Employers—Don’t Delay Your Employees’ Tax Refunds; File Your Withholding Tax Return Today

Annual business filers must submit completed Form NYS-45 by January 31 or face financial penalties up to $10,000

The New York State Department of Taxation and Finance today reminded employers who must withhold and remit personal income taxes on wages, salaries, bonuses, commissions and other similar income, that the deadline to submit a completed Form NYS-45, Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return is January 31. This return includes the annual wage and withholding totals for all employees.

In addition to wage reports, Form 1099 data for pensioners and annuity contract recipients are also due on January 31. Those who fail to file a completed return by the deadline face financial penalties of up to $10,000.

“On top of potential penalties, employers who fail to meet the January 31 deadline delay tax refunds owed to their employees because reported withholding amounts cannot be verified,” said New York State Acting Commissioner of Taxation and Finance Nonie Manion.

Employers must also report newly hired or rehired employees who will be employed in the state within 20 calendar days from the hiring date. The information is shared with the New York State Office of Temporary and Disability Assistance. In this way, employers help single-parent families receive the child support they’re due.

The Tax Department offers tips for employers to completely and accurately report payroll and unemployment insurance information.