The SDDco Client Update
The SDDco Client Update is an action oriented email prepared in-house, tailored to client needs, and sent as an adjunct to our online newsletter. Verified newsletter subscribers receive our Client Update once each month.
The SDDco Client Update is intended to provide general information only. It is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice specific to you or your firm. Users of the SDDco Client Update should not act or refrain from acting on the basis of information provided on the sddco.com website. Always check with your accountant and/or attorney.
Do you have any New York State based employees? If so, the Wage Theft Prevention Act (WTPA) requires action NOW. All private sector employers with New York State employees must issue a WTPA notice to each (and retain acknowledgements) listing certain salary details upon hire and then annually between Jan. 1st & Feb. 1st. Retain WTPA employee notices (signed or
Did you reconcile your final B/D or IA Renewal? If not, you must take these steps: Locate your renewal statement on FINRA’s Gateway site. Carefully review final statement to identify any balance due. Pay your balance to FINRA by February 1st. See the Renewals Notice 13-01 here. Did you remember these annual FINRA & MSRB obligations? FCS Annual Certification Period ~ January 2 to January 25: All FINRA member firms
Did you pay $600+ to a subcontractor in 2012? If so, it’s time to report that income via Form 1099. Here’s the process: A 1099 is like a W-2 for independent contractors…those paid individuals who are NOT owners, partners, shareholders or employees of your firm Identify each subcontractor or payee (an unincorporated company or individual, or any legal service provider)
Do you know the tax take-aways from the new deal? Personal Income Tax rate to increase for 3 categories: Families with incomes > $450,000 Individuals with incomes > $400,000 Heads-of-households with incomes > $425,000 Tax rate on income beyond the 3 thresholds above will be 39.6%. Tax rates on income below the thresholds above to remain unchanged. Capital