Penalty Relief for Estimated Tax Due Janary 15, 2013

Due to the delay in releasing tax forms and processing for the 2013 tax filing season, LDR will provide penalty relief to some taxpayers:

  1. Exception to Estimated Payment Declaration Requirement—Revised Statute 47:116(F) allows an exception for taxpayers who are required to pay estimated taxes. Under normal circumstances, if the taxpayer files their income tax return and pays the tax in full on or before January 31st, there is no Underpayment of Estimated Tax (UET) Penalty on the estimated payment due January 15th.  LDR has extended the January 31st deadline for the 2012 tax year to February 15, 2013.
  2. Exception to Estimated Payment Declaration Requirement for farmers and fishermen—Revised Statute 47:116(F) allows an exception for farmers and fishermen required to pay estimated taxes. Under normal circumstances, if the qualifying farmer or fisherman files their income tax return and pays the tax in full on or before March 1st, there is no Underpayment of Estimated Tax (UET) Penalty.  The IRS has already extended this date to April 15,2013 due to the fact that some schedules used by farmers & fishermen will not be ready prior to March 1st.  LDR will follow the IRS lead and extend the March 1st deadline to April 15, 2013.

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