Professional athletes often need to postpone the filing date of their U.S. tax returns due to their playing seasons, travel schedules, and other obligations. For those individuals who filed U.S. federal extensions (Forms 4868) by April 15, 2010, their tax returns were extended to October 15. A couple points to keep in mind with regards to extended due dates:

 –       The extension of time to file does not extend the due date for payment,

–       Filing a federal extension does not guarantee that a state will accept it, and

–       There’s no official extension form to get more time past October 15.

Therefore, for those who have not filed their tax returns, quick action is needed.

For more information or to speak with a tax professional, please call Dr. Karaffa at (804) 363-9684 or visit us at www.prosportcpa.com.