All of our offices will be closed Thursday, November 22 & Friday November 23, in observance of the Thanksgiving Holiday.
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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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Understanding The Tax Cuts & Jobs Act
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Did you notice a slight increase in your paycheck this year? You may have heard that many people will be receiving a new tax break this year, what you may not realize is that this tax break has already been distributed each payday.
Due to the Tax Cuts and Jobs Act signed by President Trump in December, 2017, tax withholding tables have decreased. This means that less tax is being withheld from paychecks, resulting in more “take home” cash each pay period.
While it is true that the Tax Cuts and Jobs Act provides tax cuts for the majority of Americans, it is not safe to assume that your refund will be larger for 2018 than it was in 2017. If you are concerned about your 2018 taxes, please give us a call. We can put together a tax plan to figure out how your 2018 tax situation is shaping up before it’s too late.
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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 employees' 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.
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Medicare Open Enrollment runs from October 15 - December 7. During this time you have the opportunity to reevaluate your Medicare coverage and to make any necessary changes to your plan.
Why is an annual review of your Medicare coverage a necessity?
- Variations in your health status
- Doctors may move in, or out, of network
- Drug formularies change every year
Are you aware that we can help
you with your Medicare coverage?
Together we will explore what coverage solutions most appropriately meet your unique needs. We will also provide you with support and resources so that you can understand the benefits Medicare has to offer, while becoming confident with any decisions you make regarding your coverage.
If you, or someone you know, would like to discuss Medicare coverage reply to this email or contact Christian Nikodem at (585) 410-6733 ext. 132.
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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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***This
Making PTO Work For You
infographic is just a glimpse into the wealth of information available to you through our online HR resources.
HR Support Center
is a comprehensive suite of online tools and resources to help you manage your HR compliance and employee relationship issues.
HR On-Demand
offers you everything in HR Support Center in addition to unlimited access to a team of certified HR professionals who will answer your questions and create custom handbooks, letters, forms and job descriptions for you.
Contact our office today for more information (585) 410-6733 or tax@alliedfp.com.
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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, CA, CO, CT, FL, IL, NC, NH, NY, NJ, PA, TN, 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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