There are many types of business entities you can form, including sole proprietorships, partnerships, LLCs, and corporations, among others. Many entrepreneurs opt to form a corporation because of the unique benefits that are associated with it, which include: Continue reading “Forming A Business Corporation in New York”
Newsmax Finance reported on a little-known item in the new tax law that will do away with special interest tax breaks and loopholes, among them the elimination of a company’s ability to write off entertainment as part of its business expenses. Continue reading “New Tax Law Cracks Down on Entertainment Expenses for Businesses”
The New York State Department of Taxation issued a report for the governor’s office detailing options to raise revenues for the state. One of the options the agency suggested was to impose taxes on “pass-through” businesses.
A “pass-through business” is a company in which income is generated through profits from a partnership. Under the new federal tax law, state and local deductions are limited to $10,000, but any taxes paid in operating a company at the entity level continues to be considered as a business expense, and, as such, can be written off. According to the Brookings Institution, approximately 95% of U.S. businesses are “pass-throughs.” Continue reading “NYS May Impose Taxes on Pass-Through Businesses”
A New York City hospitality owner should always remain compliant with both state and city regulations, otherwise he or she will be subject to hefty fines and penalties. In New York City, bars, restaurants, and nightclubs are the most likely to be subject to noise, food, or health code violations by agencies such as the Department of Health, Department of Buildings, FDNY, NYPD, NYS Liquor Authority, or even the Federal Alcohol Tobacco and Firearms Agency (ATF). Continue reading “Compliance Is Key to Running a Successful Business in New York City”
New York employees are protected against employment discrimination under federal, state and local laws. Several federal laws extend protection against discrimination to employees. The most prominent law is Title VII of the Civil Rights Act of 1964 (Title VII). Title VII prohibits employers from discriminating against employees based on sex, race, color, national origin, and religion. Both the New York State Human Rights Law (NYSHRL) and the New York City Human Rights Law (NYCHRL) extend employee protections to more categories than federal law. Continue reading “What Employers Need to Know About New York’s Anti-Discrimination Laws”
On January 1, 2018, New York State’s Paid Family Leave Benefits Law (PFL) will go into effect. Under the legislation, PFL will be a mandatory benefit in New York that will provide paid time off to employees to bond with their new child, care for a seriously ill loved one, or to address family issues that may arise due to a qualifying military exigency, while protecting their employment. PFL is designed to phase in over four years, increasing annually in weeks available and max percentage of average weekly wage. Continue reading “NY Paid Family Leave to Apply to All Private Businesses, Regardless of Size”
It was recently announced that, if Congress does not pass a spending bill by April 29, 2017, the federal government will run out of money and shut down. Congress has yet to present a spending bill and, without one in place, the federal government is not authorized to pay its expenses. The last government shutdown lasted 16 days in October 2013 and cost American taxpayers $2 billion for lost productivity, according to the Office of Management and Budget. When the federal government shuts down, it not only affects federal government workers, but also businesses and the U.S. economy overall. Continue reading “How a Government Shutdown Can Affect New York Businesses”