The IRS is offering penalty relief to eligible fishermen and farmers who were unable to timely file Form 8995, “Qualified Business Income Deduction Simplified Computation,” with their 2025 tax returns due to corrected Form 8995 instructions and delayed software updates. Normally, individuals earning at least two-thirds of their income from fishing or farming can avoid estimated tax underpayment penalties by filing their return and paying the full tax due by March 1 (or the next business day if March 1 is on a weekend). This year, under Notice 2026-24, the IRS will waive certain penalties for qualifying taxpayers who file and pay taxes due in full by April 15, 2026. Contact us with questions.