Does NY Accept Federal Extension for Individuals?
The ongoing COVID-19 pandemic has caused significant disruptions to various aspects of life, including tax deadlines. Many individuals and businesses across the United States have been granted an extension to file their taxes, and New York is no exception. However, the question arises: Does New York accept the federal extension for individuals? In this article, we will explore the details and provide you with the necessary information.
New York’s Response to Federal Tax Extensions
Yes, New York accepts the federal extension for individuals. According to the Internal Revenue Service (IRS), taxpayers who have received an extension to file their federal taxes can also file their New York state taxes by the extended deadline. This means that if you have been granted an extension to file your federal taxes by April 15th, you can also file your New York state taxes by October 15th.
Understanding the Process
To understand how this process works, it is essential to know the key dates and deadlines. The federal tax filing deadline is typically April 15th, but due to the pandemic, the IRS has extended this deadline to May 17th, 2021. For New York state taxes, the original deadline was April 15th, but it has also been extended to October 15th.
If you have received an extension from the IRS, you will receive a Form 4868, which is an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form will indicate the extended deadline for filing your federal taxes, which is October 15th. You can use this form to file your New York state taxes as well.
Importance of Filing on Time
While New York accepts the federal extension for individuals, it is crucial to file your taxes on time to avoid penalties and interest. If you fail to file your state taxes by the extended deadline, you may be subject to late filing penalties and interest charges. Therefore, it is advisable to file your taxes as soon as possible to ensure compliance with state tax regulations.
Conclusion
In conclusion, New York does accept the federal extension for individuals. If you have received an extension from the IRS, you can also file your New York state taxes by the extended deadline of October 15th. However, it is essential to file your taxes on time to avoid penalties and interest. Always keep track of important deadlines and ensure that you comply with both federal and state tax regulations.
