Penalties waived for certain farmers/fisherman

The IRS has waived estimated tax penalties for farmers and fisherman who were not able to file by the March 1, 2012 due to failure to receive a 1099 from MF Global. (Farmers and fisherman are exempt form making estimated tax payments as long as they file and pay 100% of the tax due by March 1.)

To request a waiver of the estimated tax penalty, complete Form 2210-F, Underpayment of Estimated Tax by Farmers and Fisherman. As stated in the instructions to Form 2210-F, a short statement should be attached to the form stating that you received a late 1099 from MF Global. At the top of your Form 2210-F, write “MF Global”. Taxpayers should be aware that the Form 2210-F and accompanying Form 1040 cannot be submitted electronically. In the case of farmers who have filed their tax returns and an estimated tax penalty is assessed, please contact the IRS, identify this relief and the penalty will be abated.