New York State Department of Taxation and Finance January 22, 2018
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Don’t Slow Your Employees’ Tax RefundsAvoid common errors when completing Form NYS-45 or risk delays for your employees |
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The New York State Department of Taxation and Finance reminded employers to file their withholding taxes accurately and on time so they don’t delay any refunds owed to their employees. Employers must remit the personal income taxes withheld from their employees’ wages, salaries, bonuses, commissions, and other similar income by filing a completed Form NYS-45, Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return, by January 31. “Employers need to know that any error or failure to file this return on time could significantly delay any tax refunds owed to their employees,” said Acting Commissioner Nonie Manion. “We’re sharing some of the most common mistakes we see on Form NYS-45 to help you file a problem-free return.” Avoid common errors For the 4th quarter return, due January 31, businesses must report annual wage and withholding information. The most common employer errors, which can delay refunds, are:
Penalties for late filing or a failure to file Employers who fail to file a completed Form NYS-45 by the deadline face financial penalties of up to $10,000. They also risk delaying any tax refunds owed to their employees; that’s because the Tax Department will not issue the refunds until it verifies reported withholding amounts. More information Important filing reminders for Form NYS-45 and Form NYS-45-ATT |
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