New York State Tax Deadline Extended to July 15

New York State has extended the deadline for personal income tax and corporation tax returns from April 15, 2020 to July 15, 2020. This is in keeping with the federal tax deadline which was extended to July 15. This extension applies to individuals, fiduciaries (estate and trusts) and corporations. Taxpayers will be allowed to defer all related payments due on April 15, 2020 to July 15, 2020, without penalties and interest.

What this Means for Filing Returns

• Taxpayers do not need to take any additional steps to apply for relief. Returns due on April 15, 2020 will automatically be granted the filing and payment deadline extension and relief from penalties and interest. Taxpayers who are due a refund are still urged to file as soon as possible.
• 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 or pay, late payment or underpayment penalties or interest if filed and paid by July 15, 2020
• If you are unable to file by the new deadline you can request an automatic extension. Your return will be due on October 15, 2020, if the extension request is filed by July 15, 2020 and you properly estimate and pay your 2019 tax liability with your extension request.
• Interest, penalties, and additions to tax with for extended filings and payments start to accrue on July 16, 2020.
• If you already filed your 2019 return and scheduled your direct debit payment, it will not be automatically rescheduled to occur on July 15, 2020. You must cancel and schedule a new direct debit payment.
• Fiduciary income tax returns are due September 30, 2020, for calendar-year taxpayers who request an automatic extension to file by July 15, 2020.

Exceptions

• No extension is provided for any other type of state tax, or for the filing of any state information return.
• Payment of income tax withheld by employers using Form NYS-1, Return of Tax Withheld, must be made on time.

For more information, visit: www.tax.ny.gov.

Meredith Mazzola
Partner, Tax Group
mmazzola@gibney.com