www.gslaw.com/resources/pdf/NYS DOL - Wage Order Issued Containing Changes.pdf

www.gslaw.com/resources/pdf/NYS DOL - Wage Order Issued Containing Changes.pdf

NYS Dept. of Labor Issues Wage Order for Restaurant & Hospitality Industries - Enforcement to Begin on March 1, 2011

http://www.gslaw.com/resources/pdf/NYS%20DOL%20-%20Wage%20Order%20Issued%20Containing%20Changes.pdf

Municipal Bond Market - Shrinking Capital

With money flowing out of the municipal bond market rapidly and with (overstated) warnings of municipal and state defaults, will there be money available for municipalities and projects in the coming year?

http://www.bondbuyer.com/issues/120_11/-1022195-1.html?ET=bondbuyer:e2757:2057592a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=BB_Daily_Briefing_011411

Waiting on a $15M promise

Too much attention paid to "who" and not enough to getting the project done.  Let the local people that brought this from contaminated vacant land to success story finish the job.  Luther Forest Technology Campus is more likely to be a success without threats and litigation.

Waiting on a $15M promise

April 18th in New York -

New York has followed the feds and announced that 2010 personal income tax returns/extensions are due April 18, 2011.  Returns on extension will be due October 17, 2011.

Information Reporting for Rental Real Estate Activities – Individuals Engaged in Passive Activities

The Small Business Jobs Act of 2010 added new reporting requirements relating to rental property expenses.  Pursuant to Section 6041(a) of the Internal Revenue Code, all persons engaged in a trade or business are required to report certain payments made of $600 or more, providing information regarding the recipient of such payment.

Pursuant to new Section 6041(h), a person receiving rental income from real estate is deemed to be engaged in a trade or business for purposes of Section 6041(a).  The reporting burden is therefore imposed upon individuals engaged in passive real estate rental activities.  This new provision will impose the reporting obligation upon significant numbers of individuals not currently subject to the requirements.  Persons engaged in real estate rental activities should consult with their tax advisers to ensure compliance.

NY hopes incentive will help blow the whistle on tax cheats

NY hopes incentive will help blow the whistle on tax cheats

http://www.syracuse.com/news/index.ssf/2011/01/ny_hopes_new_law_wets_your_whi.html

NY Department of Taxation and Finance Issues Guidance With Respect to Sales Tax Owed On Aircraft Use

Effective June 1, 2009, New York State limited an exemption from sales tax affecting non-resident taxpayers and use of aircraft in the situation where the non-resident taxpayer is related to a New York resident.  Guidance issued determines that, with respect to an aircraft acquired prior to the effective date of the new law (June 1, 2009), the new law will not apply and the imposition of sales tax will be determined based upon prior law.

TSB-A-11(1)S

Legal Alert: 2009 Business Annual Reports

Empire Zone certified businesses should have received, or will be receiving in the near future, their 2009 Business Annual Report (“BAR”) and a supplemental form for certain Zone locations.  For most Zones, the due date for filing the BAR is December 17, 2010.   However, a Zone may choose an earlier date to accommodate their processing time, so be sure to review the letter from your local Zone to confirm when your BAR is due.

For assistance, please contact one of our Economic Development Practice Group representatives: Tim Lynn (tim@gslaw.com, 315.701.6426), Phil Bousquet (phil@gslaw.com, 315.701.6309), Katie Centolella (katie@gslaw.com, 315.701.6468), Marj Pepe (mpepe@gslaw.com, 315.701.6423).

NYS Issues Guidance on Historic Rehabilitation Credit

On December 15, 2010, the New York State Department of Taxation and Finance issued a guidance memorandum regarding treatment of the enhanced historic rehabilitation credit available to taxpayers for tax years beginning between January 1, 2010, and December 31, 2014, including:

• treatment of the credit with respect to banks and insurance companies;

• treatment of the credit allocated through partnerships to individuals;

• credit limitations for banks, insurance companies and corporations taxed under Article 9-A;

• credit for tax years beginning on or after January 1, 2015.  
    
For further information, please contact:

Tim Lynn (tim@gslaw.com, or call 315.701.6426)

or Katie Centolella (katie@gslaw.com, or call 315.701.6468).

NY hopes incentive will help blow the whistle on tax cheats

NY hopes incentive will help blow the whistle on tax cheats

Threatened Empire Zone businesses scramble to make a case

Threatened Empire Zone businesses scramble to make a case