Just a reminder that today, 12/31, is when the New York Minimum Wage increases to $8.00 per hour.
Just a note to remind you that even though the government is shut down and the IRS is mostly closed to taxpayers, that does not mean that tax payments are not expected to be filed. If you filed an extension, then you must file your taxes by today (or request another extension). Any payments that are due are still due as of the original date. Questions may not get answered by the government, but it will still cash your checks.
As Day One of the Great Government Shutdown of 2013 comes to a close, here is how it will affect businesses:
- E-Verify is down. This means that businesses that use E-Verify are unable to check a potential employee’s status. New companies cannot sign up for E-Verify. This does not mean that new hiring must stop – employers can, and in fact must, still get I-9 forms from new hires, and verify eligibility when the shutdown ends.
- It will be harder to get Employer ID Numbers. The IRS provides a website that can issue EINs to new businesses, but the site does not always work. If it proves impossible to get an EIN through the site (something that can happen if the responsible party also got its EIN through the web), then an application SS-4 must be filed. There is no one working to process the forms.
- SBA loans will halt. The SBA will not process new loans, although current loans will still be backed by the agency.
- Audits are put on hold. The IRS is suspending audits, which means that businesses currently under audit will have that hanging over them for a while longer.
- DOL audits are also suspended. The Federal Department of Labor will most likely be unable to follow up on any complaints regarding federal labor laws.
As things change, we will continue to keep our clients updated.
Last week, several news outlets broke the story that HSBC has been sending letters to some (but not all) of its business clients announcing that as of November 6, they would no longer have accounts at the bank. If you have received that letter, we recommend that you begin shifting your banking services over ASAP. We work with a number of bankers and can offer recommendations for new business banks if you need them. Please feel free to contact me directly at email@example.com for contact information.
We want to wish all of our clients and friends a sweet and happy Rosh Hashanah.
From all of us at Meyer and Associates, have a happy and safe Fourth of July weekend.