June 15, 2020
As we reported to you in April, New York State deferred the April 15, 2020 income tax deadline for corporate returns, related payments, and estimated payments to July 15, 2020.
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, the due date for estimated tax payments due on June 15, 2020, for personal income, fiduciary, and corporate taxpayers remains in place. Accordingly, for purposes of 2020 estimated tax payments:
- Individuals and fiduciaries should consider the estimated tax payment due on June 15, 2020, as the first installment payment towards the 2020 tax year.
- Individuals and fiduciaries should consider the estimated tax payment due on July 15, 2020, as the second installment payment of the 2020 tax year.
Penalties with respect to the underpayment of estimated tax for individuals and fiduciaries will be calculated based on these revised dates
Stay safe,
David Gibbs, CPA, CCIFP, MBA
Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
