← FarmCPA Home

No AMT Extender May Prevent Farmers From Filing on March 1

By: | Trackback URL | 1 Comment

November 14th, 2012

Steven Miller, Acting Commissioner of the IRS wrote a letter dated November 13, 2012 to select members of Congress informing them on the possible delays in processing 2012 income tax returns if the AMT patch is not enacted.

Under current law, it is estimated that 28 million additional taxpayers will pay some Alternative Minimum Tax (AMT) for 2012 tax returns unless the AMT patch is enacted.  If the patch is passed, then only about 5 million taxpayers would be subject to the tax.

Mr. Miller explained that the IRS is ASSUMING that Congress will pass the AMT extender bill before December 31, 2012 and if so, they will be able to process returns with minimal delay.  However, if Congress does not pass an extender bill or waits until sometime in 2013 to pass it, he indicates that the IRS may not be able to process any returns affecting up to 60 million taxpayers including most farmers until late March, 2013.

The extension of the AMT patch is fairly easy to program into the system since it involves changing a few numbers.  If the extender is not passed, then the IRS has to completely rewrite their code to handle the new ordering rule of many tax credits for AMT purposes and this is what would take the extra time.

As we have indicated in many other posts, you may want to consider making a required estimated tax payment on January 15, 2013 and then file your return by April 15.  This could save you much time and aggravation, especially in 2013.

We will keep you posted.

Paul Neiffer, CPA

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation.

More Posts - Website

Follow Me:
Twitter

← FarmCPA Home

1 Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Subscribe to this blog by:

Previous Posts

Events

View upcoming speaking engagements and other networking events for Paul Neiffer and CliftonLarsonAllen’s agribusiness team.

See All

  • Twitter Feed

    Sort of sad all of the orange groves that have been pulled out due to drought 2 days ago

    Traveling north of Bakersfield CA. Orange groves by the dozen 2 days ago

    When "bullish" corn reports lead to flat closes what is Mr. Market telling you. Be careful. 2 weeks ago

    2010 spring corn price was $3.99. Only four years ago. 3 weeks ago

    Two good days to lock in decent prices on corn and beans. Did you take advantage of the opportunity 3 weeks ago

    Very little change on corn intentions in key corn belt state. Almost all reductions in fringe states such as ND down 1 million acre 3 weeks ago

    North Dakota up 1 million Minnesota up 700k and Nebraska up 600k represent almost half of the 5 million increase in bean acres 3 weeks ago

    Just spoke for 45 minutes on new farm bill to a group of 100 Minnesota and Wisconsin Co-op board members. No one fell asleep. 4 weeks ago

    Hard to beat spring time in the Pacific Northwest. 4 weeks ago

    Kansas City can be windy this time of year. Just got done taping with a farm family. Check it out on #agday next Friday 1 month ago