You have a couple of options to consider when it comes to paying your New York State unemployment insurance (UI) payments and getting them off your books before December 31st.books. However, you will need to make sure that you have all the necessary information and calculations for the quarter before you file the form.
File Form NYS-45 early: If you run your final 2022 payroll on December 28th and file the NYS-45 for the 4th quarter on the same day, you will be able to pay the UI premium for the 4th quarter before December 31st, and the obligation will be off your
Make an estimated payment: If you are unable to file the 4th quarter Form NYS-45 before December 31st, you can make an estimated UI payment for the 4th quarter. This will allow you to pay the UI premium before December 31st and get the obligation offyour books. Keep in mind that you will need to file the 4th quarter Form NYS-45 and reconcile the estimated payment with the actual amount due when you file the form.
File 4th quarter Form NYS-45 online: To make your payments as soon as possible you can file your form online and pay the UI premium via electronic funds transfer (EFT). The online filing process is faster and more efficient than paper filing.
It's important to note that these options are based on general information and you should consult with a tax professional or the New York State Department of Labor for specific guidance on your situation.
Mon, 16 Jan 2023 06:45:03 +0000, Smart Bean wrote:books. However, you will need to make sure that you have all the necessary information and calculations for the quarter before you file the form.
You have a couple of options to consider when it comes to paying your New York State unemployment insurance (UI) payments and getting them off your books before December 31st.
File Form NYS-45 early: If you run your final 2022 payroll on December 28th and file the NYS-45 for the 4th quarter on the same day, you will be able to pay the UI premium for the 4th quarter before December 31st, and the obligation will be off your
your books. Keep in mind that you will need to file the 4th quarter Form NYS-45 and reconcile the estimated payment with the actual amount due when you file the form.Make an estimated payment: If you are unable to file the 4th quarter Form NYS-45 before December 31st, you can make an estimated UI payment for the 4th quarter. This will allow you to pay the UI premium before December 31st and get the obligation off
File 4th quarter Form NYS-45 online: To make your payments as soon as possible you can file your form online and pay the UI premium via electronic funds transfer (EFT). The online filing process is faster and more efficient than paper filing.
It's important to note that these options are based on general information and you should consult with a tax professional or the New York State Department of Labor for specific guidance on your situation.
I know my response is very late, but I did talk to the NYS DOL and was
told I could not e-file my Q4 NYS-45 before December 31. (I believe I
am required to E-file, so a paper form and check was not an option.)
I owed only a small amount for 2022 and I kept that amount on my books
for payment in early January. I guess I could have tried to e-file on >December 28, but by then it just wasn't worth the effort anymore.
Victor Roberts <vicroberts@earthlink.net> wrote:books. However, you will need to make sure that you have all the necessary information and calculations for the quarter before you file the form.
Mon, 16 Jan 2023 06:45:03 +0000, Smart Bean wrote:
You have a couple of options to consider when it comes to paying your New York State unemployment insurance (UI) payments and getting them off your books before December 31st.
File Form NYS-45 early: If you run your final 2022 payroll on December 28th and file the NYS-45 for the 4th quarter on the same day, you will be able to pay the UI premium for the 4th quarter before December 31st, and the obligation will be off your
your books. Keep in mind that you will need to file the 4th quarter Form NYS-45 and reconcile the estimated payment with the actual amount due when you file the form.Make an estimated payment: If you are unable to file the 4th quarter Form NYS-45 before December 31st, you can make an estimated UI payment for the 4th quarter. This will allow you to pay the UI premium before December 31st and get the obligation off
File 4th quarter Form NYS-45 online: To make your payments as soon as possible you can file your form online and pay the UI premium via electronic funds transfer (EFT). The online filing process is faster and more efficient than paper filing.
It's important to note that these options are based on general information and you should consult with a tax professional or the New York State Department of Labor for specific guidance on your situation.
I know my response is very late, but I did talk to the NYS DOL and was
told I could not e-file my Q4 NYS-45 before December 31. (I believe I
am required to E-file, so a paper form and check was not an option.)
I owed only a small amount for 2022 and I kept that amount on my books
for payment in early January. I guess I could have tried to e-file on >>December 28, but by then it just wasn't worth the effort anymore.
You owed the state unemployment taxes for fourth quarter. You MUST have
cash set aside to pay it when due. It's a liability as soon as you incur
the obligation to pay it.
Your asset balance at the end of the quarter is the same, whether the
taxes are paid at the end of the quarter or the beginning of the
following quarter.
My very small company is a Cash Basis taxpayer. According to my
accountant, any funds I have taken in during the year that I have not actually paid out are subject to both state and federal income tax.
That is also my understanding from reading various IRS publications.
On Fri, 10 Feb 2023 14:15:32 EST, "Adam H. Kerman" <ahk@chinet.com> wrote: >>Victor Roberts <vicroberts@earthlink.net> wrote:
Mon, 16 Jan 2023 06:45:03 +0000, Smart Bean wrote:
You have a couple of options to consider when it comes to paying
your New York State unemployment insurance (UI) payments and getting >>>>them off your books before December 31st.
File Form NYS-45 early: If you run your final 2022 payroll on
December 28th and file the NYS-45 for the 4th quarter on the same
day, you will be able to pay the UI premium for the 4th quarter
before December 31st, and the obligation will be off your books. >>>>However, you will need to make sure that you have all the necessary >>>>information and calculations for the quarter before you file the
form.
Make an estimated payment: If you are unable to file the 4th quarter >>>>Form NYS-45 before December 31st, you can make an estimated UI
payment for the 4th quarter. This will allow you to pay the UI
premium before December 31st and get the obligation off your books. >>>>Keep in mind that you will need to file the 4th quarter Form NYS-45
and reconcile the estimated payment with the actual amount due when
you file the form.
File 4th quarter Form NYS-45 online: To make your payments as soon
as possible you can file your form online and pay the UI premium via >>>>electronic funds transfer (EFT). The online filing process is faster >>>>and more efficient than paper filing.
It's important to note that these options are based on general >>>>information and you should consult with a tax professional or the
New York State Department of Labor for specific guidance on your >>>>situation.
I know my response is very late, but I did talk to the NYS DOL and was >>>told I could not e-file my Q4 NYS-45 before December 31. (I believe I
am required to E-file, so a paper form and check was not an option.)
I owed only a small amount for 2022 and I kept that amount on my books >>>for payment in early January. I guess I could have tried to e-file on >>>December 28, but by then it just wasn't worth the effort anymore.
You owed the state unemployment taxes for fourth quarter. You MUST have >>cash set aside to pay it when due. It's a liability as soon as you incur >>the obligation to pay it.
Your asset balance at the end of the quarter is the same, whether the
taxes are paid at the end of the quarter or the beginning of the
following quarter.
My very small company is a Cash Basis taxpayer. According to my
accountant, any funds I have taken in during the year that I have not >actually paid out are subject to both state and federal income tax.
That is also my understanding from reading various IRS publications.
Victor Roberts <vicroberts@earthlink.net> wrote:
My very small company is a Cash Basis taxpayer. According to my
accountant, any funds I have taken in during the year that I have not >>actually paid out are subject to both state and federal income tax.
That is also my understanding from reading various IRS publications.
It's a lot more complicated than that, but that's its essence.
But what's your point? Unemployment insurance is just another business >expense like many others.
Victor Roberts <vicroberts@earthlink.net> wrote:
My very small company is a Cash Basis taxpayer. According to my
accountant, any funds I have taken in during the year that I have not
actually paid out are subject to both state and federal income tax.
That is also my understanding from reading various IRS publications.
It's a lot more complicated than that, but that's its essence.
But what's your point? Unemployment insurance is just another business >expense like many others.
--
Sat, 11 Feb 2023 12:52:50 EST, "Stuart O. Bronstein" <spamtrap@lexregia.com>: >>Victor Roberts <vicroberts@earthlink.net> wrote:
My very small company is a Cash Basis taxpayer. According to my >>>accountant, any funds I have taken in during the year that I have not >>>actually paid out are subject to both state and federal income tax.
That is also my understanding from reading various IRS publications.
It's a lot more complicated than that, but that's its essence.
But what's your point? Unemployment insurance is just another business >>expense like many others.
My question was how to get this liability off my books before year end
since I waited until Q4 to run my first 2022 payroll for my tiny C
corp.
Other posters claim the UE insurance is already obligated and
therefore off my books, but QB doesn't see it that way, which may be
the only issue.
My Form 1120 is prepared by my accountant and he has to make one or
two other adjustments to the profit calculated by QB, which apparently
does not fully understand cash basis taxpayers. He had suggested I pay
the liability before year end, but I think that was to just avoid one
more QB adjustment.
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