While a halt in state income tax payments can trigger a residency audit in many states, New York City is one of the few municipalities to aggressively pursue them. With office buildings across the city dark for most of 2020 and employees flocking to other states or second homes, many taxpayers are left wondering where their 2020 resident state and local tax (SALT) obligations lie.
This issue is often the blurriest for New York State residents, who still reside in...
On January 5, 2021, New York City Mayor Bill de Blasio signed legislation that effectively ends at-will employment for fast food employees in New York City. The new law takes effect on July 4, 2021, and would make New York City the nation’s first jurisdiction to create job protections for a particular industry. However, at least some portions of the new law may be ripe to challenge on federal preemption and other grounds. The new law was passed via...
The rollercoaster ride of 2020 has sure had its ups and downs, and 2021 is destined to continue this trend with regulatory action expanding and contracting in order to attempt to contain the spread of Covid-19 while balancing the desire to keep the economy going. This guide examines regulations that have been put in place primarily in New York to deal with Covid-19, but also throughout the United States, and projects future regulatory and related trends and repercussions that...
November 09, 2020 |
Recently, Mayor de Blasio signed a new measure into law that bans landlords from attempting or threatening to enforce personal liability clauses in the existing contracts of business owners to whom they have leased their properties. Enacted in May and applied retroactively to the beginning of March, this specific law was set to expire at the end of September. However, as a result of the Mayor’s extension, the law will now apply through March of next...
On September 11, 2020, the U.S. Department of Labor (DOL) issued revised regulations under the Families First Coronavirus Response Act (FFCRA) following a federal court’s decision that invalidated a handful of regulatory provisions interpreting the FFCRA. Although the DOL was widely expected to address the court decision through revised regulations and/or court action, these new regulations throw additional curveballs for employers already struggling to comply with extensive COVID-19-related legislation.
Decision Invalidating Parts of Rule and DOL’s Response
On August 3, 2020,...
Funding Supports Emergency Planning Efforts and Operational Readiness Deadline for Applications is August 31, 2020
Governor Andrew M. Cuomo today announced $15.1 million in federal funding is being made available to New York State and county emergency management agencies to support planning and operational readiness for any type of disaster New York may experience.
Through the federal Emergency Management Performance Grant, an annual grant program, awardees are able to access funding to support efforts ranging from the development and implementation of...
On August 3, 2020, the U.S. District Court for the Southern District of New York struck down four parts of the regulations issued by the U.S. Department of Labor (DOL) implementing the Families First Coronavirus Response Act (FFCRA). As a result of the decision:
An employee may be eligible for FFCRA leave even if the employer has no work for the employee or the employee is furloughed;
More employees at healthcare institutions will be eligible for FFCRA leave;
Employees may take intermittent FFCRA...
A message from NYC Small Business Services, based in NYC |
Dear small business partner,
We know the past few months have been challenging, but it’s up to us to keep our city safe and healthy. This week Mayor de Blasio urged New Yorkers to continue to wear face coverings indoors regardless of social distancing measures put in place. More information about face covering guidance can be found here.
Testing and Tracing
Getting tested is safe and by getting tested, you are helping to keep your loved...
The Federal Reserve Bank of New York today announced that the Primary Market Corporate Credit Facility (PMCCF) is operational and available for use beginning June 29. The New York Fed also released the relevant certification forms, other transaction documentation and related materials, and additional Frequently Asked Questions regarding access to this facility.
The PMCCF provides a funding backstop for corporate debt to eligible issuers and is available to (i) purchase qualifying bonds as the sole investor in a bond issuance and (ii)...
The Federal Reserve Bank of New York today announced that the Secondary Market Corporate Credit Facility (SMCCF) will begin buying corporate bonds on June 16. The New York Fed also released additional Frequently Asked Questions regarding the purchase strategy for these eligible assets.
As specified in the revised term sheet, the SMCCF will begin purchases of corporate bonds to create a portfolio that tracks a broad, diversified market index of U.S. corporate bonds. This index is made up of bonds trading in the...