Change In NYS Wages And Taxes Withheld Reporting Requirements
Employers, here’s a crucial change in your reporting requirements for employees that may be easy to overlook–but can equal penalties if you’re careless!
Effective for calendar quarters beginning on or after January 1, 2019, employers filling out wage reporting requirements on tax forms must include the total gross wages and for each employee quarterly instead of at the end of the calendar year. Companies also need to include NYS, NYC and Yonkers tax amounts withheld for each employee quarterly instead of yearly.
For your reference, those specific tax forms are:
- Form NYS-45, Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return
- Form NYS-45-ATT, Quarterly Combined Withholding, Wage Reporting, and Unemployment Insurance Return-Attachment
Originally, on Part C of these forms–”Employee Wage And Withholding”–you only needed to fill out columns d & e on an annual basis. However, now you must fill out columns d and e on a quarterly basis.
In addition, the penalty for failing to complete columns d and e has been changed to be imposed on a quarterly, as opposed to an annual, basis. Check out the amendment itself, TSB-M-18(4)I, for more detailed information.
As you can see, this is a tricky tax amendment that might have fallen through the cracks…but Fingercheck, your all-in-one online payroll solution, is there to help you keep track!