We are located in and do business exclusively in New York. The following information deals with the federal and state requirements for NY businesses. While federal requirements apply to businesses throughout the country, other states have other forms and requirements. Please contact us to help you research requirements for your state.

BUSINESS FORMS

? I am a new business or am just now starting to pay employees — how do I set this up with the federal and state governments

• when you filled out the ss4 for the internal revenue service at business inception, if you entered a date you should be receiving the proper forms necessary..if you entered no date, you need to call the irs (1-800-tax-1040)
• helpful federal publication — pub 15T New Withholding Tables and pub 15 circular E  Employers Tax Guide
• if not done at inception of business a NYS 100 needs to be filed with state of new york. This will ensure that all forms are sent to you for timely reporting and you will obtain an employer registration number
• helpful nys publication — pub 20 NYS Tax Guide for New Businesses

? what forms do I need to give employees upon hiring.

• W-4 federal Withholding Allowance Certificate
• IT 2104 ny state Employees Withholding Allowance Certificate
• I-9 Employment Eligibility Verification Form
• It is always a good idea to keep an employee information sheet on file. Pertinant data should be kept such as address, phone number, emergency contact, etc.
• New hire reporting — send either w-4, it-2104, or listed info on employee name, address, ss#, along with employer name, address and id# within 20 days of hire date to:

  New York State Department of Taxation and Finance
  New Hire Notification
  PO Box 15119
  Albany, NY 12212-5119

? what forms do I need for reporting payroll taxes

FEDERAL

form 8109 — coupon for filing federal income tax, social security and medicare taxes —due 15th of month for taxes withheld during prior month for monthly filers (you may be a semi-weekly filer if your total federal tax liability in last years look back period totaled more than $50,000) .  For more information read pages 17-19 of pub 15 circular E (see link above)

form 941 — used to report wages, federal income tax, social security and medicare taxes withheld and matching social security and medicare taxes. Due Quarterly for Jan — March, April —June, July — Sept, and Oct —Dec filing required by end of month after quarter end.

form 940 — used to report wages and federal unemployment taxes. Deposits are due on unemployment tax at end of quarters if amounts over $100 are due. Payment must be made by last day of month following quarters end. Filing of form 940 is required at year end by january 31st of next year.

Other helpful publications:

• Employer's Tax Guide to Fringe Benefits

NY STATE

NYS1 — coupon used to send payment of nys and nycity income tax withheld within a quarter. If tax accummulates to more than $700 by quarters end, taxes must be submited withing 5 business days of the date of the payroll in which the tax accummulated to more than $700. Otherwise payment is due within 5 business days at the end of each payroll quarter (same as federal quarters)

NY45 — used to report wages, state and local taxes withheld and calculate employment and re-employment taxes due. Due Quarterly for Jan — March, April — June, July — Sept, and Oct — Dec filing required by end of month after quarter end.

NY45ATT — used to report wages and state withholding per employee if you have more than 5 employees to report. Form accompanies the NY45 quarterly

NY45CC — used to report wages and hourly information for employers doing business in the construction industry. Form accompanies the NY45 quarterly

Other Helpful publications:

• NYS50add Withholding Tax Computation Rules
• NYS50-1 Employer's Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax
• NYS50-2 Withholding tax tables and methods

NYS SALES TAX ISSUES

? I am a new business or have just recently started selling a taxable product or service — how do I register to withhold sales tax with the state of New York

• By registering a DTF17 with the state you will be authorized to collect sales tax. Forms will be sent to you quarterly. Filing due dates are
  • June 20th for sales 3/1-5/31
  • September 20th for sales 6/1-8/31
  • December 20th for sales 9/1-11/30
  • March 20th for sales 12/01-2/28

  After a period of low or now sales tax collected/filed the state may offer you the option to become an annual filer. You will then be sent form annually with tax due for year ending 2/28 on March 20th.

? Are there any sales or services for which I do not have to charge sales tax

• There are many issues to determine whether sales and/or services are taxable. When in doubt call the state sales tax department and ask them. Some commonly used forms for tax exempt purchases/services are listed below.
• Contractor Exempt Purchases
• Resale Certificate
• Exempt Purchase of Promotional Material
• Certificate of Capital Improvement

POSTER REQUIREMENTS

? I frequently receive in the mail offers to purchase required posters that I am supposed to post. Do I have to purchase these posters and post them

• The United States Department of Labor does require certain posters to be displayed in the workplace. However, you do not need to purchase laminated fancy copies. In fact, only certain companies need to display certain posters and these posters are provided by the Department of Labor for free. To research what you are required to display, go to this helpful link on the US DOL web site and click on the elaws workplace poster advisor link.
• New York State also requires certain posters — to research requirements and obtain free posters go to this helpful link on the NYS Department of Labor web site.