New York State Department of Taxation and Finance January 13, 2020
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Employers Must File Soon to Prevent Delays in Employees’ Tax RefundsEmployers’ Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return is due January 31 |
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The New York State Department of Taxation and Finance reminded employers to accurately file their withholding tax returns ahead of the January 31 deadline. This will help ensure that any refunds owed to their employees won’t be delayed. Employers must remit the personal income taxes withheld from their employees’ wages, salaries, bonuses, commissions, and other similar income and also file a completed Form NYS-45, Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return, by the end of the month. “Employers have an important responsibility to report the correct amount of tax withheld from their employees, keeping in mind the new filing requirements that went into effect in 2019,” said New York State Commissioner of Taxation and Finance Michael Schmidt. Filing changes Avoid common errors To avoid common errors that can result in penalties and delay refunds owed to employees, employers must report:
Penalties for late filing or 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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