Starting with tax year 2023, if your business has 10 or more W2s and/or 1099s to prepare, you must file them electronically with the IRS.
Category: Tips for Small Business (page 2 of 4)
As of 12/31/2021, the basic minimum wage will change for many areas of New York State.
The minimum wage rate differs based on industry and region.
General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $15.00
Remainder of New York State $13.20
Click here for additional information for:
• tipped, fast food, and other workers
• free posters on the increased minimum wage specific to your industry
Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.
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.
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.
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).
Some phony charities will have names that are similar to well-known organizations, as well as websites that sound or look like those of legitimate organizations.
The IRS has a charity search feature, Tax Exempt Organization Search, that allows people to find legitimate, qualified charities to which donations may be tax-deductible.
If requested, charities can provide their Employer Identification Number (EIN) which can be used to verify their legitimacy through the IRS charity search tool.
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