Important November Office Hours Announcement:
- On Wednesday, November 18 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 26 and Friday, November 27 to celebrate Thanksgiving.
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NetClient Portal Transition: The transition to our new tax portal system is complete. The NetClient CS portal will remain accessible until the end of 2020. Portals in our new system are being set up upon request.
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. Please take a moment before the end of the year to download any documentation that is being stored in the NetClient portal and save them with your personal records either on your system, external hard drive or cloud based storage.
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Year-End Payroll Reminders |
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Paid Family Leave: New York Paid Family Leave is insurance that may be funded by employees through payroll deductions. In 2021, the contribuption is 0.511% of an employee's gross wages each pay period. The maximum annual contribution is $385.34.
The Paid Family leave wage replacement benefit is also increasing. In 2021, employees taking Paid Family Leave will receive 67% of their average weekly wage, up to a cap of 67% of the current Statewide Average Weekly Wage of $1,450.17. The maximum weekly benefit for 2021 is $971.61.
IRS Notice CP136
You should be receiving IRS Notice CP136 which states your 2020 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:
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Any missing social security numbers or contact information for your employees *this is a W2 requirement
- Personal Use of Company Car
- S-Corp Health
- Group Term Life in excess of $50,000
These items will be reflected on your year-end returns and W-2s. If you have any questions, please reach out to your Payroll Specialist.
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The A, B, C & D of Medicare |
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Whether your 65th birthday is on the horizon or decades away, understanding the different parts of Medicare is critical, as this government-sponsored program may play a role in your future health care decisions.
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Introducing Jake Sadwick
If you would like to update your records and ensure that you are taking advantage of the most appropriate policy solutions our in-house Medicare specialist, Jake Sadwick, is available to assist you. As well as being a licensed Medicare agent with multiple carriers, Jake also holds his Series 7 and 66.
As a Financial Planner at Allied, he works with families to help formulate comprehensive financial plans. Jake believes that having the best Medicare option in place for your specific needs is an essential part of having a successful financial plan.
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PPP Loan Forgiveness Update |
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On October 8, 2020 the SBA and Tresury Dept. announced simpler PPP forgiveness for loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
If you have questions, please contact your accountant. We are here to help you!
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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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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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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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