NYS Extends October 15th Deadline

The New York State Department of Taxation and Finance announced an extension for certain tax filing and payment deadlines occurring on October 15th. This comes in an effort to provide relief for those adversely affected by Post-Tropical Depression Ida.

There are several financial reports that accountants can generate for their clients – let’s break down the most commonly used and required.
The extension is postponing certain filing deadlines including:
  • Filing any returns, including those for personal income tax, corporate taxes, and any other taxes administered by the Tax Department
  • Paying any tax or installment of tax, including installment payments of estimated taxes
  • Filing any requests for extensions or additional extensions of time to file
  • Filing for a credit or refund

These extended deadlines are being pushed until January 3rd, 2022 with certain exceptions. Those who are taking advantage of this extension should not be hit with any late filing, late payment, or interest penalties as long as their taxes are taken care of before the extended deadline. Any taxpayer utilizing the deadline who receives a late filing or payment notice should immediately contact the number on the notice and have the Tax Department abate the interest incurred.

PTET Not Extended

This extension does not extend the time to make the election to participate in the Pass-through Entity Tax (PTET), these elections must still be made on or before October 15th, 2021. This lack of extension on the PTET also applies to the payments, and in the event that you may want to elect to use the PTET but not pay, interest will be applied to you. The State Society of CPAs made a plea to try and extend the PTET deadline, however, they were met with no success, so be sure to get those elections in by today at the latest!

Looking for more guidance on this? Let us know by, giving us a call at 516-541-6549.

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