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2019-07: California provides estimated tax extension for farmers and fishermen

The FTB has announced that California will follow the IRS and waive the estimated tax penalty for any qualifying farmer or fisherman who files their 2018 federal income tax return and pays any tax due by Monday, April 15, 2019, rather than the March 1, 2019, due date.

The penalty relief is not automatic. Taxpayers must request relief on Form FTB 5805F, Underpayment of Estimated Tax by Farmers and Fishermen. On line 16, state that the reason for the waiver request is “IRS Notice 2019-17.”

The April 2019 issue of Spidell’s California Taxletter will have additional information on this relief and filing Form FTB 5805F. Click here and subscribe today.