Like it or not, Donald Trump is the President of the United States. The landscape for estate planning, and specifically, estate tax planning, may greatly change under a Trump administration. Regardless of whether Trump’s proposals are passed in 2017, it’s a good time to review your estate plan and understand how it could be impacted…
As you are aware, federal changes to wage and hour laws continue to be on hold. However, New York State has enacted a number of new laws that employers must comply with in 2017. Exemption Status and Wage Increases In May 2016, the Federal Department of Labor (“DOL”) issued new rules regarding the threshold “white…
If you are planning to sell your business, there are several steps you should take to make sure your corporate house is in order and get your company ready for sale. If you don’t prepare ahead of time, you risk significant delays in closing the transaction and even losing a potential buyer. Here are a…
Employers need to prepare for two big changes going into effect next month. The new rules for determining whether an employee is “exempt” from overtime pay and increases in minimum hourly wages will have a significant impact on businesses. Here’s what you need to know: Increase in Federal Exemption Status Effective December 1, 2016, the…
A significant portion of successful companies on Long Island are closely-held family businesses. As these companies transition to the next generation, they are facing a new employment law landscape which poses additional challenges. In many cases, the older and younger generations don’t agree on how to change employment practices to avoid liability. The key to…
Many employers hire high school or college students, or recent graduates as interns. The internship model is simple: the employer gives the intern experience, a good reference and something valuable on their resume, and in exchange, the intern provides some service to the employer that enhances its business. In most instances, the intern is either…
As of June 27, 2016, commercial property owners, landlords and tenants are required to comply with legislation regarding carbon monoxide detectors. For those who don’t have the mandated detection equipment, it’s time to look at your lease agreement to determine who is responsible for compliance with the law. Non-compliance can result in civil, criminal or…
No matter the size of your estate or the complexity of your circumstances, it is important to have the proper estate planning documents in place to protect you, your family and your assets. Unfortunately, many people fail to have any plan in place, and even if they have something, they are often outdated, incomplete or…
As expected, the Federal Department of Labor (“DOL”) has issued new rules regarding the threshold “white collar” exemption from overtime pay. The DOL has increased the minimum pay threshold from $23,660 to $47,476 per year. The minimum threshold in New York State is already $35,000 per year. The DOL has also increased the minimum salary…
If you’re a business owner and have employees, you need to know that the New York State Legislature has recently passed a new law that will greatly impact you and your business over the next 5 years. Specifically, in the next three to five years (depending on where your business is located within New York…
Entering the coming year it is critical that New York based employers understand recent changes to various federal and state employment laws that will significantly affect their business as they proceed forward. NEW YORK CHANGES IN WAGES Effective January 1, 2016, New York has increased the minimum wage for all employees to $9.00 per hour….
So, you’re thinking about buying a franchise? Maybe you thought about it on your own, or someone has approached you about buying one. Many people will have you believe that buying a franchise is a fast track to success and riches. Like buying any other business, there are pros and cons. In this article, we…
