We've been noticing that the IRS, NYS and NYC have been a little more vigilant in pursuing penalties & interest on late payments, filings and the like. Please see below for NYS guidance on paying estimated taxes:
"Penalty for underpaying your estimated tax
We may charge you a penalty on the amount of estimated income tax that you didn't pay or paid late during the year (either through estimated tax payments, withholding tax, or a combination of the two). The penalty you will have to pay will equal the federal short-term interest rate plus five and one half percentage points (adjusted quarterly), but not less than 7.5%.
The underpayment penalty applies if your 2012 withholding and estimated income tax payments do not equal:
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 of Estimated Income Tax by Individuals and Fiduciaries. Attach Form IT-2105.9 to your return."