What to know about Farmers and fishers deadline in Lacerte (03/01/2024)

[IntuitBettyJo]

Updated 3/1/2024: It’s farmer’s day. Here are reminders of what to check and how to change the payment date if you need to:

To make sure the March 1st due date is showing on the returns in Lacerte: 

To update the letter:

1. Go to the Invoice, Letter, and Filing Instructions Screen 5.1:
2. Scroll down to the Client Letter section.
3. Enter the date in the Due date of return [O] in MM/DD/YY format.

To update the payment date:

1. Go to Screen 3 Miscellaneous Info./Direct Deposit.
2. From the Sections select Direct Deposit of Refund/Electronic Payment.
3. Check the box Electronic payment of balance due.
4. Enter the payment date in Electronic payment date [O] 

For tax year 2023, Form 3800 is undergoing a major IRS rewrite that expands the form to 8 pages. For 1040 returns, the needed calculations for Form 3800 have been released. Calculations for Elective Payments and Transfers are still pending product changes. For business returns, Form 3800 is still under development.

The Internal Revenue Service today reminded farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024.

The special March 1, 2024, deadline applies to anyone who qualifies as a farmer or fisher and didn't make an estimated tax payment by Jan. 16, 2024. Those who made a qualifying payment by Jan. 16, 2024, can wait until the regular April 15, 2024, deadline to file and still avoid estimated tax penalties. 

For more info, see here.

Some related resources:

• Generating the Schedule J
• Common questions about Schedule F
• How to make Estimated Tax Payments for the Federal Return
• Generating Form 2210F
• Disaster area tax extension

[IntuitBettyJo · Accepted solution]

The Internal Revenue Service today reminded farmers and fishers who chose to forgo making estimated tax payments by January that they must generally file their 2023 federal income tax return and pay all taxes due by Friday, March 1, 2024.

The special March 1, 2024, deadline applies to anyone who qualifies as a farmer or fisher and didn't make an estimated tax payment by Jan. 16, 2024. Those who made a qualifying payment by Jan. 16, 2024, can wait until the regular April 15, 2024, deadline to file and still avoid estimated tax penalties. 

For more info, see here.

Note: For tax year 2023, Form 3800 is undergoing a major IRS rewrite that expands the form to 8 pages. This form is still in development, pending a future release. Form 1120S and 1065 filers that require Form 3800 may want to consider filing extensions.

Some related resources:

• Generating the Schedule J
• Common questions about Schedule F
• Need more time? See How to file extensions
• How to make Estimated Tax Payments for the Federal Return
• Generating Form 2210F
• Disaster area tax extension