This is no where a complete summary of the Tax Law but areas that are most impactful to us.
Happy New Year to All and Welcome to the 2018 Tax Reform Act!! As we all know, this was only signed into law a week or so ago and many of the more complicated aspects must be analyzed; I am taking this opportunity to provide you with some of the basic changes at the individual level as well as the business entity levels. TRUST ME more will follow. Please note, the information provided here is for 2018 TAX RETURN – it does not relate to the 2017 returns being filed in 2018
EFFECTIVE IMMEDIATELY: as of 1/1/2018; the NYC minimum wage has increased to $12 for employers with 10 or fewer workers and $13 for employers with 11 or more workers. NYS minimum wage increases to $11.
June 19, 2017
by Jennifer Burzo
Various federal, state, and local laws require that employees complete certain paperwork at the time of hire. In addition to these requirements, other paperwork is recommended to help you administer payroll, benefits, and other HR responsibilities. Here are some of these key forms:
Required New Hire Paperwork:
Form I-9. An I-9 Form must be completed to verify that the new hire is authorized to work in the United States. Section 1 of the form must be completed by the end of the employee's first day of work for pay (but it cannot be completed until the employee has been offered, and has accepted, the job). Employers must complete Section 2 within three business days of the employee's start date. For example, if an employee begins work on a Monday, Section 2 must be completed by Thursday. Note: In November 2016, the government released a revised version of the I-9. Employers were required to begin using the new version by January 22, 2017.
Form W-4. All new hires must complete a W-4 to determine the amount of federal income tax to withhold from their wages. A number of states also require a tax withholding form. If the employee refuses to complete a W-4, the general best practice is to withhold as if the employee were single and claiming no withholding allowances. If the employee has questions or asks for advice on how to complete a W-4, instruct them to speak with a tax advisor.