If you run a business in New York State, you will likely need to complete NYS-1-MN. This form is used to remit personal income taxes withheld from employee wages to the state. Your filing time table is based on the size and classification of your business. Larger businesses, or those required to withhold $15,000 or more in a calendar year, must file and pay the tax within three business days. Smaller or newer businesses, those who withheld between $700 and $15,000 in the calendar year, have five business days unless otherwise notified. The Tax Department will notify employers regarding any changes to filing due dates based on their record of total tax withheld. Put simply, understanding your time allotment is the key to completing this form correctly. According to the form’s directions, this is the most common error employers and tax preparers stumble on.
With just a few lines of numbers, this is a small form. Employers will need to include New York State tax withheld, New York City tax withheld, Yonkers tax withheld, the total amount withheld, and any credit. If you have your accounting in order, this should take just a few minutes to finish.
To do the Return of Tax Withheld form correctly, you should have the following information:
- Your last payroll date
- Any permanently ceased paying wages dates
- Total tax withheld
- New York City and/or Yonkers tax withheld
Without this information, employers risk completing this form incorrectly or filing it outside of the provided time table.
Additional Requirements for NYS-1-MN
New York State’s e-file mandate requires employers to electronically file NYS-1-MN if they do not use a tax preparer to file, use a computer to prepare or calculate tax forms, and have broadband Internet access. See exactly what the form requires by viewing it on the New York State Department of Taxation and Finance website.
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How AMS Can Help
The Return of Tax Withheld form is included on our Forms Filer Plus module ($49), a comprehensive form filing software that allows employers to enter data directly on a facsimile of the form. However, needing to complete NYS-1-MN points to a greater accounting need. The form requires information regarding taxes withheld and taxes due – information you’ll need to record and calculate through the year. If you don’t currently have an accounting system in place, now is a great time to implement one.
AMS 1099 Software ($79) is a user-friendly and semi-automated accounting software perfect for small businesses in New York State. The software will automatically calculate federal, state, and local taxes and withhold the appropriate amount from employee paychecks. AMS Payroll will then store that withholding data in a back-end data storage tool. Employers can access this database when completing monthly, quarterly, and end-of-year filing procedures.
NYS-1-MN isn’t a difficult form if you have withholding tax information ready to go. That said, if you’ve been calculating paychecks manually, the Return of Tax Withheld could take a long time to finish. Get ahead by investing in a payroll system now; the software will automatically generate required calculations, making this form quick and easy.