023 Thank you He paid but didn't file as last of dividend paperwork not in will have to see the repercussion.. Darn stock companies - really messing tax returns up this year Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.