More Government Oversight?
In 2019, Gov. Phil Murphy signed into law the New Jersey Secure Choice Savings Act to promote retirement savings by automatically enrolling workers in an IRA that is managed by the state. The program targets some 1.7 million workers in the Garden State whose employers don’t offer a retirement plan... Read More
Important Tax Information for NJ Business Owners
On January 13, 2020, New Jersey Governor Phil Murphy signed into law the “Pass-Through Business Alternative Income Tax Act,” joining five other states that have already enacted similar legislation. The new law allows pass-through businesses to elect to be taxed at the entity level for Ne... Read More
New York State Spread of Hours Rule in the Hospitality Industry
Are you a business owner in New York State that operates a business in the hospitality industry? If so, this is a MUST read for you. Certain non-exempt workers in New York state may be entitled to an extra hour of pay when their work day spans more than ten hours. This is in addition […]... Read More
S Corps Are Not Always Beneficial. Here’s Why.
What Is an S Corporation? An S Corporation is a federal tax classification that some corporations and LLCs opt for. The classification enables a corporation to enjoy pass-through status and eliminates the requirement to pay federal corporate tax. Businesses that want to be treated as S corporations ... Read More
Are You Aware Of The New Minimum Wage Laws in NY and NJ?
New York Affective December 31, 2019, the New York State minimum wage has increased . In New York City, it is now $15.00 per hour for all size businesses. In Nassau, Suffolk and Westchester counties, it is $13.00 per hour. In the remainder of the state, it is $11.80 per hour. There are different ho... Read More