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On March 29, 2020, the New York State Department of Taxation and Finance issued Notice N-20-2, extending the April 15, 2020 due date for New York State personal income tax and corporation tax returns to July 15, 2020. The Notice was issued in response to Executive Order No. 202.12 which, among other things, authorized the Commissioner of Taxation and Finance to provide relief from certain tax filing and payment deadlines.
The Notice states that the extension applies to returns for individuals, fiduciaries (estates and trusts), and corporations taxable under Tax Law Articles 9, 9-A, and 33. In addition, the Notice states that taxpayers may defer all related tax payments originally 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 forms to request or apply for this relief.
The Notice further provides:
The Notice identifies the following exceptions to the relief provided:
While the New York City Department of Taxation and Finance has not yet issued guidance automatically extending deadlines to file corporate tax returns, it has issued Finance Memorandum 20-2, allowing for a waiver of penalties for NYC Department administered business and excise taxes due between March 16, 2020, and April 25, 2020. Taxpayers may request to have penalties waived on a late-filed extension or return, or in a separate request. However, interest would be due on all tax payments received after the original due date.
Stay tuned for updates on New York State and City tax-related deadlines and relief provisions related to COVID-19.