The State of New York has separate extension forms and it will not accept the Federal tax extension. To get an automatic extension for filing the business return, you have to file Form CT-5. If your extension is approved, you will get an automatic extension for 6 months.
Due date and penalty
The extension form is only to extend the time for filing the tax return and not for extending the time for tax payment. For C Corporation, the deadline is due within 3 months and 15 days following the end of the tax period (For Calendar year taxpayers due date is April 15). For S Corporations, the deadline is due within 2 months and 15 days (For Calendar year taxpayers due date is March 16).
For the unpaid taxes, you will incur a 0.5% interest every month and it can go up to a maximum of 25%.
Payment of tax dues.
In case you cannot file the tax return by the due date and owe taxes, make payment using Form CT-200-V and mail it to the NYS Dept of Taxation & Finance and the extension form to NYS Corporation tax to avoid penalties for the unpaid taxes and late filing of the return.
To pay electronically, check out the payment options available.
|State Tax Form||Due date (Fiscal year)||Due date (Calendar year)||Extension Period||State Extension Form||State Tax Payment Form|
|C Corporation||CT-3||Within 3 months 15 days||April 15||6 months||CT-5||CT-200-V|
|S Corporation||CT-3S||Within 2 months 15 days||March 16||6 months||CT-5.4||CT-200-V|
For more information on business state tax extension, click here.