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CHANGES TO NEW YORK STATE MINIMUM WAGE
Effective on and after December 31, 2017, the minimum wage in New York for employers with more than 10 employees will be $13.00 per hour, the "tip credit" for eligible employees will be $4.35 per hour (which means that the hourly wage for tipped food service employees will be $8.65 per hour), the overtime rate for tipped food service workers will be $15.15 per hour, the overtime rate for non-tipped food service workers will be $19.50 and the "spread of hours" additional pay will be $13.00.
The minimum wage will increase on December 31, 2018 to $15.00 per hour, with a concomitant increase to $5.00 in the tip credit.
Estate and Gift Planning - As of January 1, 2018, the Federal estate tax exclusion amount will increase to $11,180,000 (or $22,360,000 for married couples), up from $5,490,000 (or $10,980,000 for married couples) for estates of decedents who died in 2017. The gift tax annual exclusion increased to $15,000 per donee.
As of April 1, 2017, the New York State exclusion amount has been increased to $5,250,000 per decedent. Unlike the Federal estate tax, there is no portability under the NYS estate tax law (so the spouses do not have a single $10,500,000 exclusion but two separate $5,250,000 exclusions which, if not used, are lost).
I look forward to working with you!