By JASON GREENBERG
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.
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