In response to the IRS extending the deadline for the filing of 2020 personal income tax returns, the NYC Department of Finance has announced it will waive all late filing and late payment penalties for any 2020 Unincorporated Business Tax (UBT) returns and payments submitted by the IRS’s prescribed extended due date of May 17, 2021.
This waiver is not automatic. Taxpayers who want extra time to file or pay must request the waiver by email, mail or the NYC Department of Finance’s online portal. Refer to the department’s Finance Memorandum No. 21-2 for instructions.
Keep in mind that interest will not be waived and will continue to accrue on any balances due with the UBT filing until the tax is paid in full.
Contact your Grassi Tax Advisor if you have any questions about this update or your UBT filing and payment obligations.