Allied Financial Partners - January Eblast

Office Announcements

2019 Personal Tax Organizers will be sent out in January 2020.

Please contact our office if you have not received your tax organizer by January 30, 2020.

Reminder For Business Clients: Please send your YTD Profit & Loss so that we can help keep your taxes to a minimum!

Online Credit Card Payments Payments to Tette, Ingersoll & Co. 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 .

WHITE SPRUCE OFFICE MOVED TO 150 STATE ST

We are excited to have officially made the move into our new Rochester office!

Please make note that our White Spruce office has moved to: 150 State Street, Suite 301A, Rochester, NY 14614 .

In the parking lot there are complimentary, covered spaces designated for our clients. Our office is located on the third floor, easily accessible by two elevators.

If you are concerned about heading into the city to get to our new space, fear not ! The traffic pattern off the expressway has less turns than the White Spruce location. Click here for a map / directions to the Rochester office.

PAYROLL REMINDERS

Quarterlies January Payroll Quarterlies will be posted to your Employer On The Go portal by February 5, 2020

W2 Distribution Hard copies of employee W2s will be mailed to employer for distribution. If you have not received your W2 packet for your employees by January 31, 2020 please contact your payroll specialist.

2020 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.

2020 IRS FORM W-4

On December 5, 2019, the IRS released the final version of the 2020 Form W-4. This includes fundamental changes to income tax with-holdings that will significantly affect both employers and employees.

Please click here to review our 2020 IRS Form W-4 Employer Guide for more details.

2020 STANDARD MILEAGE RATES

The IRS has issued the 2020 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. The IRS has also announced: a) the 2020 depreciation component of the mileage rate; and b) the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate (FAVR) plan.

Standard mileage rates for 2020

Transportation or travel expenses for all miles of business use: 57.5¢
Use of an auto for medical care: 17¢
Use of an auto in rendering gratuitous services to a charitable organization: 14¢

IRS Tax Scam Reminder

The IRS does not initiate contact with tax payers by email, phone or social media channels to request personal or financial information. If you receive a call like this do not provide any personal information.

For more details about Tax Scams, or to report a scam, visit the IRS website by clicking here .

NYS Minimum Wage Schedule

Effective December 31, 2019, the New York State minimum wage rates increased:

General Minimum Wage

NYC - Large Employers (11 or more

NYC - Small Employers (10 or less)

Long Island & Westchester

Remainder of New York State

Fast Food Workers

New York City

Rest of New York State

Tipped Food Service Workers (per hr)

NYC - Large Employers (11 or more

NYC - Small Employers (10 or less)

Long Island & Westchester

Remainder of New York State

Credit for Tips Received (maximum)

NYC - Large Employers (11 or more

NYC - Small Employers (10 or less)

Long Island & Westchester

Remainder of New York State

2019

$15.00

$13.00

$11.80

$15.00

$13.75

$10.00

$8.65

$7.85

$5.00

$4.35

$3.95

2020

$15.00

$14.00

$12.50

$15.00

$14.50

$10.00

$9.35

$8.35

$5.00

$4.65

$4.15

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

Upcoming Tax Filing Deadlines

01-31-20 - 1099s
03-16-20 - Partnerships & S-Corporations
04-15-20 - Individual & C-Corporations
05-15-20 - Exempt Organizations

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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WEBSITE SERVICES EXPERTS CORNER ABOUT CONTACT

Allied Payroll Services is bonded.

Securities offered through Registered Representatives of Securities America, Inc., a broker-dealer, member FINRA / SIPC . Advisory services offered through Securities America Advisors, Inc., a Registered Investment Adviser. Tax services provided by Tette, Ingersoll & Co., CPAs, PC. Allied Financial Partners and Tette, Ingersoll & Co., CPAs, PC are not affiliated with Securities America.

To be eligible for the Rochester Chamber Top 100, businesses must be privately held, headquartered in the nine-county Rochester region, and have earned at least $1 million in revenue in each of the three most recent fiscal years. The Rochester Chamber Top 100 is computed based on revenue growth, taking into account both dollar and percentage growth.

1. AARP.org, February/March 2015