Traditionally our offices have been closed on the Friday after tax day. This year, despite the tax deadline extension,
all of our offices will be closed on Friday, April 17, 2020
to give our employees a much needed respite. All of our offices will reopen on Monday, April 20, 2020.
Tax Notices
Recently New York State has been issuing "Request for Information" notices to filers who are owed a refund. If you receive a tax notice please send it to our office so that we can help you get it resolved as quickly as possible.
Payroll Quarterly Reports
will be posted to you Employer on the Go portal by the fifth of May.
At this time there have not been any extensions to the quarterly payroll filing deadlines.
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.
COMING SOON
- NEW Allied Financial Partners Website
We are busy putting the finishing touches on our new website. Stay tuned for details...
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A Note About Bank Deferral Programs
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Be
sure that you understand what you are signing with a bank deferral program.
The deferral is great…it gets you out of your payments now, but without an extension whatever payments are deferred are typically due on the last day of the term. It’s essentially a balloon payment. The deferral is not the same as an extension.
If you have questions about how the deferral program could affect you in the long-term please contact your accountant. Our team is here to help you!
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Economic Impact Payment Tool For Non-Filers
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The IRS has launched a new on-line tool that will offer those taxpayers who don't normally file federal tax returns, and other eligible persons, "quick registration" for the Economic Impact Payments scheduled to be distributed as part of relief packages addressing the novel coronavirus (COVID-19) pandemic.
Who is eligible for the Economic Impact Payment?
U.S. citizens or resident aliens who:
- Has a valid Social Security number,
- Could not be claimed as a dependent of another taxpayer, and
- Had adjusted gross income under certain limits.
Who should use Non-Filers: Enter Payment Info to provide additional information to receive the Economic Impact Payment?
Eligible U.S. citizens or permanent residents who:
- Had gross income that did not exceed $12,200 ($24,400 for married couples) for 2019
- Were not otherwise required to file a federal income tax return for 2019, and didn't plan to
You can provide the necessary information to the IRS easily and quickly for no fee through Non-Filers: Enter Payment Info. We will use this information to determine your eligibility and payment amount and send you an Economic Impact Payment. After providing this information you won’t need to take any additional action.
To register for the Economic Impact Payment as a non-filer
click here
.
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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
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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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