As of April 2, 2020, New York City has not extended the due date for filing business and excise tax returns. NYC personal income taxes are collected by the New York State Department of Taxation and Finance. Unless a taxpayer is a non-resident paying NYC taxes, NYC personal income taxes are filed on New York State forms, which are due on July 15, 2020. First quarter 2020 estimated tax payments are extended until July 15, 2020.
The NYC Department of Finance has announced it will waive penalties for late filing, late payment and underpayment penalties for business and excise taxes originally due between March 16, 2020 and April 25, 2020. Individuals subject to NYC income tax are covered by the New York State extension of time to file, but those individuals who are subject to the NYC Unincorporated Business Tax (UBT) are not.
We recommend filing extensions for business and excise tax filings. Taxpayers will need to request that penalties be waived after the fact if they do not file a tax return or extension request and make a payment by April 15, 2020.
Additionally, although late filing and late payment penalties will be waived, interest will still need to be paid on all tax payments from the original due date to the date the payment is made.
Please click here for NYC Department of Finance Memorandum 20-2.