In response to the COVID-19 outbreak, New York state personal income tax and corporation tax returns originally due April 15, 2020, have been extended to July 15, 2020. In addition, all related tax payments due April 15, 2020, may be deferred to July 15, 2020.

The income tax filing and payment deadlines for returns due April 15, 2020, have been automatically extended. The extension applies to income tax returns for individuals, estates, trusts, and corporations taxable under Articles 9, 9-A, and 33. Returns and payments may be deferred until July 15, 2020, without penalty and interest accrual, regardless of the amount due. 

Under the relief, penalties for failure to file, failure to pay, or underpayment, as well as interest, are automatically abated as long as taxpayers file and pay by July 15, 2020. Taxpayers unable to do so can request an extension to file by Oct. 15, 2020 (or Sept. 30, 2020, for certain fiduciary returns).

Taxpayers under a direct debit payment arrangement scheduled for April 15 will need to cancel and schedule a new direct debit payment.

The extension does not apply to remittance of income tax withheld by employers in connection with Form NYS-1.

Taxpayers who anticipate an income tax refund should still file as soon as possible.

See the Tax Department’s Important Notice N-20-2 (March 2020) for additional information.

What does CohnReznick think?

Taxpayers should continue to monitor individual states. As the situation resulting from the COVID-19 outbreak continues to evolve, we expect New York and other states to issue additional guidance. The AICPA is maintaining an updated list of states that have provided relief, and we’re posting news about select states in our Coronavirus Resource Center. We recommend checking back frequently.

Contact

Corey Rosenthal, Principal, Practice Leader, State and Local Tax Services 

646.625.5729

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