NY State of Mind: From Payroll to Pumpkin Spice!
Intro - 5 Min
Current Events
Pay News Updates - 10 Min
Walt (5 min)
https://payroll.org/news-resources/news/news-detail/2024/08/27/get-ready!-changes-to-employer-offered-ewa-programs-are-right-around-the-corner
https://share.newsbreak.com/8hhfek17?s=i16
Brian (5 min) https://www.cbsnews.com/news/kamala-harris-donald-trump-tax-plan-impact-on-your-paycheck/
Tax Proposals from Candidates:Former President Donald Trump aims to extend the 2017 Tax Cuts and Jobs Act, eliminate taxes on tips and Social Security income, and lower the corporate tax rate.Vice President Kamala Harris proposes increasing tax benefits for families and raising the corporate tax rate to offset the costs of expanded tax credits.Trumps helps all but mostly the top 1% and .01%Harris benefit lower income more and hurt the 1% and .01% Both plans add the the US debt regardless of their offset planning Experts say that both plans will lead to higher interest rates and that neither plan addresses the overall economic situation.
Current Events
Pay News Updates - 10 Min
Walt (5 min)
https://payroll.org/news-resources/news/news-detail/2024/08/27/get-ready!-changes-to-employer-offered-ewa-programs-are-right-around-the-corner
https://share.newsbreak.com/8hhfek17?s=i16
Brian (5 min) https://www.cbsnews.com/news/kamala-harris-donald-trump-tax-plan-impact-on-your-paycheck/
Tax Proposals from Candidates:Former President Donald Trump aims to extend the 2017 Tax Cuts and Jobs Act, eliminate taxes on tips and Social Security income, and lower the corporate tax rate.Vice President Kamala Harris proposes increasing tax benefits for families and raising the corporate tax rate to offset the costs of expanded tax credits.Trumps helps all but mostly the top 1% and .01%Harris benefit lower income more and hurt the 1% and .01% Both plans add the the US debt regardless of their offset planning Experts say that both plans will lead to higher interest rates and that neither plan addresses the overall economic situation.
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MAIN TOPICS - 10 min
BRIAN NOTES (5 min) 1. NYC Retail Employers with 20+ Employees:If you own a retail business in New York City with 20 or more employees, here are the key rules you need to follow:No On-Call Scheduling: You can't require employees to be available to work without a set schedule. This means no on-call shifts where employees might have to come in at short notice.72-Hour Notice: You must give employees at least 72 hours' notice if you need to cancel their shift, add hours, or make any changes. If a change is made, the employee must consent in writing.Posting Schedules: A hard copy of the work schedule must be posted at least 72 hours in advance at the workplace. Employees are allowed to request a copy of their schedule and can refuse to work shifts that aren't included in the posted schedule(
SGR Law
Seyfarth
FordHarrison
2. NYC Fast Food Chains with 30+ Locations:If you manage a fast food restaurant that's part of a chain with 30 or more locations across the U.S., here are the scheduling rules you need to be aware of:Good Faith Schedule Estimate: When hiring a new employee, you must provide a good faith estimate of their weekly work hours and give them their work schedule at least 14 days in advance.Schedule Change Premiums: If you make any changes to the schedule with less than 14 days' notice, you have to pay the employee extra. The amount ranges from $10 to $75, depending on how last-minute the change is and what type of change it is (e.g., adding or subtracting hours, changing, or canceling shifts).Clopening Ban: Employees cannot be required to work back-to-back closing and opening shifts (less than 11 hours apart) unless they consent in writing. If they do work such shifts, you must pay them an additional $100.Offering Additional Hours: If you have open shifts, you need to offer them to current employees before hiring new workers(
Law Offices Of David S. Rich, LLC
Seyfarth
FordHarrisonWelcome to NYC.gov | City of New York
WALT NOTES (5 min)
Remote Work and Tax Nexus Complications**
**Issue:** The shift to remote work, accelerated by the pandemic, has introduced new tax nexus complexities for employers. In New York, the "convenience of the employer" rule means that if an employee works remotely outside New York for their own convenience rather than the employer's necessity, their income might still be subject to New York state tax.
**Impact:** This rule complicates payroll calculations and tax withholding, particularly for businesses with remote employees across multiple states. Payroll professionals must carefully navigate these rules to ensure accurate tax compliance and to avoid issues of double taxation.
**Notes and Strategies:**- **Review Remote Work Policies:** Regularly assess and update remote work policies to align with current tax regulations and ensure clarity on the "convenience of the employer" rule.- **Implement Advanced Payroll Systems:** Invest in payroll software that can handle multi-state tax calculations and automate compliance with state-specific tax laws.- **Consult Tax Professionals:** Engage with tax experts to manage complex tax scenarios and avoid potential pitfalls related to remote employee taxation.- **Employee Communication:** Inform remote employees about potential tax implications of their work location and provide guidance on how it may affect their payroll.
Updates to Pay Transparency Laws**
**Issue:** New York’s 2024 pay transparency laws mandate that employers disclose salary ranges in job postings, reflecting a broader trend towards pay equity and transparency.
**Impact:** Payroll professionals must ensure that payroll data aligns with the disclosed salary ranges, addressing any discrepancies. Adjusting internal systems to track and report pay data accurately may require significant resources.
**Notes and Strategies:**- **Update Job Postings:** Ensure all job postings reflect accurate salary ranges and are updated according to the latest regulations.- **Align Payroll Data:** Review and adjust payroll systems to ensure they reflect disclosed salary ranges and correct any discrepancies.- **Train HR and Payroll Staff:** Educate HR and payroll teams on the new transparency requirements and best practices for compliance.- **Conduct Regular Audits:** Perform regular audits of pay data to ensure consistency and adherence to transparency laws.
These issues highlight the need for payroll professionals in New York to stay informed and adaptable in response to evolving regulations.
By automatically calculating standard 40-hour workweeks and accurately determining overtime when necessary, TimeTrakGO ensures precise employee time while maintaining accurate PTO balances. Additionally, the system can identify instances where non-exempt employees may not have reached the 40-hour threshold. To learn more, Please contact TimeTrakGO at 888-321-9922 or visit www.timetrakgo.com t-i-m-e-t-r-a-k-g-o.com LET’S GO!!!
https://www.timetrakgo.com/signmeup?utm_source=SMB24&utm_medium=IAP&utm_id=SBM24
MAIN TOPICS - 10 min
BRIAN NOTES (5 min) 1. NYC Retail Employers with 20+ Employees:If you own a retail business in New York City with 20 or more employees, here are the key rules you need to follow:No On-Call Scheduling: You can't require employees to be available to work without a set schedule. This means no on-call shifts where employees might have to come in at short notice.72-Hour Notice: You must give employees at least 72 hours' notice if you need to cancel their shift, add hours, or make any changes. If a change is made, the employee must consent in writing.Posting Schedules: A hard copy of the work schedule must be posted at least 72 hours in advance at the workplace. Employees are allowed to request a copy of their schedule and can refuse to work shifts that aren't included in the posted schedule(
SGR Law
Seyfarth
FordHarrison
2. NYC Fast Food Chains with 30+ Locations:If you manage a fast food restaurant that's part of a chain with 30 or more locations across the U.S., here are the scheduling rules you need to be aware of:Good Faith Schedule Estimate: When hiring a new employee, you must provide a good faith estimate of their weekly work hours and give them their work schedule at least 14 days in advance.Schedule Change Premiums: If you make any changes to the schedule with less than 14 days' notice, you have to pay the employee extra. The amount ranges from $10 to $75, depending on how last-minute the change is and what type of change it is (e.g., adding or subtracting hours, changing, or canceling shifts).Clopening Ban: Employees cannot be required to work back-to-back closing and opening shifts (less than 11 hours apart) unless they consent in writing. If they do work such shifts, you must pay them an additional $100.Offering Additional Hours: If you have open shifts, you need to offer them to current employees before hiring new workers(
Law Offices Of David S. Rich, LLC
Seyfarth
FordHarrisonWelcome to NYC.gov | City of New York
WALT NOTES (5 min)
Remote Work and Tax Nexus Complications**
**Issue:** The shift to remote work, accelerated by the pandemic, has introduced new tax nexus complexities for employers. In New York, the "convenience of the employer" rule means that if an employee works remotely outside New York for their own convenience rather than the employer's necessity, their income might still be subject to New York state tax.
**Impact:** This rule complicates payroll calculations and tax withholding, particularly for businesses with remote employees across multiple states. Payroll professionals must carefully navigate these rules to ensure accurate tax compliance and to avoid issues of double taxation.
**Notes and Strategies:**- **Review Remote Work Policies:** Regularly assess and update remote work policies to align with current tax regulations and ensure clarity on the "convenience of the employer" rule.- **Implement Advanced Payroll Systems:** Invest in payroll software that can handle multi-state tax calculations and automate compliance with state-specific tax laws.- **Consult Tax Professionals:** Engage with tax experts to manage complex tax scenarios and avoid potential pitfalls related to remote employee taxation.- **Employee Communication:** Inform remote employees about potential tax implications of their work location and provide guidance on how it may affect their payroll.
Updates to Pay Transparency Laws**
**Issue:** New York’s 2024 pay transparency laws mandate that employers disclose salary ranges in job postings, reflecting a broader trend towards pay equity and transparency.
**Impact:** Payroll professionals must ensure that payroll data aligns with the disclosed salary ranges, addressing any discrepancies. Adjusting internal systems to track and report pay data accurately may require significant resources.
**Notes and Strategies:**- **Update Job Postings:** Ensure all job postings reflect accurate salary ranges and are updated according to the latest regulations.- **Align Payroll Data:** Review and adjust payroll systems to ensure they reflect disclosed salary ranges and correct any discrepancies.- **Train HR and Payroll Staff:** Educate HR and payroll teams on the new transparency requirements and best practices for compliance.- **Conduct Regular Audits:** Perform regular audits of pay data to ensure consistency and adherence to transparency laws.
These issues highlight the need for payroll professionals in New York to stay informed and adaptable in response to evolving regulations.
Safe Talk (5 min Group Chat) - In regards to the “New York state of mind”, do you think it helps or hurts more in the professional or business world?
