NY Tax Service Pro Inc.

ATTENTION business owners!
IRS has changed the due date for filing W-2s and 1099-Misc. Does this affect your business? Read up on the new deadlines in this article: https://payroll.intuit.com/support/kb/2001909.html.

Call us and we will help you meet these deadlines and streamline your payroll process. This is just one of the many services we provide to our business clients and would be happy to discuss your accounting and tax needs. To schedule a meeting, dial 718-676-0830.

Beginning 2017 IRS changes W-2 & 1099 filing deadlines In an effort to combat fraud, The Protecting Americans from Tax Hikes (PATH) Act of 2015, was passed by Congress and signed by President Obama in December. The act revises the filing deadline for Form W-2 and certain types of Form 1099.

Does this apply to you? Did you know that all holders of ITINs issued before 2013 or not used in the past 3 years will have to renew their ITIN's by the end of the year? Here's the link to IRS' site explaining the process: https://www.irs.gov/individuals/individual-taxpayer-identification-number-itin?_ga=1.22600955.195977778.1438809076.

We can help you comply with it - give us a call. We can also assist you with various accounting and tax issues - at your service, call today to schedule an appointment.

Individual Taxpayer Identification Number IRS Notice 2016-48, released on August 4, 2016, outlines the new procedures by the Protecting Americans from Tax Hikes (PATH) Act enacted by Congress in December 2015.

I think it is a worthy petition to sign in hopes it will materialized. Businesses, and especially small businesses, could really use this deduction to boost capital spending. I urge you all to sign the petition.

Petition Congress to Keep Section 179 at $500,000 for 2015. Section179 encourages Small and Medium sized business owners to invest in their businesses by buying new (or new to them) equipment. Section 179 is good for the companies that use the deduction to buy needed equipment, it`s good for the equipment manufacturers who they buy from, and it`s good for th…

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What You Need to Know About the Labor Department’s Proposed Overtime Rules The Labor Department’s proposal updating the rules on which workers are eligible for overtime has employers scrambling to figure out how to track the hours of millions of employees who will now be swept under the umbrella of the Fair Labor Standards Act—and it has workers anxiously asking how the ch…

Employers in NYC with 20 or more employees will have to offer pre-tax commuter benefits starting on 1/1/16.

forms.wageworks.com Last year, New York City passed a law requiring certain employers to offer commuter benefits to their employees. This new law, known as the New York City (NYC) Transit Ordinance, goes into effect January 1, 2016. Many companies are unaware of what this means for them or how to comply. Are you with o…

We've been getting a lot of calls from clients, mostly on the receiving end, saying their employers want them to start receiving 1099s as independent contractors or incorporate. This article confirms the trend.

Before you do something that's illegal or disadvantageous to you, let us help you steer clear of trouble. Call us at 718-676-0830 for a consultation.

Bosses Reclassify Workers to Cut Costs As scrutiny into the relationship between businesses and independent contractors rises, employers find ways to take workers off the formal payroll and lower costs.

A very good article about classifying someone as an employee or a contractor. Consequences, especially for businesses, for not handling it properly can be very sad. We are here to help you make the correct decisions. Give us a call at 718-676-0830 for a meeting if you have questions and concerns. Remember, not knowing the law does not excuse you from not following it!

All Employers Face Independent Contractor, Employment Tax Scrutiny Despite budget cutbacks, the IRS is making employment tax enforcement a priority. Last year, it assessed $5 billion in civil penalties and opened 120 criminal investigations.

When You Must Take Money Out of Your I.R.A.or 401(K) If you turned 70½ in 2014 and have an individual retirement account, you have until April 1 to make your first withdrawal.