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.
