Accurate and timely reporting and payment
It is important that employers file complete and accurate quarterly returns and pay contributions due on time. If contributions are not paid when due, interest is assessed at the rate of 12% (0.12) per year. Contributions paid more than 60 days after their due date are not credited to the employer’s account for the purpose of calculating UI rates. An increased rate may result. The failure to file all required returns by December 31 will result in estimated wages being used in the calculation of UI rates. This may have an adverse effect on the rate.
Additional penalties may also be imposed for the failure to file accurate and timely returns (see Summary of penalties ).
Wages reported quarterly on Form NYS‑45, Part C are used in the calculation of benefits for former employees. Inaccurate reporting can result in costly benefit overpayments. Also, a penalty may be assessed if inaccurate or incomplete wage reporting is discovered through a benefit claim (see Benefit payments ), or through an examination of an employer’s records (see Summary of penalties ).