All of our offices will be closed on Friday, July 3, 2020
in celebration of Independence Day

Our new website is expected to go live within the next few days. Keep your eye on alliedfp.com !
Allied Financial Partners is excited to host our first financial services webinar presented by Kurt Czarnowski, of Czarnowski Consulting. Please join us on Thursday, July 16, 2020 at 6:00 PM for Developing Your Personal Social Security Strategy .

Mr. Czarnowski will be reviewing strategies to help maximize your Social Security benefits as well as distinguish facts from the myths surrounding Social Security's solvency.
Mr. Czarnowski is a dynamic speaker with more than 30 years of experience working directly for the Social Security Administration.
Annual Report of Employee Benefits
Form 5500, Annual Report of Employee Benefits Plan, is a disclosure document for plan participants and beneficiaries. It is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards. It also provides participants and beneficiaries, as well as regulators, access to sufficient information to protect the rights and benefits of participants and beneficiaries under employee benefit plans. 
 
The annual filing of Form 5500 is required by the IRS and ERISA (Employee Retirement Income Security Act of 1974) for all active employee benefit plans and is due the last day of the seventh calendar month after the end of the plan. Which means, if your plan year end is December 31, 2019 the return is due July 31, 2020.
 
Contact us today if you need clarification or assistance with filing your Form 5500 at  tax@alliedfp.com .
Department of Labor rules and regulations require a financial statement audit to accompany annual Form 5500 filings for "Large Plans", determined based on the number of eligible participants.
 
If your employee benefit plan has, or is approaching, 100 eligible participants, contact Jason Mayausky at  jmayausky@alliedfp.com  or call (585) 410-6733 ext. 144 to learn more and determine whether your plan requires an audit.
Bond Investing Basics
This month Jason Tabor, CFP ®, Financial Advisor for Allied Financial Partners, discusses bond investing basics.
Jason meets with clients in the Oneonta and Cooperstown offices. To schedule an introductory conversation in the Oneonta office please call Ramona at (607) 432-3462. For appointments in the Cooperstown office please call Debbie at (607) 282-4161.

If you have specific questions, or would like to discuss your personal situation, please call our office to speak with a member of our financial services team.
Explaining The Market Rally
Over the past few weeks investors have likely struggled to reconcile a rallying stock market and a stumbling economy. Since the lows on March 23, 2020, the S&P 500 has rallied over 28% through May 15, 2020 reducing the year to date losses to -10.7%2 despite record unemployment of 14.7%3.

Key Takeaways

  • The recent stock market rally has left many investors scratching their heads on what is driving the rally in the midst of terrible economic data.
  • Resilience from a narrow group of mega cap technology and healthcare names have been the salvation of the recent rally.
  • Massive stimulus and a concentrated rally have made it harder to read what’s going on in the stock market, partially answering the question of how the stock market appears to have become so unhinged from the real economy.

Click here to read the complete article.
Office Announcements
Payroll Clients:  Please review your active employee list and inform your payroll specialist of any changes.

  • Social Security Numbers
  • Spelling of Names
  • Any third party sick pay information paid out thus far in 2020
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NetClient Portal Transition: 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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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.
Deadlines & Extensions
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.
Track Your Refund Online
Visit the resource center of our website  https://alliedfp.com/track-refund  to check 
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.
COVID-19 Resource Links
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.
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 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.