IRS Revamps Schedule A for 2011

The Internal Revenue Service (IRS) has issued a revamped Schedule A for Form 940 for 2011. The revised Schedule A includes a line for every state as well as the District of Columbia, Puerto Rico, and the US Virgin Islands. Revamped Form Necessitated by Increase in...

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IRS Releases 2011 Form 940

The Internal Revenue Service (IRS) has released the 2011 Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, and accompanying instructions. Employers use Form 940 to report their annual Federal Unemployment Tax Act (FUTA) tax. Twenty Credit Reduction...

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New York Assesses Interest Assessment Surcharge for 2011

The state of New York has announced the assessment of an Interest Assessment Surcharge (IAS) for 2011. The surcharge will be used to pay approximately $95 million in interest on loans to the federal government by September 30, 2011. New York Must Pay Interest on More...

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Question of the Week: Why Did My NYC Withholding Go Up?

This week’s question comes from Terry, a small business owner in New York City. My net pay is the same every week, but last week’s net pay changed. Upon further review, the difference is because the withholding tax for New York City increased from the week before. Why...

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Tip of the Week: Minimum Wage Hikes Take Effect this Week

The federal minimum wage will increase to $7.25 on Friday, July 24, 2009. Therefore, all work performed after July 23, 2009 should be compensated at the higher rate. In addition, the minimum wage will also increase to $7.25 in the following areas: Delaware, Idaho,...

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New York State and Yonkers Revise Withholding Tables

Effective May 1, 2009, revised withholding tables are in effect for the New York State personal income tax and the Yonkers resident personal income surcharge tax for certain taxpayers. Vision Payroll will be using the revised tables for all payrolls after April 30,...

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Delivery Men for New York Restaurants Awarded $4.6 Million

Thirty-six delivery men for various Vietnamese restaurants in New York City were awarded more than $4.6 million in back pay and damages in a recent case Ke, et al. v. Saigon Grill, Inc., et al., SDNY, 07cv2329 MHD, 10/21/2008. The court found that the defendants’...

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New York Requires Notification of Mass Layoffs

Governor David Paterson recently signed the New York State Worker Adjustment and Retraining Act (WARN) into law. The law (Labor Law Article 25-A) is patterned after, but more stringent than, the federal WARN act. Effective February 1, 2009, private employers with...

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