NYC to Waive Late Penalties for UBT Returns until May 17

In response to the IRS extending the deadline for the filing of 2020 personal income tax returns, the NYC Department of Finance has announced it will waive all late filing and late payment penalties for any 2020 Unincorporated Business Tax (UBT) returns and payments submitted by the IRS’s prescribed extended due date of May 17, 2021.

This waiver is not automatic. Taxpayers who want extra time to file or pay must request the waiver by email, mail or the NYC Department of Finance’s online portal. Refer to the department’s Finance Memorandum No. 21-2 for instructions.

Keep in mind that interest will not be waived and will continue to accrue on any balances due with the UBT filing until the tax is paid in full.

Contact your Grassi Tax Advisor if you have any questions about this update or your UBT filing and payment obligations.

Jeffrey G. Cohen Jeffrey G. Cohen, CPA is the Partner-in-Charge of Tax Services at Grassi. With over 30 years of experience, Jeff specializes in serving companies within the Manufacturing and Distribution Industry, with an emphasis on the Food & Beverage and Pharmaceutical sectors. A leading tax expert in the New York Metropolitan area, Jeff has enabled his clients to realize significant tax savings through proper Income and... Read full bio

Matthew McCullough Matthew McCullough, EA is a Tax Controversy Principal at Grassi. He works across a variety of industries including but not limited to Construction, Architecture & Engineering, Manufacturing & Distribution, Real Estate, and Not-For Profit. Matthew is proficient in tax audits for the IRS, New York State, New Jersey, Connecticut, California, Florida, Texas, and many others. His areas of specialty include sales tax audits, franchise... Read full bio