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IRS Issues Guidance on Federal Tax Filing Deadline Extension

IRS Issues Guidance on Federal Tax Filing Deadline Extension

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Earlier this month, the Internal Revenue Service (IRS) announced a one-month extension for taxpayers to file their individual returns and pay 2020 federal taxes due without additional penalty. The new deadline of Monday, May 17th also applies to IRA, Roth IRA, and HSA contributions for 2020.

The IRS clarified in formal guidance issued earlier today that this deadline extension DOES NOT apply to other tax returns that are due on April 15th, such as C corporations, trusts, and gifts, as well as first quarter 2021 estimated tax payments. Those returns and payment remain due by April 15, 2021.

Most individual states that impose income tax have followed suit with the federal tax filing extension. Arizona is not one of them; however, a measure to conform to the extended federal tax filing deadline has been introduced and passed by a legislative committee. We will keep you updated on this legislation, but for now, plan to file your Arizona state income tax by April 15th.

At Price Kong, it is business as usual. We are working to meet the original April 15th deadline. To that end, we intend to keep and maintain our internal individual and group performance goals in place as if April 15th were still the original deadline so that work can be completed without modifying firm or client expectations.

We urge you to speak to your Price Kong advisor and provide tax information sooner rather than later. Each client’s situation will be evaluated and the appropriate course of action provided to ensure a smooth tax filing process.

As always, we are here to assist. Please contact us with questions at 602.776.6300.

Price Kong was established in Phoenix in 1967. Since then, our team has grown to 50 professionals and includes seventeen CPAs. The depth of our audit and tax practices allows us to provide services to clients in numerous industries, of a wide-range of sizes, and with revenues ranging from $1 million to over $500 million.

Price Kong is committed to providing personalized service and advice to our clients. Our full range of accounting and consulting services enables us to assist clients with understanding unique situation and ensure they receive expert support, regardless of the engagement or project. Price Kong is a member of Allinial Global, a consortium of 90 North American Certified Public Accounting firms, and numerous professional and industry organizations.