What are internal controls? Why do we need them?
Internal controls are one of the most essential elements within any organization. Internal controls are put in place to enable organizations to achieve their goals and missions.
Taxation of New York State Healthcare Worker Bonuses
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...
Bonus for NYS Healthcare Workers
Governor Hochul allocated $1.2 billion from the State’s 2022/23 budget for the Healthcare Worker Bonus program (“HWB”) and the State has finally released the regulations surrounding these bonuses.
Taxable vs Non-Taxable Benefits
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.
NYS Unemployment Interest Assessment Surcharge Imposed for 2022
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.
GOVERNOR HOCHUL ANNOUNCES APPLICATIONS OPEN FOR $343 MILLION IN CHILD CARE PROVIDER GRANTS TARGETING WORKFORCE
There is another round of Day Care Subsidiary funding available! Applications are now available through November 30, 2022. Please see the press release below that provides more information and links to the application. Please let us know if you have questions or need...
NYS COVID-19 Capital Costs Tax Credit Program
As part of the 2022-23 NYS Budget NYS included a new $250 million program called the “COVID-19 Capital Costs Tax Credit Program” designed to assist small businesses who incurred costs as part their response to the COVID-19 Pandemic. Details of this program were finally made clearer on June 28, 2022.
The Economic Crisis
Everyone is feeling the crunch in 2022, especially those who run businesses. Inflation is at a record high, employees are demanding better wages and better work environments, and the ability to get the products needed to do business has continued to be a major...
Burnout
First recognized as a syndrome in 2019 by the World Health Organization (WHO), burn-out has been on the rise for a number of years. While tight deadlines, high pressure, and stress have been part of working culture since the times of Henry Ford, the COVID-19 Pandemic,...