Year-End Retirement Plan Contributions If your goal is to contribute the maximum amount to your retirement plan, as allowed by the IRS, now is a good time to make sure your contributions are on track. We would be happy to help you identify if there is an additional payment that you may be able to make to achieve your savings goal, just contact our office at (585) 410-6733. The employee contribution plan limits for 2017 are: Simple IRA Plans: $12,500 ($3,000 catch-up contribution for individuals age 50 or older for a total of $15,500). All employee contributions must by made by December 31, 2017. 401(k), 403(b), and 457(b) Plans: $18,000 ($6,000 catch-up contribution for individuals age 50 or older for a total of $24,000). All employee contributions must be made by December 31, 2017. These limits will increase to $18,500 in 2018 (the $6,000 catch-up contribution for individuals age 50 and older will remain the same) SEP-IRA Plans: Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of: 25% of the employee's compensation, or $54,000 for 2017, and $55,000 for 2018 Contributions must be made by your 2018 tax filing date Traditional IRA & Roth IRA: Total contributions to all your Traditional and Roth IRAs cannot be more than: $5,500 ($1,000 catch-up contribution for individuals age 50 or older for a total of $6,500), or Your total compensation for the year, if your compensation was less than the dollar limit. These limits will remain the same for 2018 Contributions must be made by April 17, 2018 P lease share this information with your employees who are participating in your company retirement plan. For more information please contact our office (585) 410-6733.

Payroll Year-End Reminders NYS Paid Family Leave Goes Into Effect January 1, 2018: Keep a look out for correspondence from us regarding exempt employees and other details regarding this new program. IRS Notice CP136: You should be receiving IRS Notice CP136 which states your 2018 deposit requirements for form 941. Please forward this notice to your payroll specialist s o that we know what schedule your federal payroll taxes need to be deposited on. Year End Prep: In preparation for the upcoming 4th quarter and W-2 deadlines, please be sure to send in any year-end pay items to your Payroll Specialist. Items such as: Third Party Sick Pay, Personal Use of Company Car, S-Corp Health, Group Term Life in excess of $50,000 Any missing social security numbers for your employees *this is a W2 requirement Each of these items will need to be reflected on your year-end returns and W-2s. If you have any questions, please reach out to your Payroll Specialist.

NYS LLC Filing - Bank Account Information Required

If you are a New York State based LLC, you are required to pay an annual fee based off of the previous year’s gross income for your LLC.  In preparation for processing your annual NYS LLC filing fee, we need to verify bank account information for each of your LLC business accounts.  Please mail, fax, or drop off at any of our office locations a current voided check for the business account you would like the LLC filing fee to be withdrawn from. You can also submit a scanned copy of your voided check through your online portal.  Reminder : Email is not a secure way to send sensitive information.  If you have any questions, contact Naomi Hannig at nhannig@alliedfp.com or (585) 410-6733 ext. 165.  Click here to view complete information regarding this fee on the New York State Department of Taxation and Finance website.

NYS Minimum Wage Increase Schedule

Effective December 31, 2017, the New York State minimum wage rates will be increasing.

NYC - Large Employers (of 11 or more) NYC - Small Employers (of 10 or less) Long Island & Westchester Remainder of New York State

2017 $13.00 $12.00 $11.00 $10.40

2018 $15.00 $13.50 $12.00 $11.10

For complete information about New York State's Minimum Wage click here .

Upcoming Important Dates

Reminder: Our offices will be closed December 25, 2017 & January 1, 2018 in observance of the holidays. 2017 Personal Tax Organizers will be sent out in January 2018. Please contact our office if you have not received your tax organizer by January 30, 2018. Filing Deadlines: 01-31-18 - 1099s 03-15-18 - Partnerships & S-Corporations 04-17-18 - Individual & C-Corporations 05-15-18 - Exempt Organizations

HR360 Featured Video 10 Employee Retention Resolutions HR360 is an interactive online human resource library that gives you access to attorney reviewed HR tools, guidelines, forms, training videos and so much more.  If you would like information about how you can subscribe to HR360 please contact Teresa Solano at (585) 410-6733 ext. 123 or via email tsolano@alliedfp.com.

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