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New York Announces Relief for Certain Filing and Payment Deadlines

By issuing Notice 20-2, the New York State Commissioner has extended the April 15, 2020, the due date to July 15, 2020, for New York State personal income tax and corporation tax returns originally due on April 15, 2020. In addition, the Commissioner is allowing taxpayers to defer all related tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This extension applies to returns for individuals, fiduciaries (estate and trusts), and corporations taxable under Tax Law Articles 9, 9-A, and 33.

Highlights of the notice include:

The 2019 returns due on April 15, 2020, and related payments of tax or installments of tax, including installments of estimated taxes for the 2020 tax year, will not be subject to any failure to file, failure to pay, late payment, or underpayment penalties, or interest if filed and paid by July 15, 2020.

The Bonadio Group Notes: For individual taxpayers, that means that any New York State remaining tax liability related to their NYS 2019 individual income tax return, plus their first quarter estimated tax payment will be delayed until July 15.

If you are unable to file your 2019 return by July 15, 2020, you can request an automatic extension to file your return. Your return will be due on October 15, 2020, if the extension is filed by July 15, 2020, and you properly estimate and pay your 2019 tax liability with your extension request.

The Bonadio Group Notes: No extensions need to be filed for tax returns originally due on April 15, 2020 until July 15, 2020. Provided a valid extension is filed by July 15, 2020, the final filing can be delayed until October 15, 2020, with the exception that calendar year fiduciary income tax return will be due September 30, 2020.

If you already filed your 2019 return and scheduled your direct debit payment, your direct debit payment will not be automatically rescheduled to occur on July 15, 2020. You must cancel and schedule a new direct debit payment. For detailed instructions on canceling and scheduling direct debit payments, click the link below to view more at the NYS Department of Taxation and Finance website (search: COVID).

The information and advice we are providing for this matter relates to COVID-19 legislative relief measures. Because legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that could modify some of the advice and information provided to you, after the conclusion of our engagement. We therefore make no warranties, expressed or implied, on the services provided hereunder.