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Recent Developments

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  • Equifax, one of the nation’s three major credit reporting agencies, recently reported a massive data breach. Are you among the 143 million U.S. consumers whose personal information was hacked? Here’s how to find out — and how to help protect yourself against future breaches. What…

  • Various limits apply to most tax deductions, and one type of limit is a “floor,” which means expenses are deductible only if they exceed that floor (typically a specific percentage of your income). One example is the medical expense deduction. Because it can be difficult…

  • Are you the founder of your company? If so, congratulations — you’ve created something truly amazing! And it’s more than understandable that you’d want to protect your legacy: the company you created. But, as time goes on, it becomes increasingly important that you give serious…

  • U.S. Citizenship and Immigration Services (USCIS) has published the newest version of the Form I-9. The form, used to verify employment eligibility, will be mandatory beginning Sept. 18. “Employers will be able to use this revised version or continue using Form I-9 with a revision…

  • Converting a traditional IRA to a Roth IRA can provide tax-free growth and the ability to withdraw funds tax-free in retirement. But what if you convert a traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover that…

  • Effective January 1, 2018, nearly all private employers in New York State must secure Paid Family Leave coverage for their employees. Paid Family Leave coverage is funded by employee payroll contributions.  It provides wage replacement and job protection to employees who need time away from…

  •   Two Laws Are Responsible for the Changes 1. The Protecting Americans from Tax Hikes (PATH) Act. Enacted on December 18, 2015, the PATH Act extended or made permanent a number of “tax extenders” (provisions with expiration dates that had been routinely extended by Congress…

  • In an effort to protect taxpayers from identity theft, for tax year 2016 New York State is requiring that taxpayers provide information from either their driver’s license or state-issued ID for all personal income tax returns prepared and electronically filed using software. This information will…

  • On December 28, 2016, the New York State Department of Labor published its final regulation adopting proposed Wage Order amendments to increase the required minimum salary levels for executive and administrative employees to qualify as overtime exempt. As a result, the minimum salary requirement in…

  • Yesterday a Federal Judge in Texas issued a nationwide preliminary injunction blocking the new overtime rules scheduled to take effect on December 1, 2016.  These rules would have increased the minimum salary for most exempt employees to $913/week. As a result of this injunction, employers…