New York recently released an updated version of Publication NYS-50, the Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax. Several changes were made to the publication this year including updates to websites and department names. The most notable of these changes are detailed below.
Highlighted Changes
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New sections added regarding how changes to the federal Form W-4 affect NYS withholding; employer responsibility to report misclassified employees for unemployment insurance coverage; and withholding from certain gambling winnings.
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Penalties for failing to electronically file added:
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$50 for each tax document not electronically filed
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$50 for failure to pay electronically
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Penalty specific to tax type for failure to file.
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Section 1 Labor Department UI Program
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Number updated to 1-888-598-2077
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Section G – Minimum weekly benefit amount increased to $108 for 2021.
Section 4 Labor Department and Tax Department filing requirements and related information
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UI, wage reporting, and withholding tax requirements for certain items of income
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Gambling winnings – Both lottery and other gambling winnings now required to be reported for wages but not UI.
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NYS Lottery winnings fall under withholding requirements if the winnings are paid to an individual and the proceeds from the wager exceed $5,000.
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Winnings from a wagering transaction within NYS and the proceeds from the wager are subject to federal withholding.
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Section 5 Tax Department – New hire reporting requirements
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Form IT-2104-SNY has been added to the list of Employee/payee completed forms. This form is to be completed by employees working for a business approved to participate in the START-UP NY Program
To view the complete publication, click here.
