In March, New York State released N-Notice N-20-2 which moved the traditional first estimated payment due date of the year of April 15, 2020, to July 15, 2020. Considering the traditional second estimated payment due date of June 15, 2020, the timing of these two due dates created confusion as the first payment would seemingly be made after the first payment of the year.
On June 11th, 2020, seeking to provide clarification, the New York State Department of Taxation and Finance released N-Notice N-20-8 which states “individuals and fiduciaries should consider the estimated tax payment due on June 15, 2020, as the 1st installment payment towards the 2020 tax year” and “individuals and fiduciaries should consider the estimated tax payment due on July 15, 2020, as the 2nd installment payment of the 2020 tax year.”
If you have any questions, please reach out to your personal Sciarabba Walker contact or email us at info@swcllp.com.