All of our offices will be closed on Monday, May 25, 2020
in observance of Memorial Day.
New AFP Website Coming Soon!!
Our new website is in the final stages and is expected to be released soon. Stay tuned for details...
Workers Compensation:
If you are paying employees to stay home you might want to review the class coding for Workers Compensation premium calculation. These employees could be considered clerical and may be a lower premium than other codings.
EIDL For Agricultural Businesses:
On May 4, 2020 the SBA Economic Injury Disaster Loan portal re-opened to accept applications for agricultural businesses. According to the SBA website, at this time, only agricultural business applications will be accepted due to limitations in funding availability. For more information
click here
.
Our Offices Are Open:
Although many of our employees are working remotely, all of our offices are open and we welcome you to come inside if you are comfortable doing so. If you need to drop off or pick up something and prefer not to come into the office, please call when you arrive and we will have someone come out to you.
We appreciate your patience while we continue to have (limited) staff in the offices. Please know we are striving to answer every phone call and accommodate our clients in the best way we can during this time.
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Paycheck Protection Program
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IRS Denies Deductions for Expenses Paid Through PPP:
On April 30, 2020 the IRS Issued Notice 2020-32 concluding that no deduction will be allowed for an expenses paid for with proceeds from a PayCheck Protection Program (PPP) loan. At this time, PPP loans are nondeductible for federal income tax purpose.
Anticipated Changes:
Treasury Secretary Steve Mnunchin recently announced his willingness to work with Congress to implement a bipartisan technical fix to the Paychex Protection Program that would aid businesses that may not be able to open soon even as social distancing restrictions begin relaxing.
On Wednesday, May 13, a bipartisan group introduced a bill that would allow
small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven.
Updated FAQ's On SBA Website:
Also on May 13, the SBA updated the FAQ's page of their website regarding eligibility certification and safe-harbor criteria.
Check out
questions 31, 43 and 46 for more details.
We will continue to provide updates as they become available.
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Payroll Clients:
If you have secured a Payroll Protection Program (PPP) loan through a different bank than your payroll is setup to pull from please notify your payroll specialist as soon as possible.
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Retirement Plan Distribution & Loan Rule FAQs
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The Coronavirus Aid, Relief and Economic Security (CARES) Act provides for expanded distribution options and favorable tax treatment for up to $100,000 of COVID-19 related distributions from eligible retirement plans (certain employer retirement plans, such as section 401(k) and 403(b) plans and IRAs) to qualified individuals, as well as special rollover rules with respect to such distributions.
- What is a coronavirus-related distribution?
- Am I a qualified individual for purposes of Section 2202 of the CARES Act?
- When do I have to pay taxes on coronavirus-related distributions?
For the answer to these and other questions related to the COVID-19 retirement plan distribution and loan rule changes visit the newly released frequently asked questions (FAQs) page on the IRS website.
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9 Facts About Social Security
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Need a little brain break?
Social Security has been a fact of retirement life ever since it was established in 1935. We all think we know how it works, but how much do you really know?
Click here
to visit our website to learn nine things that might surprise you!
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Enhanced Unemployment Insurance (UI) Benefits & Pandemic Unemployment Assistance (PUA) for New Yorkers.
Paycheck Protection Program (PPP)
Use this worksheet to help you understand your cash flow needs for the next month. Fill-in the amounts in blue and the worksheet will calculate your cash flow needs. This tool will help you when speaking with creditors and banks on your needs.
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NetClient Portal Transition
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Over the summer we will be transitioning our tax portal to a new system.
When you are accessing your tax portal over the next few weeks please take the opportunity to download any documentation that is being stored there and save them with your personal records either on your system, external hard drive or cloud based storage.
Please note:
The intent of the portal system has shifted away from being a storage system to a way to safely transmit documents between Allied Financial Partners and our clients.
The NetClient CS portal will remain accessible until the end of 2020.
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Federal Income Tax Filing
extended to July 15, 2020
NYS Income Tax Filing
extended to July 15, 2020
IRA Contributions
extended to July 15, 2020
HSA Contributions
extended to July 15, 2020
In addition to these extensions, on April 9, 2020 the IRS extended additional tax deadlines to cover individuals, estates, corporations and others. This extension includes a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 and the deadline to claim refunds from 2016. The Notice also suspends associated interest, additions to tax, and penalties for late filing or late payment until July 15, 2020.
Click here
to view the set of Frequently Asked Questions recently released by the IRS to help clarify certain aspects of the filing and payment extensions.
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the status of your state or federal tax return.
All you need is:
·
Tax payer social security number
·
Filing status
·
Refund amount
**Check to see if a pop-up blocker is preventing the tracker from opening a new page after your select Federal or your preferred state.
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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.
Securities America is unaffiliated with any other named entities or services offered.
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.
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