Please do not hesitate to contact the staff of Trager, Kevy & Trager, LLP if you have any questions.

NYS allows returns to be filed online or mailed in. To submit your return online please visit the NYS Online Tax Center (http://nystax.com/online). Alternatively, you can download and complete the forms found on the NYS Taxation & Finance website (http://www.tax.ny.gov/forms/sales_cur_forms.htm).

If Trager, Kevy & Trager LLP prepares the return for you please send us your information so that we can file your returns on time.

Although most taxpayers have taken advantage of this switch to a quicker, easier way to schedule their payments online or over the phone, some have not and the IRS has decided that 2010 will be the last year during which they will accept tax deposit coupons. Starting January 1, 2011, the only way to make any tax deposits will be via the EFTPS system. Some may have already encountered this when their bank decided to stop accepting payments.

The IRS will not offer a grace period for taxpayers who cannot make their payments on time because they had not already signed up for EFTPS. Apply online now or contact our office and avoid any possible problems.

If you’re efiling please make sure you have already forwarded your authorizations to our office. If you are NOT efiling then make sure to have your returns postmarked by October 15. There are no more extensions available after this date so please avoid any penalties and make sure your filings are completed on time!

Forms for paper filing can be found on the NYS Tax website at – NYS Sales Tax forms

Also NYS encourages businesses to file online. Please visit the NYS Online Tax Center or contact our office for help setting up an online account.

Please contact us to help you with your filing requirements.

Forms for paper filing can be found on the NYS Tax website at – NYS Sales Tax forms

Also NYS encourages businesses to file online. Please visit the NYS Online Tax Center or contact our office for help setting up an online account.

Please contact us to help you with your filing requirements.

Employers who hire unemployed workers after February 3, 2010 and before January 1, 2011 may qualify for a 6.2% payroll tax incentive. This in effect exempts them from their share of Social Security taxes on wages paid to these workers after March 18, 2010. This reduced tax withholding will have no effect on the employee’s future Social Security benefits, and employers would still need to withhold the employee’s 6.2% share of Social Security taxes, as well as income taxes. The employer and employee’s shares of Medicare taxes still apply to these wages.

In addition, for each worker retained for at least a year, businesses may claim an additional general business tax credit, up to $1,000 per worker, when they file their 2011 income tax returns.

These benefits are especially helpful to employers who are adding positions to their payrolls. Although, new hires filling existing positions also qualify, but only if the workers they are replacing left voluntarily or for cause. Family members and other relatives do not qualify.

The new law requires that the employer get a statement from each eligible new hire certifying that he or she was unemployed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period. The IRS is currently developing a form employees can use to make the required statement.

This benefit does not apply to household employers.

For more information visit the IRS webite – HIRE Act: Questions and Answers for Employers.

Updated 6/24/2010 -
The IRS has released the form for reporting employees eligible under the new HIRE Act. Form W-11 needs to be completed by the employee and retained in your files. In addition, Form 941 has been revised for reporting eligible employees.

• 10% on the income between $0 and $11,950
• 15% on the income between $11,950 and $45,550; plus $1,195
• 25% on the income between $45,550 and $117,650; plus $6,235
• 28% on the income between $117,650 and $190,550; plus $24,260
• 33% on the income between $190,550 and $373,650; plus $44,672
• 35% on the income over $373,650; plus $105,095

• 10% on the income between $0 and $8,375
• 15% on the income between $8,375 and $34,000; plus $837.50
• 25% on the income between $34,000 and $68,650; plus $4,681.25
• 28% on the income between $68,650 and $104,625; plus $13,343.75
• 33% on the income between $104,625 and $186,825; plus $23,416.75
• 35% on the income over $186,825; plus $50,542.75

• 10% on the income between $0 and $16,750
• 15% on the income between $16,750 and $68,000; plus $1,675
• 25% on the income between $68,000 and $137,300; plus $9,362.50
• 28% on the income between $137,300 and $209,250; plus $26,687.50
• 33% on the income between $209,250 and $373,650; plus $46,833.50
• 35% on the income over $373,650; plus $101,085.50