*Information as of August 17, 2022* Ken Cerini, Managing Partner and Edward McWilliams, Tax Partner of Cerini & Associates, LLP gave a background of the Healthcare Worker Bonus and answered participant questions. General Program Background:- Healthcare Worker...
Included as part of the 2022/23 budget for New York State was a provision allowing for Healthcare Worker Bonuses of up to $3,000 per employee (see details here). The regulations and program portal were released on August 3, 2022. One of the crucial questions regarding...
Taxation of NYS Healthcare Worker Bonus Cerini Short In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Taxation of the NYS Healthcare Worker Bonus. Included as part of the 2022/23 budget for New York State was a provision allowing for Healthcare...
Bonus for NYS Healthcare Workers Cerini Short We have been hearing for months about New York State making certain bonuses available to direct healthcare workers of up to $3,000 each. Governor Hochul allocated $1.2 billion from the State's 2022/23 budget for the...
As it becomes harder to attract and retain talent and also to help deal with soaring inflation, many employers are looking for ways to provide employees with tax-free benefits in order to entice employees to join or stay and help mitigate the impact of the rising costs. However, both employers and employees need to be aware that even despite their best intentions, many benefits or incentives can be considered taxable income – which from the employer side would require both withholding and reporting and would be includable in income for employees.
In what many political pundits are calling one of the most surprising and unlikely outcomes ever, Senators Schumer and Manchin have finalized negotiations on a new bill which would include several tax proposals. The new bill, called the “Inflation Reduction Act of...
Taxable vs Nontaxable Benefits Cerini Short In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Taxable vs Nontaxable Benefits. As it becomes harder to attract and retain talent and also to help deal with soaring inflation, many employers are looking...
Interest Assessment Surcharge Cerini Short In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Interest Assessment Surcharge. The COVID-19 Pandemic led to an immediate and unprecedented level of unemployment between March 2020 and September 2021 in...
The New York State Department of Labor (DOL) has begun to mail out notices to employers in July 2022 called an Interest Assessment Surcharge (IAS), which will be used to cover the interest on these loans.
