On March 23rd the New York State Department of Taxation and Finance released new information regarding abatement of penalties and interest due to the COVID-19 outbreak, NYS Notice N-20-1.
Following the state of emergency announced by Governor Cuomo on March 7th, 2020, a follow up executive order was issued which expanded the ability of the Tax Commissioner to abate late filing and late payment interest and penalties on quarterly sales and use tax filings that were due March 20, 2020 for those unable to file due to the COVID-19 virus. That specifically includes:
Taxpayers who were unable to meet tax filing, payment or other deadlines because key employees were treated or suspected to have COVID-19;
Taxpayers whose records necessary to meet tax filing, payment or other deadlines are not available due to the outbreak;
Taxpayers who have difficulty in meeting tax filing, payment or other deadlines because of closure orders or similar business disruptions directly resulting from the outbreak; and
Taxpayers whose tax practitioners were unable to complete work to meet tax filing, payment and other deadlines on behalf of their clients due to the outbreak.
Returns must be filed and the amount paid in full within 60 days of the due date for this relief to apply (May 19, 2020).
If you file returns on a monthly basis and participate in the Promptax program you are not eligible for this relief.
Taxpayers can specifically request the relief by visiting the NYS website or if they receive a notice which qualifies for abatement, follow the instructions on the notice.
For a copy of the NYS release.
Your professionals at Castellano Korenberg & Co. are always available to assist you through this tough time of trying to make sense of all the new regulations being passed. Stay up to date with the most recent information by visiting our website or contact your CK professional for more information.lease see below updates and clarification on tax laws that have recently been passed on the morning of March 21, 2020.