Please Note: All of our offices will be closed December 25, 2018 and
January 1, 2019 in observance of the holidays.
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Reminder For Business Clients:
Please send your YTD Profit & Loss so that we can help keep your taxes to a minimum!
2018 Personal Tax Organizers will be sent out in January 2019.
Please contact our office if you have not received your tax organizer by January 30, 2019.
Online Credit Card Payments
Payments to Tette & Ingersoll, CPA PC and Allied Payroll Services can now be made online at
www.alliedfp.com
. Look for the
Make A Payment
button on the top right corner of our website. AFP accepts Mastercard, VISA and Discover.
Please note:
Electronic payments cannot be accepted for financial planning or investment services.
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NYS LLC Filing -
Bank Account Information Required
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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 scan and upload a voided check
for the business account you would like the LLC filing fee to be withdrawn from
to your online portal. You can also mail or drop a voided check off at any of our office locations.
Reminder
: Email and fax are not secure ways to send sensitive information.
Click here
to view complete information regarding this fee on the New York State Department of Taxation and Finance website.
If you have any additional questions, contact Jim Swiech at
jswiech@alliedfp.com
or (585) 410-6733 ext. 143.
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2019 Retirement Plan Contribution Limits
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The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan has increased from $18,500 to $19,000
The limit on annual contributions to an IRA, which last increased in 2013, has increased from $5,500 to $6,000. The additional catch-up contribution limit for individuals aged 50 and over is not subject to an annual cost-of-living adjustment and remains $1,000.
The contribution limit for employees who participate in a SIMPLE IRA has increased from $12,500 to $13,000 in 2019. The additional catch-up contribution limit for individuals aged 50 and over has remained the same at $3,000.
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Payroll Year-end Reminders
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Paid Family Leave Deduction Increase
Effective January 1, 2019 the Paid Family Leave (PFL) deductions for employee contributions will increase from 0.126% of gross wages to 0.153% of gross wages with a maximum annual amount capped at $107.97.
The maximum weekly benefit for 2019 has also increased to 55% of an employee's weekly wage with a maximum benefit of $746.41.
Click here
to visit the New York State Paid Family Leave website for more details.
IRS Notice CP136
You should be receiving IRS Notice CP136 which states your 2019 deposit requirements for form 941. Please forward this notice to your payroll specialist so 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 or contact information 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.
2019 Labor Law Posters
Labor law posters are mandated state and federal employment law notices that employers with at least one employee are required to post in an area frequented by all employees.
Inform your payroll specialist if you are interested in purchasing a laminated, combination federal and state labor law poster.
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NYS Minimum Wage Increase Schedule
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Effective December 31, 2018, the New York State minimum wage rates will be increasing:
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For complete information about New York State's Minimum Wage
click here
.
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Filing Deadlines:
- 01-31-19 - 1099s
- 03-15-19 - Partnerships & S-Corporations
- 04-15-19 - Individual & C-Corporations
- 05-15-19 - Exempt Organizations
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We'd like to hear from you!
The thumbs up corner of our semi-annual newsletter highlights our clients' achievements. If you have any news that you would like us to feature, please email Andrea True at
atrue@alliedfp.com
.
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Is the content of this email relevant to you?
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We want to hear from you!!
This eblast is written for the benefit of our clients. Please reply to this email with any topics of interest, questions or concerns you may have and we would be happy to address them.
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Allied Payroll Services is bonded.
Securities offered through Cambridge Investment Research, Inc. a broker-dealer, member
FINRA
/
SIPC
, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc. a Registered Investment Adviser. Cambridge does not provide tax services. Accounting, Payroll, Fixed & Health Insurance, and HR Services are offered through Allied Financial Partners. This communication is strictly intended for individuals residing in the states of AZ, CO, CT, FL, IL, MD, MI, NC, NH, NJ, NY, NV, PA, VA and WA. No offers may be made or accepted from any resident outside the specific state(s) referenced. Cambridge and Allied Financial Partners are not affiliated.
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