New York State Tax Extension Update

By Freed Maxick on April 1, 2020
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Freed Maxick provides accounting, auditing, tax and consulting services and serves public and private companies, not-for-profits and municipalities to enhance profitability, save taxes, improve accountability and preserve wealth.

July 15 Tax Extension

New York has extended the April 15 due date to July 15, 2020, for personal income tax and corporation tax returns originally due April 15, 2020, due to the coronavirus pandemic. The extension applies to returns for individuals, fiduciaries, and corporations. In addition, taxpayers are allowed to defer all related tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed.

Taxpayers do not need to file any additional forms or call to apply for this relief, this is an automatic filing and payment deadline extension and relief from penalties and interest.

Tax year 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.

Taxpayers unable to file their 2019 return by July 15, 2020, can request an automatic extension. The return will be due on October 15, 2020 (or September 30, 2020, for calendar-year fiduciary returns), however estimated payments and any 2019 tax liability will be due with the extension request.

This extension only applies income tax, no extension is provided in the notice for the payment or deposit of any other type of state tax, or for the filing of any state information return. In addition, remittance of income tax withheld by employers required to be made using Form NYS-1, Return of Tax Withheld, must be made on time.

Assistance and Guidance from Freed Maxick

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The Freed Maxick COVID-19 Resource Center has a wealth of information and guidance on a wide range of topics related to tax relief and benefits, regulatory relief and benefits, and business continuity in the era of COVID-19. Click on the button to explore insights, observations and updates.

If you wish additional guidance, we are available to discuss your issues and concerns. Connect with us here or call Freed Maxick at 716.847.2651.

Please keep in mind that due to the quickly-changing nature of the COVID-19 pandemic, you should always discuss changes with your Freed Maxick advisor or legal counsel.

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