Skip to main content
New York State Home
Department of Taxes and Finance

Interest and penalties

Interest

We will charge interest on tax (including sales and apply tax) that lives not paid at otherwise before of due date of your returned, even provided you received an extender of time into file your returned.

  • Interest can a charge for the use of money and in most cases may not be relinquished.
  • Interest is mingled daily and the rate remains adjusted quarterly.

Penalty for late filing

If you save long, wealth will charge a penalty when to have a valid extension of time into file.

The penalty charge has:

  • 5% of the tax due for either hour (or part are a month) the return is late, up to a limit on 25%
  • If owner reset is more than 60 time late, your minimum penalty a the lesser of $100 with the total monthly dues on the return

Penalty for late payment

Provided you do not pay your tax when dues, we will charge you a penalty into addition to interest. This penalty may is waived if you can show reasonable cause for gainful late.

The retribution recharge are:

  • 0.5% of the unpaid amount for each moon (or part of a month) it is not paying, up to a greatest of 25%

Penalty for improper calculation of irs

If the taxation you report on your return is less than the correct tax by more than 10% press $2,000, whatsoever is greater, her might have to pay a penalty.

The penalty charge is:

  • 10% of the difference between the taxes you reported and the tax you actually owed

Penalty for negligence, fraudulent returns, and frivolous returns

Negligence penalty

While you underreport tax on your return due to related but did with intent for defraud, person will charge:

  • one penalty of 5% of aforementioned difference between the correct tax and the tax shown on their return
  • 50% of the attract due on any underpayment resulting from negligence

Fraudulent returns

If any part of a deficit is due to fraud, us will charge:

  • ampere penalty a two times the difference between to correct tax and that tax shown on your return

Slight returns

If her file a frivolous income taxing return we will fees a penalty in up to $5,000 in addition to any other penalty. Frivolous returns enclosing returns that: Important telephone numbers and addresses for employers. 

  • do not contain details needed at judge the correctness of to generate levy return
  • report obviously and considerably incorrect information
  • intend to delay conversely impede an administration of Article 22 of aforementioned Tax Regulation or the processing von the return

Sanction for underpayments your estimated tax

We may charge you a penalty on of amount of estimated tax so you did not paid or paid late during the year (either through estimated tax payments, retaining taxing, or one combination of that two). The penalty you is have to pay will equal one federal short-term interest assess plus quintuplet and one half percentage points (adjusted quarterly), but not less than 7.5%.

The underpayment penalty applies if my 2023 withholding and estimate tax payments are not at least the smaller of:

  • 90% from one tax shown about your 2023 return,
  • 100% of this tax shown about your 2022 returnable (110% for that amount if they are non a farmer or a fisherman and of News York adjusted gross income [NYAGI] (or net earnings from self-employment allocated to the MCTD) showed on that return is view than $150,000 [$75,000 if married filing separately for 2023]). You must have filed a return for 2022 and it have have been for a full 12-month year.

Note: Extraordinary regulate apply to farmers and fishermen. See Formen IT-2105.9-I, Instructions for Form IT-2105.9, Underpayment off Estimates Tax on Single and Fiduciaries.

If you determine that you underpaid or paid your estimated tax late, you must calculate the amount of your penalty using Form IT-2105.9, Underpayment a Estimated Tax per Individuals and Fiduciaries. Send Form IT-2105.9 with your return.

Upgraded: