Subscribe to our Emailed Newsletter
Click Here to Register
Client Portal Login
|
Employers Mandatory Requirements: DEADLINE - February 1, 2012 Employers must provide all New York employees with an annual written notice known as a Notice of Pay Rate and Payday beginning January 1, 2012. Previously, employers were required to provide this notice only to new employees when certain changes in compensation were made. Now all employees must receive this notice on an annual basis and it must be signed every year as it is an annual requirement. Additionally, the notice must be provided in the employee’s primary language. For 2012, this form must be signed by February 1, 2012. New York State will be conducting random compliance audits, in which very significant penalties for failure to comply will be assessed. Employers will be assessed $50 per week per worker by the Department of Labor if the notice is not provided and in addition, an individual worker can bring action. There is no exemption for small employers. As long as a business has a single employee in New York State, the notice is required. Independent contractors are not covered by this law. We have listed some of the forms below that may be helpful to you: W-4 I-9 Notice of Pay Rate and NYS WTPA If you have any questions or would like to sign up for a free consultation please call our office.
Contractors, Landscapers, and Home Specialists Independent Contractors in the Construction Field: HOT AUDIT ITEM New York State has implemented a new law to determine if a worker within the construction industry is an independent contractor or an employee. New York State has set 12 new standards that must occur in order to have independent contractor status, including having their own licenses and permits and having invested capital other than personal vehicle and tools. Call us for a copy of the New York State Department of Labor flyer. For the last two years, the IRS has been focusing in on classification of workers. This standard set by New York State will make it easier to pursue cases against employers. The IRS has stated that correct employer classification will be a hot audit item since previous reviews have increased revenue. If you are selected for an audit we suggest that you obtain help in clarifying your position. Please remember that even small adjustment for reclassification are then leading to payroll tax adjustments by both the IRS, State Tax agencies, and Unemployment divisions. Consider a Free one hour tax consultation with our CPA 516-624-7337. Many employers know that the 2011 third quarter New York State Quarterly Payroll forms added a question asking if your corporation offers dependent health care plans. The Affordable Care Act added the requirement to report the cost of employer-sponsored group health plan on W-2’s beginning in 2011. This requirement was delayed for small employers filing fewer than 250 W-2 forms, by making it optional for 2012 and continuing this optional treatment for small employers until further notice. The Affordable Care Act established a number of new requirements concerning the non-discrimination requirement for group health plans. This is an evolving topic with a number of new notices released which was trying to provide guidance and explaination to this Act. Notices can be found on the IRS website or call us to set up a Free one hour tax consultation to discuss your specific issues. 516-624-7337. |
|
