New York Extends Filing Date and Payment

By: Timothy Lynn

Governor Cuomo issued Executive Order No. 202.12 authorizing the Commissioner of the Department of Taxation & Finance to provide relief from tax filing and payment deadlines. Pursuant to Notice N-20-2, the Commissioner has exercised his discretion and extended the due date for personal income tax and corporation tax returns originally due on April 15, 2020 to July 15, 2020 (consistent with a prior extension granted by the Secretary of the Treasury for federal tax returns).

The extension applies to individuals, fiduciaries for estates and trusts, and corporations taxable under Articles 9, 9A and 33.

The deferral also applies to payment obligations due April 15, 2020, without penalties or interest.

The extension is an automatic extension and taxpayers do not need to file any additional forms or requests for extension.

Extensions filed for the July 15, 2020 deadline will still expire on the ordinary October 15, 2020 extension deadline.

For taxpayer’s failing to pay their tax as of July 15, 2020, interest and penalties will begin to accrue on July 16, 2020 (so it appears that failure to pay will not remove the relief from penalties and interest granted with the extension to July 15th).

If you are owed a refund, you can file sooner and (hopefully) have your refund processed sooner. If you already filed and provided a schedule direct debit from your bank account, the Department should wait until July 15, 2020 to debit your account.