NY Issues Clarification on 2020 Estimated Tax Payments

In response to the COVID-19 pandemic, New York State deferred the April 15, 2020 deadline for income tax returns, corporate returns, related payments and estimated payments to July 15, 2020.

Yesterday, the New York State Department of Taxation and Finance issued Notice N-20-8 that clarifies how taxpayers should designate the estimated tax payments that are still due on June 15.

According to the notice, taxpayers should consider estimated tax payments due on June 15 the first installment payment toward the 2020 tax year. The deferred April 15 payment, now due on July 15, will be considered the second installment.

Penalties for underpayment of estimated taxes will be calculated based on these revised dates. This applies to estimated tax payments for personal income, corporate and fiduciary returns.

Dorothy McAuliffe Dorothy McAuliffe is a Senior Tax Manager in Grassi’s Cannabis Advisory practice. She has more than 18 years of experience helping small businesses, entrepreneurs, professional services firms and high-net-worth individuals plan and achieve their tax savings goals. Dorothy specializes in tax advisory, controversy, planning and compliance for businesses faced with complicated federal, state and local, and sales and use tax issues. She advises Cannabis... Read full bio

Categories: Tax Controversy