Please Note: All of our offices will be closed December 25, 2020 and
January 1, 2021 in observance of the holidays.
2020 Personal Tax Organizers will be sent out in January 2021.
Please contact our office if you have not received your tax organizer by January 30, 2021.
Reminder For Business Clients
Please send your YTD Profit & Loss so that we can help keep your taxes to a minimum!
Tax Portal Transition
The transition to our new tax portal system is complete. The NetClient CS portal will remain accessible until the end of 2020. If you have not already done so, take a moment to download any personal documents from your portal that would would like to maintain for your records.
Portals in our new system are being setup upon request. Please reply to this email or contact our office if you anticipate wanting to use the portal this tax season.
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2021 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 remains at $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans stays the same at $6,500.
The limit on annual contributions to an IRA remains unchanged at $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 remains at 13,500 in 2021. The additional catch-up contribution limit for individuals aged 50 and over also remains the same at $3,000.
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How Retirement Spending Changes With Time |
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New retirees sometimes worry that they are spending too much, too soon. Should they scale back? Are they at risk of outliving their money? This concern may be legitimate.
Some households "live it up" and spend more than they anticipate as retirement starts to unfold. In 10 or 20 years, though, they may not spend nearly as much.
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NYS Minimum Wage Schedule |
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Effective December 31, 2020, the New York State minimum wage rates will be increasing: |
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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
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12/31/2020
$15.00
$15.00
$14.00
$12.50
$15.00
$14.50
$10.00
$10.00
$9.35
$8.35
$5.00
$5.00
$4.65
$4.15
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For complete information about New York State's Minimum Wage click here.
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Payroll Year-end Reminders |
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Paid Family Leave: New York Paid Family Leave is insurance that may be funded by employees through payroll deductions. In 2021, the contribuption is 0.511% of an employee's gross wages each pay period. The maximum annual contribution is $385.34.
The Paid Family leave wage replacement benefit is also increasing. In 2021, employees taking Paid Family Leave will receive 67% of their average weekly wage, up to a cap of 67% of the current Statewide Average Weekly Wage of $1,450.17. The maximum weekly benefit for 2021 is $971.61.
IRS Notice CP136
You should be receiving IRS Notice CP136 which states your 2020 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:
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Any missing social security numbers or contact information for your employees *this is a W2 requirement
- Personal Use of Company Car
- S-Corp Health
- Group Term Life in excess of $50,000
These items will be reflected on your year-end returns and W-2s. If you have any questions, please reach out to your Payroll Specialist.
2021 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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The average American owes $51,900 in debt. Of that $51,900, $35,660 is from mortgage debt, $5,610 is from student loans, and $4,760 is from auto loans.1
Little wonder that money worries can be a major cause of stress.
Our team is here to help. If you have questions, or would like to discuss your unique situation contact our office.
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Upcoming Tax Filing Deadlines |
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- 02-01-21 - 1099s
- 03-15-21 - Partnerships & S-Corporations
- 04-15-21 - Individual & C-Corporations
- 05-15-21 - Exempt Organizations
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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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Is the content of this email relevant to you?
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BUFFALO | COOPERSTOWN | ONEONTA | PERRY | ROCHESTER | VICTOR |
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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
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