New York Formally Extends Tax Deadlines; New York City Offers Penalty Relief
The New York State Department of Taxation and Finance (DOTF) has announced important income tax filing and payment extensions related to upcoming deadlines. The April 15 deadline for returns and estimated payments has been extended to July 15, 2020, for individuals, estates, trusts, and corporations. Although the DOTF has not specified, this presumably includes any estimated payments made by partnerships or S corporations on behalf of nonresident individuals or corporations. KSM will continue monitoring this issue and provide updates as they are issued.
It is important to note that direct debits will not be automatically rescheduled by the DOTF. Instructions for rescheduling direct debits originally scheduled for April 15 are included in the announcement and is the responsibility of the taxpayer.
Additionally, the New York City Department of Finance announced it will waive late filing and late payment penalties for New York City Department of Finance-administered business and excise taxes due between March 16, 2020, and April 25, 2020. Interest continues to accrue from the original due date.
We continue to monitor states’ handling of COVID-19 tax relief efforts and will provide details on additional guidance as it becomes available. This is a fluid situation, and new information is dispatched daily from federal, state, and local authorities.
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