Important November Office Hours Announcement:

  • On Wednesday, November 20 all our offices will be closed for a firm-wide training event. Our payroll department will be available between 1:00 - 5:00 in our Victor office.

  • All of our offices will be closed on Thurday, November 28 and Friday, November 29 to celebrate Thanksgiving.
Payroll Year-end Reminders
Paid Family Leave
In 2020, the contribution will be 0.270% of an employee’s gross wages each pay period. The maximum annual contribution will be $196.72.

Employees taking Paid Family Leave will receive 60% of their average weekly wage, up to a cap of 60% of the current Statewide Average Weekly Wage of $1,401.17. The maximum weekly benefit for 2020 will be $840.70.   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.
2020 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 $19,000 to $19,500.
 
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 increased from $13,000 to 13,500 in 2020. The additional catch-up contribution limit for individuals aged 50 and over has remained the same at $3,000.
Trends in Charitable Giving
When giving to charitable organizations, some people elect to support through cash donations. Others, however, understand that supporting an organization may generate tax benefits. They may opt to follow techniques that can maximize both the gift and the potential tax benefit. Click here for a quick review of a few charitable choices.
Seminar Topics Survey
It is hard to believe but we are already in the process of putting together our calendar for 2020! Over the past few years Allied Financial Partners has offered an array of complimentary educational seminars to our clients. Past topics have included:

  • Estate Planning
  • Social Security
  • Medicare
  • Long-Term Care Planning
  • Employment Law / HR

Please take two minutes to let us know if there are any seminars that you would find valuable to attend.
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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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.