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210.733.6611

ATKG Advisors LLC

Enhancing Prosperity

Enhancing Prosperity----------
San Antonio, TX
210.733.6611
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    • IRS Extends Filing Deadline and Unlimited Tax Deferral

    IRS Extends Filing Deadline and Unlimited Tax Deferral

    Amidst backlash from tax preparers, trade groups, and lawmakers related to the filing extension under the original notice, the IRS announced on Friday a new guidance – Notice 2020-18, which supersedes Notice 2020-17 released earlier this week. Because of the expansion of relief provided in this notice and the fact that Notice 2020-17 is superseded, any phone calls regarding Notice 2020-17 that have not already been returned by the IRS will not be returned.

    The newly released guidance pushes the tax filing deadline to July 15, aligning the due date with the extended deadline for payments. The release of Friday’s guidance gives filers and advisers coping with the COVID-19 pandemic more time to prepare tax returns. It also permits unlimited tax payment deferral for individuals and businesses for an extra three months.

    Key Differences

    • Notice 2020-18 supersedes and expands upon earlier guidance that gave taxpayers extra time to pay their taxes but not to file.
    • Notice 2020-17 allowed individuals to defer up to $1 million and corporations up to $10 million of tax payment without interest and penalties. The new guidance doesn’t contain a cap.

    The driving factor behind Friday’s notice was to avoid confusion for taxpayers if alignment had not been brought between filing and payment deadlines.

    ATKG’s tax professionals remain committed to staying up to date on the sweeping changes occurring daily. We are devoted to ensuring you receive the timely and insightful information you have come to know and trust from our professionals. To view other trending news released by ATKG this week, please click on the links below.

    ATKG Trending News

    Diane White is a Senior Tax Manager for ATKG. She is a Magna Cum Laude graduate from The University of Texas at San Antonio and brings years of accounting experience and a deep knowledge of the real estate, construction, retail, and professional services industries to ATKG. For further information on this topic or other tax questions please contact Diane White or a member of our Tax practice at 210.733.6611 or dwhite@atkgcpa.com. 

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    ‘‘My father and I have used ATKG since the days of its founder James Ahern, and they have always provided excellent and accurate advice.’’

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    ‘‘I can't name just one reason about Eric and Hayley! Their proactivity, creativity, collaborative spirit, and communication are all absolutely incredible.’’

    A Client

    ‘‘I call them my ATKG team!’’

    A Client

    ‘‘Very personable and knowledgeable. Over the years, I have created great relationships with Teryn Grater, Diane White, and the seniors and managers on my account.’’

    Melanie Fluitt

    3 Star Daylighting, LP

    ‘‘We appreciate ATKG's responsiveness, timeliness, and good communications’’

    A Client

    ‘‘Everyone that I have worked with at ATKG is extremely friendly, helpful, and always very responsive!’’

    A Client

    ‘‘I couldn't be happier with the choice to move from EY to ATKG. A.J. Sturm, Diane White, Alisha Bell, and the support staff have been instrumental in helping me with a complicated Estate and Foundation scenario. Not only have they provided me with phenomenal accounting and tax advice, but they have also gone above and beyond to help me plan for today, tomorrow, and far beyond. Thank you, ATKG!!!’’

    Amy Burdick

    Richard L Burdick Foundation

    ‘‘We continue to consider ATKG a part of our personal and business planning team. They are a professional firm with an impeccable level of service.’’

    A Client

    ‘‘ATKG is very professional, responsive, and client-oriented. They are committed and make a point to communicate with annual meetings and anytime I have a question.’’

    A Client

    ‘‘Angie Stone and her team provided valuable forensic accounting services and excellent litigation support in some complex family law cases handled by our firm.’’

    Alicia K.

    Key Law Firm

    ‘‘Angie Stone and Courtney Mastin are prompt in their response to any inquiry our clients or I may have. Additionally, everyone at ATKG maintains a wonderful level of professionalism.’’

    A Client

    ‘‘Great people, good response time, and helpful’’

    A Client

    ‘‘Excellent customer service. Rapid response to questions!’’

    A Client

    ‘‘Great people and very informative, up-to-date with ever-changing rules and guidelines in this ever-changing government!’’

    A Client

    ‘‘ATKG is invested in my success and is highly responsive to my needs.’’

    A Client

    ‘‘ATKG offers great customer service.’’

    A Client

    ‘‘Prompt service and excellent forecasting. I also feel that I get tremendous support, more than I have received in the past.’’

    A Client

    ‘‘Katie provides great service and is very knowledgeable.’’

    A Client

    ‘‘She is friendly, responsive, and knowledgeable.’’

    A Client

    ‘‘David and the ATKG team are knowledgeable regarding current tax issues, and they are extremely responsive to all questions.’’

    A Client

    ‘‘Been working with ATKG for several years; they are extremely professional, knowledgeable and offer great customer service.’’

    A Client

    ‘‘ATKG provides services up and above any other accounting firm I have ever used. They want to help their clients manage their wealth and offer to help teach their children about wealth and how to manage it.’’

    A Client

    ‘‘Teryn is always quick to respond to questions and on top of the latest accounting rules.’’

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    ‘‘Amanda and Shannon offer us consistent communication’’

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    ‘‘A. J. is professional, knowledgeable, and provides friendly assistance.’’

    A Client

    ‘‘Eric and Sarah do an excellent job handling our account and promptly answering questions. They are proactive in planning meetings and looking forward.’’

    A Client

    ‘‘Our ATKG team, which includes Eric, Ruth, Katie, and Shannon is incredibly knowledgeable, professional, and supportive of our business. Client service always feels like it is at the forefront of their mind.’’

    A Client

    ‘‘Loyal, excellent service over 35 years with Melanie and her team.’’

    A Client

    ‘‘Our interactions with Diane and the ATKG team are always a model for how a professional services company should interact with its clients. With ATKG, we know that our finances are in good hands.’’

    A Client

    ‘‘Melanie, Teryn, and Sandy have clearly had my and my family's best interests at the forefront. I have had a 19-year relationship that has proved to be very beneficial to my family and me.’’

    A Client

    ‘‘Melanie, Teryn, and Katie offer us confidence.’’

    A Client

    ‘‘Diane and Shannon are a critical resource and partner to our firm. They are knowledgeable, responsive, and dependable on all levels.’’

    A Client

    ‘‘Diane and Shannon provide great service. They are very knowledgeable and are always willing to assist our group with sage advice.’’

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    ‘‘Great work, timely, and the best part....nice folks!’’

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