IRS Issues Notice on Estimated Tax Penalties Relief for Farmers, Fishermen Due to Form 8995 Issues

The IRS has waived the addition to tax under I.R.C. §6654 for underpayment of estimated income tax by qualifying farmers and fishermen for the 2025 taxable year. The relief addresses unusual circumstances where taxpayers experienced difficulty preparing and filing complete federal income tax returns that include Form 8995 due to corrected instructions and delayed software availability. Qualifying farmers and fishermen who file their calendar-year 2025 tax return and pay any tax due by April 15, 2026, will receive automatic relief from estimated tax penalties. Taxpayers who already filed returns and reported the penalty may request abatement by filing Form 843. ...