June 16th, 2020

Tax Alert: Emergency Tax Deferral Period is Almost Over

In previous Tax Alerts (here and here), we advised you that most April 1 - July 14, 2020 federal tax filing and payment deadlines had been extended to July 15, 2020. Thus, for example, federal income tax returns and federal income tax payments originally due on April 15, 2020, including quarterly estimated tax payments, can be filed and paid without late-filing or late-payment penalties or interest until July 15, 2020. The June 15, 2020 due date for estimated tax payments was similarly extended by the IRS to July 15, 2020.

For New York taxpayers, the deadline for filing New York personal income tax returns and pay New York personal income taxes, including estimated income taxes, originally due on April 15, 2020, similarly was postponed by the NYS Tax Department to July 15, 2020, although any New York estimated income tax payments originally due on June 15, 2020 still were required to be made by June 15, 2020.  If a New York estimated income tax payment due on June 15, 2020 was not timely made, payment as soon as possible will limit the impact of penalties and interest.

In the unusual circumstances in which we currently find ourselves and in light of the ever-shifting tax return and payment calendar, we wanted to remind our readers of the June 15 and fast-approaching July 15 deadline and of the ability, if more time is needed after the July 15 deadline to prepare and file a federal and/or New York income tax return, to request a filing extension.  If you have any questions related to tax filing or payment matters arising as a result of the COVID-19 pandemic, please contact Jeffrey M. Marks, Adam Osterweil or any other member of the Frankfurt Kurnit Tax Group.