The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $20,500 for the tax year 2022 (up from $19,500 in 2021 and 2020).
The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.
We are excited and honored to announce that BYB has been awarded the 2021 Hall of Fame Business Minority Success Award from the Business Council of Westchester.
Thank you, Business Council of Westchester, for this incredible recognition. And congratulations to all of the 2021 Hall of Fame Honorees!
Corporate Citizenship
ENT & Allergy Associates
Entrepreneurial Success
Allstar Innovations
Family Owned Business Success
Lippolis Electric
Small Business Success
Progressive Computing
Women in Business Success
Sarah Jones-Maturo, President and CEO, RM Friedland
Chairman’s Award
Chereese Jervis-Hill, Events to Remember
Check out 914Inc.’s February/March 2021 publication featuring BYB’s Wiley Harrison; an article titled “Virtual Roundtable: Business Success During Covid”.
As of 12/31/2020, the basic minimum wage will be $12.50 per hour in most of New York State.
The minimum wage rate differs based on: the fast food industry, tipped workers, Long Island, Westchester County, large and small employers in New York City.
General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $14.00
Remainder of New York State $12.50
For more information on the increased minimum wage specific to your industry, please click here.
Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.
The Business Council of Westchester – Not-For-Profit Council Meeting
Building Diversity, Cultural Competence, and Inclusion Throughout Your Organization
Friday, March 6th, 8:30 AM
800 Westchester Ave., S-310, Rye Brook, NY
Building a culture of diversity, inclusion and community engagement is vital to the success of every not for profit organization. It is not simply about doing what is right but is a business imperative. Mecca presentation will help define diversity, inclusion, and cultural competence; provide strategies for building a culturally competent organization; and advice on working with your Board of Directors.
Featured Speaker:
Mecca (Santana) Mitchell
Senior Vice President of Diversity Inclusion and Community Engagement
Westchester Medical Center Health Network
Please register to Linda Tyler, Director of Member Engagement at ltyler@thebcw.org
The IRS will start accepting personal income tax returns on Monday, January 27th.
The deadline to file your 2019 tax return and pay any tax owed is Wednesday, April 15th.
The IRS continues to encourage taxpayers to file their returns electronically and choose direct deposit for faster receipt of refunds.
Starting 12/31/2019 through 12/30/2020, the basic minimum wage will be $11.80 per hour in most of New York State.
The minimum wage rate differ based on: the fast food industry, tipped workers, Long Island, Westchester County, large and small employers in New York City.
General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $13.00
Remainder of New York State $11.80
For more information on the increased minimum wage specific to your industry, please click here.
Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.
2020 NYS Misc Workers Minimum Wage Poster
Various Posters for the Workplace (NYS)
The beginning of a new year is a great time for employees to review their withholding and determine if any adjustments are necessary.
The IRS has released the 2020 Form W4 which has been redesigned to reduce complexity and increase the accurateness of the withholding system.
The 2020 W4 form should be used by new hires and any employees making withholding changes in 2020.
The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $19,500 for the tax year 2020 (up from $19,000 in 2019).
The catch-up contribution limit for employees aged 50 and over who participate in these plans will increase to $6,500 (up from $6,000 in 2019).
© 2024 Business of Your Business
Theme by Anders Noren — Up ↑
