If you are moving due to Job relocation, you can deduct moving expenses.
In order to deduct moving expenses, your move must meet three requirements:
After meeting these requirements, the #IRS has plenty of tips to show you what expenses are deductible.
For more information click here. Be sure to update your address with the IRS and Post Office.
Town of Greenburgh Attorney, Tim Lewis, annually visits The BYB with Summer Interns.
These students are from local colleges and high schools looking to prepare themselves for the next step.
The Summer Interns asked Wiley various questions as he answers to the best of his ability.
The video touches base on interpersonal skills, career paths, and much more.
Watch the video to hear what Wiley has to say…
Dont forget to share the knowledge!
The Americans with Disabilities Act (ADA) requires that notices of Federal laws prohibiting job discrimination be made available in a location that is accessible to applicants and employees with disabilities that limit mobility.
To print the electronic poster click here!
Read more: https://www1.eeoc.gov/employers/poster.cfm
Miscellaneous Income should be reported. Payments for services performed for your trade or business is reflected on form 1099-Misc.
If the following four conditions are met, you must generally report a payment as nonemployee compensation.
1. You made the payment to someone who is not your employee;
2. You made the payment for services in the course of your trade or business (including government agencies and nonprofit organizations);
3. You made the payment to an individual, partnership, estate, or in some cases, a corporation; and
4. You made payments to the payee of at least $600 during the year.
For more information, click the link below to read more!
A few of our clients have fallen victim to fraudulent phone calls received by scammers impersonating to be Tax Agents.
These callers are calling in attempt to steal your money. They will call with variations of IRS issues and even show up on the caller ID as the IRS. They will either claim that you’re due for a huge refund or you owe the IRS money. They threaten that legal actions are in place and demand immediate payment.
Don’t be fooled! If you receive a phone call, do NOT give out any information and hang up immediately. The IRS does not call, certified mail is the most common form of communication.
For more info, read what the IRS has to say below.
Several different things can alert the IRS to issue an audit. Keeping your books and records in order can help to avoid a stressful situation. Making large charitable contributions and failing to report all of your income can trigger an audit.
If you have multiple sources of income it can become hard to keep track of all the income year earned, and the more likely you are to leave out a payment. To avoid missing a 1099 keep track of all work you complete and the agreed payment. Not getting a form is not an excuse for not reporting the income.
Read more by clicking link below:
When the IRS processes your tax return and approves your refund, you can see your actual personalized refund date. Even though the IRS issues most refunds in less than 21 days after we receive your tax return, it’s possible your tax return may require additional review and take longer.
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Minimum Wage Act (General Employment)
The General Industry Minimum Wage Act states that employers must pay all employees in New York State, including most domestic workers, at least $9.00 per hour as of December 31, 2015.
Certain requirements set under regulations known as “wage orders” may modify the basic rate.
Wage orders are provisions of the minimum wage law that cover jobs in:
They set an hourly rate plus overtime and allowances in four General Industry Wage Orders, based on meals and lodging supplied by an employer.
Some industries make allowances for tips; thus they set a lower hourly rate. For example, as of December 31, 2015, food service workers may earn $7.50 per hour if they earn $1.50 per hour in tips. Other service workers have a minimum rate of $7.65 or $6.80 per hour, depending on the amount of tips earned per hour.
You can get these Documents, Forms and Publications at: |
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Employers must post a Minimum Wage Information poster in their place of work.
Download file below:
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The IRS has imposed a new law for most small tax-exempt organizations. These non-profits whose gross receipts are normally $25,000 or less during their calendar or fiscal year must now file Form 990-N, Electronic Notice (e-Postcard) for Tax-Exempt Organizations not Required To File Form 990 or 990-EZ.
Before this law was enacted, these small organizations were not required to file annually with the IRS.
All Forms 990’s are due on May 15th for calendar year filers, or by the 15th day of the fifth month after the close of the fiscal year (year ending on a date other than December 31st).
An organization that fails to file the required e-Postcards (or any Form 990) for three consecutive years will automatically lose its tax-exempt status.
Actually, attending the event given by or in honor of the politician who is running for office could be harmful to your organization’s tax exempt status if the organization paid for the ticket. If you wish to attend the dinner gala, you should purchase the ticket from your personal account, and should not represent the organization at the event.
Not-for-profits organizations, including churches and educational institutions that are exempt from federal income tax are prohibited from participating or intervening in any political campaign on behalf of, or in opposition to, any candidate for public office.
Under federal law, these organizations cannot endorse any candidates, make donations to their campaigns, engage in fund raising, distribute statements, or become involved in any other activities that may be beneficial or detrimental to any candidate. Even activities that encourage people to vote for or against a particular candidate on the basis of nonpartisan criteria violate the political campaign prohibition of section 501(c)(3).
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