Tech:NYC Digest: January 4

Tech:NYC Digest: January 4

January 04, 2023 • Estimated Reading Time: 7 minutes

Wednesday, January 4, 2023

In today’s digest, IRS changes you’ll want to remember this tax season, breaking the ‘doom loop’ of RTO policies, and how Collective is helping the NYC tech workers who are now their own bosses.

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  • New Yorkers are gearing up for tax season again. (Axios) This is a useful explainer on what’s new in 2023, and here are some other updates for the upcoming cycle:

    • New tax brackets and tax withholding tables will be adjusted to account for “bracket creep” and inflation concerns, potentially boosting paychecks and lowering income tax rates for many Americans. Get more details here. 

    • The 2023 tax year standard deduction will also increase by $900 for single taxpayers and $1,800 for couples filing jointly. 

  • The New York State Senate and Assembly were sworn in today for the first day of the new legislative session. For the first time in history, all new Democratic state senators are women. Here are some of the issues lawmakers are expected to address.

  • The subway system topped 1 billion riders in 2022, the first time it’s reached that milestone since 2019. (NY1) Still, ridership remains about 60% of pre-pandemic levels (1.698 billion riders in 2019).

  • And ever wonder if your apartment is (or used to be) rent-stabilized? Here are the easiest ways to get your rent history in NYC.

In other reading:

  • Is NYC facing a ‘doom loop’ scenario? A discussion has started. (Gothamist)

  • Once An Open Sewer, New York Harbor Now Teems With Life. Thank the Clean Water Act. (New York Times)

  • How to Boost Your Immune System During Cold and Flu Season (New York Times)

As with individuals, it’s almost tax season for startups too. The employment reset in tech during much of last year led to a wider spread in the types of industries and companies where tech workers found their next role — and many chose to just create their own.

What’s new: Collective, the fintech startup described as the “first all-in-one online back office platform for self-employed people,” is opening up shop in New York and has expanded its business back-end and tax prep service to all 50 states. (Crain’s New York Business)

  • One in five applicants on the waiting list last year were in New York, the highest percentage in any of the 37 states that the company did not serve until its expansion.

“With the circumstances being what they are in the economy, similar to the 2008 downtown, you saw an increase in businesses of one and freelancers,” Collective CEO Hooman Radfar told Crain’s.

The growth of “solopreneurship” has quickly accelerated as a reaction to the pandemic-era hiring trends, layoffs, and generational changes in work culture — and it represents a growing segment of the economy that needs external help with company formation processes, as well as regular tasks like payroll and taxes.

  • Demand for company support services is especially high in New York — one-third of New York’s workforce was freelancing even before the pandemic.

  • Collective says the fastest growing sectors represented by its members are software developers, marketing and sales, and consulting.

In other reading:

  • What’s Next in 2023? AI, EVs, delivery robots and more (Axios)

  • These 4 trends will define the future of employee benefits (Fast Company)

  • The tried and tested techniques CEOs are using to boost morale and beat ‘January Blues’ (Fortune)

  • Nectar, NYC-based allergy care platform, raised $16.5 million in Series A funding. Harmony Partners led the round and was joined by Juxtapose and Obvious Ventures. (FinSMEs)

  • Snaptrude, a NYC-based building design startup, raised $6.6m in seed funding. Accel and Foundamental VC co-led the round and were joined by Possible Ventures, RFC, CapitalX, and a group of angels. (TechCrunch)

  • January 9: Virtual: How to get a startup job in a tough economy, with Brooklyn Bridge Ventures partner Charlie O’Donnell. Register here.

  • January 18: In-person: Building a Marketplace: Advice for Founders and Product Teams, with AptDeco CEO Reham Fagiri, Grailed CEO Arun Gupta, and Transfix CTO Jonathan Salama. Hosted by Union Square Ventures and Stacklist. Register here.

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