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2009 Fringe Benefits Letter
A summary of the tax treatment of certain fringe benefits for payroll tax and income tax reporting purposes, plus detailed information regarding company automobiles and health and accident insurance premiums for S corporations.
IMMEDIATE ACTION MAY BE REQUIRED BY SEPTEMBER 15TH, 2009 M
E M O R A N D U
M Update
on the new .34%
Metropolitan Commuter
Transportation
Mobility Tax ("MCTMT")
as it affects Partners
and Partnerships
Including LLC'’s. Click Here for
Relevant Forms
Client Alert:
New York State Enacts .34% Metropolitan Commuter Transportation Mobility Tax ("MCTMT") on
Employers
New York State has enacted a new tax, the Metropolitan Transportation Mobility Tax (MCTMT), that will affect
almost all employers in the in the twelve-county Metropolitan Commuter Transportation District (“MCTD”), which
includes the five boroughs of New York City and Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess and
Westchester counties. Employers affected include those who are required to withhold New York State income
taxes on “covered employees”—including tax-exempt entities such as hospitals, charities, private schools, and
public school districts.
Real Estate Tax
Alert:
Highlights of Housing
Assistance Act of 2008
On July 30, 2008, President Bush signed P.L. 110-289, the Housing Assistance Tax
Act of 2008. The new law has a number of tax-related provisions covering areas such
as low-income housing tax credits, a new real estate tax deduction for non-itemizers,
excludible gains on the sale of a personal residence, a new tax credit for some firsttime
homebuyers, new reporting equirements for credit card sales, new investment
options for REITS, and a number of other provisions.
