All of our offices will be closed on Thursday, July 4
to celebrate Independence Day! We will be open on Friday, July 5.
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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 2019
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Retirement Savings Vs. College Savings
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Withdrawing savings from an IRA is one option to pay for college tuition.
But is it a good idea?
Many parents, and some grandparents, find themselves fighting a battle on two fronts; saving for retirement and college at the same time. Saving money in one of the plans invariably leads to saving less in the other. If you are grappling with this decision,
check out this article
for some insight into some available options.
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As you may know, property owners can receive STAR benefits in two different ways;
- as a reduction on their school tax bill (the STAR exemption)
- as a check from New York State (the STAR credit)
There are two updates to the STAR program that may impact your situation.
- Beginning this year, individuals with income between $250,000 and $500,000 will no longer be eligible for the STAR exemption. However, they may be eligible for the STAR credit.
- Property owners who are receiving the STAR exemption and whose income is $250,000 or less can choose to register for the STAR credit. Due to recent law changes, they may receive a greater benefit. The STAR exemption benefit can no longer increase, but the STAR credit benefit can continue to grow by up to 2% annually.
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For more information on these changes to the STAR benefits
click here
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Annual Report of Employee Benefits
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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, 2018 the return is due July 31, 2019.
Contact us today if you need clarification or assistance with filing your Form 5500 at
tax@alliedfp.com
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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.
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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 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.
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