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16691: NYC - Waiving Late Filing and Late Payment Penalties Due to COVID-19


New York

How do I indicate that a taxpayer was impacted by COVID-19 and is eligible for a waiver of penalties from New York City?

 

Per finance memorandum 20.2, New York City business and excise tax returns due between March 16, 2020 and April 25, 2020, are eligible for a waiver of penalties for late filing, late payment, and underpayment if caused by COVID-19-related issues. Eligible filers must include special condition code 'CV' when filing the main form or extension in order to receive this waiver. In Drake19, this code can be entered on the following NYC screens:

  • 1040: NY > Cities tab screen 2022
  • 1041: NY > Cities tab > screen C1
  • 1065: NY > Cities tab > screen 204A
  • 1120: NY > Cities tab > screen 101
  • 1120-S: NY > Cities tab > screen 3L1

When special condition code "CV" is entered, "COVID-19" will be printed at the top of the main form or extension. Enter code 'CV' if the taxpayer could not file their return (or extension request) on or before the original filing deadline due to the COVID-19 pandemic. 

Notes:

  • While late filing and late payment penalties are waived, applicable interest must be paid on all tax payments received after the original due date calculated from the original due date to the date of payment.
  • This code does not apply to the NYC-1127 and NYC-5UBTI.

Visit NYC's website and read Finance Memorandum 20-2 for more information.


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