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For a ny state partnership tax return, if you file an

extension but don't pay anything...
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (for not doing estimated taxes & for now paying by April 15) or do they also not recognize the extension and charge you a failure to file penalty since you didn't pay at least most of taxes owed by April 15?
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Answered in 4 minutes by:
11/1/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,480
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi Rus,

...

The failure to pay penalty (both IRS and NY) starts on the due date.

...

It's only the failure to file penalty where you're buying time with the extension

..

Lane

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Customer reply replied 3 months ago
Yeah i know you still owe the money by the original deadline but will they also ADD a failure to file penalty if you DO file an extension but pay nothing by the original deadline

There are two different penalties:

...

(1) Failure to pay (late pay is also covered here, so that if you dont pay some or ALL of what it turn out was owed, that unpaid amount incurs the penalty.

...

(2) Failure to file (or late filing). The failure to file/late filing penalty does not apply until after the extension date if there was a timely filed extension.

...

So in your scenario, there's no late filing penalty IF (1) you filed an extension timely, and (2) you get the return filed by the due date of the extension.

...

Does that help?

...

Lane

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By the way, (may be stating the obvious, but) the BASIS for both penalties is tax due. So if there was no tax due (it's obvious that there cannot be a late payment penalty) but in that scenario there's no late filing penalty either. (Y x 0 = 0)

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Good to hear from you nagain Rus. Let me know if this still isn't clear.

...

And as always, If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") - Otherwise JA doesn't credit me for the work.

...

Thanks,

Lane

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,480
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified
Lane and 87 other Tax Specialists are ready to help you
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,480
13,480 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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