Please Note: All of our offices will be closed December 25, 2018 and
January 1, 2019 in observance of the holidays.
2019 Personal Tax Organizers will be sent out in January 2020.
Please contact our office if you have not received your tax organizer by January 30, 2020.
Reminder For Business Clients:
Please send your YTD Profit & Loss so that we can help keep your taxes to a minimum!
Our Rochester Office Is Moving!
Our new Rochester address will be 150 State Street, Suite 301A, Rochester, NY 14614. This will be a larger, more cenralized location for our Rochester clients and staff. Please note that this location offers convenient, safe, complimentary parking for our clients.
We look forward to seeing you there.
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BENEFITS OF WORKING IN RETIREMENT
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In the past, retirement has been portrayed as an ending, a grand exit from your years in the workplace. But the rules are shifting.
Labor force participation among those aged 65-74 is predicted to reach 32 percent by 2022, up from just 20 percent in 2002. As the Boomer generation ages, more people are viewing retirement as an opportunity to enjoy the rewards of work in a whole new way.
Click here
to discover some of the benefits of working in retirement.
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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 catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $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 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.
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NYS Minimum Wage Schedule
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Effective December 31, 2019, 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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2019
$15.00
$15.00
$13.00
$11.80
$15.00
$13.75
$10.00
$10.00
$8.65
$7.85
$5.00
$5.00
$4.35
$3.95
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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
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 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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Upcoming Tax Filing Deadlines
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- 01-31-20 - 1099s
- 03-16-20 - Partnerships & S-Corporations
- 04-15-20 - Individual & C-Corporations
- 05-15-20 - 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 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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