New York ~ Personal Income Tax: Estimated Tax Penalty Relief ...

The New York Department of Taxation and Finance has announced that it will provide relief to farmers and fishermen who are unable to file and pay their 2012 personal income tax and metropolitan commuter transportation mobility tax (MCTMT) by the March 1 deadline. Generally, if an estimated tax payment is not made on January 15 for personal income tax purposes, or on January 31 for MCTMT purposes, such taxpayers are not subject to a penalty if they file their return and pay the full amount of tax due by March 1. However, under the penalty relief, such taxpayers will not be subject to the underpayment of estimated tax penalty if they file and pay their tax due by April 15, 2013, for personal income tax purposes, or by April 30, 2013, for MCTMT purposes.

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Taxpayers do not need to take any special action with New York to be eligible for the penalty relief. This relief is being provided in response to the Internal Revenue Service?s announcement that it will provide relief from its estimated tax penalty for farmers and fishermen unable to file and pay their 2012 taxes by the March 1 deadline due to the delayed start for filing tax returns.

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Important Notice N-13-2 , New York Department of Taxation and Finance, February 2013 , ?407-777

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Source: http://www.cchgroup.com/wordpress/index.php/tax-headlines/state-tax-headlines/new-york-personal-income-tax-estimated-tax-penalty-relief-announced-for-farmers-and-fishermen/

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