The Treasury, IRS and US Department of Labor have announced that small and mid sized employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees....
Important information for New York Employers about Covid-19 Paid Sick Leave; Click here to read more: Employers - Covid-19 Paid Sick Leave To address the immediate need of employees affected by COVID-19 who are subject to mandatory or precautionary orders of quarantine or isolation, the new...
TAX CHANGES DUE TO THE CORONAVIRUS On Wednesday, following President Trump’s emergency declaration under the Stafford Act on March 13, 2020, the U.S. Treasury Department and IRS released official guidance to provide relief from tax deadlines to assist in economic relief efforts related to the impact of...
There's a new question on the 2019 version of Form 1040, Schedule 1, that asks taxpayers a yes or no question as to whether they have received, sold, sent, exchanged or otherwise acquired any financial interest in any virtual currency. Click here for FAQ on Virtual...
On December 20, 2019, the federal Further Consolidated Appropriations Act of 2020 was signed into law. It includes new provisions that allow 529 Plan account owners to withdraw assets to pay for certain apprenticeship programs and to pay principal and interest on qualified higher education...
The “Setting Every Community Up for Retirement Enhancement” Act (THE SECURE ACT) can be considered one of the most significant changes to retirement plans in nearly a decade. Highlights of the bill are the following: Selected Highlights of the SECURE Act: • Required Minimum Distribution Relief for...
Ray Schwetz and Donyshia Boston-Hill talk with Lynn Giugliano and Matthew Doughty about tips and tricks to running a business on Long Island. Click here to listen....
Governor Cuomo recently signed a new law making it easier for employees to win harassment and discrimination cases and for it to be easier for them to prove their charges. Click here to read more. He also signed a law prohibiting employers from asking applicants or...
Treating Medical Insurance Premiums as Wages Health and accident insurance premiums paid on behalf of a greater than 2-percent S corporation shareholder-employee are deductible by the S corporation and reportable as wages on the shareholder-employee’s Form W-2, subject to income tax withholding. (A 2-percent shareholder is...
New York Paid Family Leave is insurance that may be funded by employees through payroll deductions. Each year, the Department of Financial Services sets the employee contribution rate to match the cost of coverage. Employers are responsible for: Collecting employee payroll contributions Providing a waiver to...
