Finance department offering tax relief to displaced firms

Real Estate Weekly, Sept 26, 2001

The New York City Department of Finance recognizes that many taxpayers in the World Trade Center area may be unable to meet certain New York City filing and payment deadlines. As a result, the department is providing the following relief:

Taxpayers whose General Corporation Tax, Unincorporated Business Tax, or Banking Corporation Tax returns are due Sept. 17, 2001, Oct. 15, 2001, or Nov. 15, 2001 and who cannot meet these deadlines due to the disaster, may file and pay any tax due on or before Dec. 17, 2001.

Any such filings and payments will be considered timely and no late filing or late payment penalties will be imposed.

Taxpayers whose returns are due on Sept. 17, Oct. 15, or Nov. 15, 2001 and who cannot meet the extended Dec. 17, 2001 due date may request an additional extension of time by filing the appropriate form NYC-6, NYC-6.1, NYC-62, NYC-64, NYC-6B, or NYC-6.1B on or before Dec. 17, 2001 and paying the appropriate amount of tax estimated to be due.

Taxpayers who previously received extensions of time to file and cannot file on an extended due date of Sept. 17, Oct. 15, or Nov. 15, 2001 and are precluded by law from receiving additional extensions, may file on or before Dec. 17, 2001 and will be deemed to have reasonable cause for such late filing.

In addition, any such taxpayer will be deemed to have reasonable cause for any late payment accompanying a return filed on or before Dec. 17, 2001, provided the return is accompanied by a payment of the tax reported to be due.

Taxpayers who cannot file declarations of estimated tax required to be made on Sept. 17, Oct. 15, or Nov. 15, 2001, may file such declarations on or before Dec. 17, 2001. Taxpayers making any such declaration on or before Dec. 17, 2001 will be deemed to have filed such declarations on the original due date and will not be subject to penalties.

Taxpayers who cannot make installment payments of estimated tax required to be made on Sept. 17, Oct. 15, or Nov. 15, 2001, may make such installment payments on or before Dec. 17, 2001. Taxpayers making any such payment on or before December 17,2001 will be deemed to have made such payments on the original due date and will not be subject to penalties.

Interest at the appropriate underpayment rate must be paid on all tax payments received after the original due date calculated from the original due date to the date of payment.

The first quarterly Commercial Rent or Occupancy Tax returns are due Sept. 20, 2001. Taxpayers who are unable to file their first quarterly returns on that date due to the disaster may file and pay any tax-due on or before Dec. 20, 2001, the due date for the second quarterly return. Interest must be paid on any payment made after the original due date calculated from the original due date to the date of payment. The first and second quarterly returns must be filed on separate quarterly return forms, NYC-CRQ, for each quarter.

Taxpayers whose monthly or quuarterly Cigarette Tax return and payments are due in September, October, or November 2001 and who are unable to file on those dates may file and pay any tax due on or before Dec. 17, 2001 and such late filing and payment will be considered due to reasonable cause so that late filing or late payment penalties will not be imposed.

Taxpayers whose monthly or quarterly Hotel Room Occupancy Tax returns and payments are due in September, October, or November 2001 and who are unable to file on those dates may file and pay any tax due on or before Dec. 20, 2001 and such late filing and payment will be considered due to reasonable cause so that late filing or late payment penalties will not be imposed.

Taxpayers whose monthly or quarterly Utility Tax returns and payments are due in September, October, or November 2001 and who are unable to file on those dates may file and pay any tax due on or before Dec. 26, 2001 and such late filing and payment will be considered due to reasonable cause so that late filing or late payment penalties will not be imposed. Interest at the appropriate underpayment rate must be paid on all tax payments received after the original due date calculated from that original due date to the date of payment. Abatements of penalties on all other late filings of returns not covered by this announcement will be handled on case basis.