All of our offices will be closed
December 26, 2022 & January 2, 2023 to celebrate the holidays.
2022 Personal Tax Organizers will be sent out in January 2023.
Please contact our office if you have not received your organizer by January 30, 2023.
New York State LLC Filing
If you are a New York State based LLC, you are required to pay an annual fee based off of the previous year’s gross income for your LLC.
In preparation for processing your annual NYS LLC filing fee, we need to verify bank account information for each of your LLC business accounts.
If your bank account has changed in the past year, please mail or drop off at any of our office locations a current voided check for the business account you would like the LLC filing fee to be withdrawn from. You can also submit a scanned copy of your voided check through your online portal. Reminder: Email is not a secure way to send sensitive information.
Click here to view complete information regarding this fee on the New York State Department of Taxation and Finance website.
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Reminder: In preparation for year-end reporting, we ask that you complete and return the 2022 Payroll Census to your payroll specialist no later that December 9, 2022.
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
IRS Notice CP136
You should be receiving IRS Notice CP136 which states your 2023 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.
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2023 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 is increased to $22,500, up from $20,500.
The limit on annual contributions to an IRA increased to $6,500, up from $6,000. The IRA 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 catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $7,500, up from $6,500. Therefore, participants in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan who are 50 and older can contribute up to $30,000, starting in 2023. The catch-up contribution limit for employees aged 50 and over who participate in SIMPLE plans is increased to $3,500, up from $3,000.
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Mind Over Markets: A Behavioral Guide To Investing
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When market volatility is headline news and account values start to fall, it’s easy to understand why investors get jittery. Even with a boatload of historical data to support us, in times of stress we all struggle to overcome our natural tendencies to make poor decisions about money.
Investing in the capital markets gives us a fighting chance to enjoy a comfortable life and a dignified retirement. But with it comes a dilemma: we must undertake risk to meet our financial needs, yet we are psychologically ill-equipped to do so. So how do we balance human needs versus human nature?
This fascinating white paper from Virtus discusses a variety of behavior and cultural factors that influence the way we think and act about money, including fear, greed, expectations, discipline, luck, and much more. Once you’ve had a chance to read through it, give our office a call if you still have concerns or questions. We want you to feel confident about how your financial plan is constructed to weather the storms.
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Covid-19 Capital Costs Tax Credit |
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New York small businesses with 100 or fewer employees that incurred costs to increase COVID-19 safety can now apply for a $250 million tax credit program.
The COVID-19 Capital Costs Tax Credit Program was included in the most recent state budget to target expenses related to pandemic mitigation in 2021 and 2022. It will provide tax credits for half of qualifying expenses - including for supplies to prevent viral transmission, outdoor space expansions and contactless sales equipment - up to $50,000, for a maximum credit of $25,000.
To be eligible, businesses must operate a location in New York, have $2.5 million or less in gross receipts in the 2021 tax year and have at least $2,000 in eligible costs between Jan. 1, 2021, and Dec. 31, 2022. All eligible businesses are encouraged to apply for the program.
The state will accept applications through March 31, 2023. Credits will be issued on a first-come, first-served basis.
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This month’s Your Money Matters newsletter features tips to selecting personal finance apps, an overview of the average American budget, a quick guide to checking if you have unclaimed money, and the pros and cons of prepaid debt cards.
Your Money Matters is a monthly blog post that pulls together financial articles and videos of interest. We hope you enjoy!
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Payroll Clients: In light of growing fraudulent direct deposit claims, please verbally confirm with your employee if you receive an email notification of a bank account change before you send the change to you payroll specialist.
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Help our team grow!
Allied Financial Partners is always looking to attract new talent. If you or someone you know is interested in joining our team check out the opportunities page on our website.
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Online Credit Card Payments Payments to Allied CPAs, PC and Allied Payroll Services can be made online at www.alliedfp.com. Look for the Make A Payment button on the top right corner of our website. AFP accepts Mastercard, VISA and Discover. Please note: Electronic payments cannot be accepted for financial planning or investment services.
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Buffalo | (716) 694-0336
Cooperstown | (607) 282-4161
Oneonta | (607) 432-3462
Perry | (585) 237-3887
Rochester | (585) 410-6733
Victor | (585) 410-6733
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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 Allied CPAs, PC. Allied Financial Partners and Allied 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.
Top Workplaces Award is given based on employee survey results.
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