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Check back regularly to stay informed of important decisions and relevant proceedings, as well as news from my office.
CHANGES TO NEW YORK MINIMUM WAGE
Effective on and after December 31, 2018, the minimum wage in New York City for employers with more than 10 employees will be $15.00 per hour, the "tip credit" for eligible employees will be $5.00 per hour (which means that the hourly wage for tipped food service employees will be $10.00 per hour), the overtime rate for tipped food service workers will be $17.50 per hour, the overtime rate for non-tipped food service workers will be $22.50 and the "spread of hours" pay will be $15.00.
Estate and Gift Planning - As of January 1, 2020, the Federal estate tax exclusion amount will increase to $11,580,000 (or $23,160,000 for married couples on account of something called portability), from $11,400,000 (or $22,800,000) in 2019. The gift tax annual exclusion remained at $15,000 per donee.
As of January 1, 2020, the New York State exclusion amount will increase to $5,850,000 per decedent (from $5,740,000) in2019. . Unlike the Federal estate tax, there is no portability under the NYS estate tax law (so the spouses do not have a single $11,700,000 exclusion but two separate $5,850,000 exclusions which, if not used, are lost).
I look forward to working with you!