• NYS Governor alters estimated tax payment deadlines for the 2020 Q1 and Q2
    • Change comes four days before the 2nd quarter estimated payments were due to be made
    • Accountants, taxpayers both fear financial repercussions of change, rush to rethink strategy

In a move made just four days in advance of when taxpayers were set to make their 2nd quarter estimated tax payment, Governor Cuomo issued a surprise announcement late Wednesday night, inserting chaos into what has already been a hectic tax season. In Notice N-20-8, Cuomo continued his recent history of changing the deadlines, as outlined below:

    • 1st Quarter Estimate Payment Due Date
      • Originally: April 15th
      • First Change: July 15th
      • Now: June 15th
    • 2nd Quarter Estimate Payment Due Date
      • Originally: June 15thFirst Change: No Change in NY (most of the country extended to July 15th)
      • Now: July 15th

The change puts both taxpayers and their accountants in a quandary with little time to reassess their tax strategy. Normally, accountants are able to give their clients an accurate number of what they will owe in estimated taxes for the upcoming year since the 1st quarter estimate coincided with the filing of their 1040 or 1040 extension form. With the 2019 1040 deadline delayed until July 15th, accountants will now have to scramble to get their clients a number to pay for the 1st quarter estimated deadline limited time and data to go off of. It also gets worse: should an accountant provide their client with an estimated payment number that ends up being on the low side of what they should have paid, the taxpayer now faces the risk of late penalties assessed on them by the state.

Confused? In a panic? Desire to discuss further with a team of trusted professionals. Do not hesitate to visit our DSJCPA website or call our offices at (516) 541 – 6549 to talk to our tax professionals who can help navigate these turbulent winds coming out of Albany.

Sincerely,

Stephen Jahelka
Chief Business Officer, Disaster Relief Consultant

Contact:
516-541-6549 | Email

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