Effective March 1, 2025, the combined state and local sales and use tax rate in Suffolk County will increase from 8 5/8% to 8 3/4% . For more information, please view links below: New York State Sales and Use Tax Rates by Jurisdiction Notice ST-25-1, Suffolk County Sales...
The Corporate Transparency Act, signed into law on January 1, 2021, expanded anti-money laundering laws and created new reporting requirements for certain companies doing business in the U.S. Beginning in 2024, many small businesses are required to report information about their beneficial owners to the...
On July 20, 2023, the New York Forward Loan Fund 2 program was announced for qualifying small businesses and nonprofits. The loan program expands the qualification criteria for small businesses hoping for a greater reach and impact across New York State. The original fund program...
The US Department of Labor has announced that four states will be subject to a FUTA Credit reduction; California, Connecticut, Illinois, and New York. These states had outstanding loans from the Federal Unemployment Trust Fund as of November 10, 2022. These loans all stem from...
As part of the Fiscal Year 2023 New York State Executive Budget legislation, $1.2 billion in funding has been allocated for the payment of bonuses for certain frontline healthcare workers. This was made available to recognize the efforts of the health care and mental hygiene...
Background The New York State Unemployment Insurance (UI) Fund is funded directly by Employer Contributions on their Quarterly Payroll Tax Returns (NYS-45). When an individual claims unemployment, NYS will pay out the benefits from the NYS UI Fund, and the respective employer will be assessed an...
New York State has announced another program designed to help small businesses that have been, and continue to be, impacted by the COVID-19 Pandemic. The COVID-19 Capital Costs Tax Credit Program has made $250 million available to small businesses that made investments to comply with...
In April 2022, New York State passed its fiscal State Budget Bill which included significant changes to the Pass-Through Entity Tax. Below is a summary of changes that will take effect both this year and for 2023. NYS PTET Extension Deadline Subsequent legislation has now changed the...
The New York State 2022-2023 Fiscal Year budge has included a one year, $2.2 billion program that will help taxpayers offset some of the financial pressure from the coronavirus pandemic and inflation. The process for mailing out these checks has already started, and some taxpayers...
This upcoming year will be the first full year of the New York State Pass-Through Entity (PTE) Tax and there are new procedures that need to be considered. If you are interested in more information from when this was first introduced, please read our previous...
