Quarterly Tax Interest Rates Posted

Submitted by rkoreto on Thu, 02/23/2012 - 16:08

Every three months, the New York State Department of Taxation and Finance establishes interest rates for refunds and for late payments and assessments applicable to a wide range of taxes. In early February, the department posted the April 1 to June 30 rates.

 
For most taxes, the late payments tax is 7.5 percent. For sales and use tax, however, the rate is 14.5 percent, unless the commissioner determines that the failure to pay or the delay in payment is due to reasonable cause and not willful neglect, in which case it's 7.5 percent.
 
Taxpayers and their preparers who want to know how much late payments are costing them can use an online calculator to figure it out.  

 

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