NYS Issues Guidance on Extension of Tax Deadline to July 15

Chris Gaetano
Published Date:
Mar 30, 2020

The New York State Department of Taxation and Finance has issued guidance on its extension of the filing and payment deadline for personal and corporate income taxes to July 15, in response to the coronavirus pandemic.

In a notice sent on March 20, NYSSCPA Executive Director and CEO Joanne S. Barry informed members of the New York state extension, saying that it will mirror the federal deadline of July 15 for all taxpayers and businesses. The New York state tax extension was also a major topic of discussion on Exchange.

According to the guidance, the extension applies to corporate and personal income tax. Specifically, it applies to returns for individuals, fiduciaries (estate and trusts), and corporations taxable under Tax Law Articles 9, 9-A and 33.

The guidance also says that taxpayers do not need to file any additional forms or call the Tax Department to request or apply for this relief, as the returns due April 15, 2020, will automatically be granted the filing and payment deadline extension and relief from penalties and interest. However, taxpayers who are due a refund are urged to file as soon as possible.

If taxes cannot be completed by the new deadline, however, taxpayers can apply for an extension prior to July 15; if accepted, the return will instead be due Oct. 15, 2020. Penalties and interest will begin applying from July 16 in this case.

Those who already filed their 2019 returns and scheduled a direct debt payment will not have those payments rescheduled. If taxpayers would like to delay payment, they must cancel and schedule a new direct debit payment.

The IRS has issued guidance on its extension, along with answers to frequently asked questions. In addition, last week, both the IRS and the SEC expanded regulatory relief even further.

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