The state and federal tax filing deadline extensions provide taxpayers with an additional month to file individual returns and pay 2020 taxes due without additional penalty. Taxpayers also have until the May 17th deadline to make IRA, Roth IRA, and HSA contributions for 2020, as well as contributions to certified qualifying charitable organizations, qualifying foster care charitable organizations, school tuition organizations, and public schools for purposes of claiming tax credits on 2020 individual income tax returns.
Keep in mind that the federal and state tax filing deadline extensions are for individual returns only. They DO NOT apply to other tax returns that are due on April 15th, such as C corporations, trusts, and gifts, or first quarter 2021 estimated tax payments. Those returns and payments remain due by April 15, 2021.
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.