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New York Tax Law Updates

Mandatory New-Hire Procedures
Beginning October 26, 2009, employers are required to notify all new employees in writing of their rate of pay, regular payday and overtime rate (if applicable). In addition, the law requires the employer to obtain written acknowledgment from all new employees confirming they have received this information.

Metropolitan Commuter Transportation Mobility Tax
New York added an article to its tax law in 2009 that established the metropolitan commuter transportation mobility tax (MCTMT) effective January 1, 2009.  The MCTMT is imposed on certain employers and self-employed individuals engaged in business within the metropolitan commuter transportation district. The district includes the New York City area and Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess and Westchester counties.

If you are an employer and pay more than $2,500 in any calendar quarter, you will need to pay this 0.34% payroll tax. This includes taxpayers who have a household employee.

For individuals with self-employment income from New York sources, such as a partnership or LLC, the MCTMT of 0.34% will be due if the earnings are more than $10,000. These payments are due quarterly.

For more information please contact Deb Rood at Jason Parish at jparish@BlackmanKallick.com or 312-980-2959, or your Blackman Kallick representative. Our thanks to Deb Rood for her contribution to this article. 

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.