The NYS Tax Department reminds quarterly and monthly sales tax
vendors to avoid penalties and interest by filing their returns on or
before Monday, June 20, 2016.
More than 91% of sales tax filers use the Tax Department’s free online Sales Tax Web File
service to ensure accurate and timely filings. Web filing is the most
efficient way to file and is required for most businesses. For those who
don’t already Web file, the first step is to create an Online Services account.
Vendors must pay penalty and interest charges if their returns are
filed after the June 20 deadline, the amount due isn’t paid in full, or
both. In addition, late quarterly filers will miss out on the vendor
collection credit, which can be as much as $200. Vendors, including new
business owners, must file by the deadline even if they didn’t make any
taxable sales or purchases during the reporting period.
New York State has more than 536,000 sales tax filers, including
about 227,000 quarterly filers and 49,000 monthly filers. Filing
frequency depends on the amount of a business’s taxable sales or tax
due, with most vendors required to file quarterly when they first
register to collect sales tax.
In the 2015 calendar year, sales tax payments totaled more than $28 billion—revenue shared by New York State with the county or city where the sales occurred.
In the 2015 calendar year, sales tax payments totaled more than $28 billion—revenue shared by New York State with the county or city where the sales occurred.
Source: The New York State Department of Taxation and Finance
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