Payroll Quarterly Reports will be posted to Employer on the Go by November 5.
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The Bear Market is Back, Will it Hibernate Soon?
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After a summer rally, volatility is back in full swing. 2022 has challenged investors' patience as almost every investment has had negative returns, with the exception of commodities, the US dollar, and cash.
Click here for a recap of what is happening, what's next, and what an investor should try to do to ride this out.
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Section 30D Electric Vehicle Credit Changes
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The recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, we should review the new rules to help you maximize the credit you are allowed.
New Rules Include:
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North American Assembly Required To qualify for the electric vehicle credit, final assembly of the vehicle must take place in North America. You can check whether a particular vehicle meets this requirement by entering its vehicle identification number (VIN) into the VIN decoder.
- Manufacturer Limitation Going Away
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Calculation of the Credit Under the new rules the amount of the credit will be based on two separate requirements each one based on where the vehicle's battery is sourced.
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New Qualified Fuel Cell Motor Vehicles Qualify for the Credit
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Modified Adjusted Gross Income Limitation For most taxpayers, MAGI will be equal to AGI. You may not take the credit if your MAGI exceeds the threshold amount. The threshold amount is:
- For married taxpayers filing a joint return or a surviving spouse, $300,000.
- For taxpayers filing as head of household, $225,000.
- For all other taxpayers (single, married filing separately), $150,000.
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MSRP Limitation Vehicles will not be eligible for the credit if they exceed an MSRP limit: $80,000 for vans, pickup trucks, and sport utility vehicles; $55,000 for other vehicles. This means that if you are looking at a higher-end electric vehicle, you need to act by the end of December.
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Market Update & Outlook with J.P. Morgan
October 11, 2022 at 6:00 PM on Zoom
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Join us to hear insights on today's most critical economic and investment topics from Connor Fitzgerald, CIMA®, Vice President, J.P. Morgan Asset Management.
Using the most recent edition of J.P. Morgan Asset Management's Guide to the Markets, Connor will share thoughts on the current economic landscape and outlook for 2023, discuss key drivers and trends taking place in the markets and answer your most pressing questions.
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This event is hosted by
Allied Financial Services, Inc.
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Work Opportunity Tax Credit
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What is the Work Opportunity Tax Credit?
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring and employing individuals from certain targeted groups who have faced significant barriers to employment. WOTC joins other workforce programs that incentivize workplace diversity and facilitate access to good jobs for American workers.
What does an employer need to do to claim the WOTC?
On or before the day that an offer of employment is made, the employer and the job applicant must complete Form 8850 (Pre-Screening Notice and Certification Request for the Work Opportunity Credit). The employer has 28 calendar days from the new employee's start date to submit Form 8850 to the designated local agency located in the state in which the business is located (where the employee works). Additional forms may be required by the DOL to obtain certification. See the Instructions to Form 8850 and the DOL Employment and Training Administration's website on WOTC for more information.
Following receipt of a certification from the designated local agency that the employee is a member of on of the 10 targeted groups, taxable employers file form 5884 (Work Opportunity Credit) and tax-exempt employers file Form 5884-C (Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans) to claim the WOTC.
Once you have received the certification it will need to be submitted to your tax preparer to claim the credit on your income tax return.
Additional Resources:
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2023 NYS Paid Family Leave Updates
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In 2023, the list of family members for whom eligible workers can take Paid Family Leave to care for will include siblings with a serious health condition. This includes biological siblings, adopted siblings, stepsiblings and half-siblings. These family members can live outside of New York State, and even outside of the country. Workers should check with their employer’s Paid Family Leave insurer to learn when sibling care goes into effect for their policy.
Employees taking Paid Family Leave receive 67% of their average weekly wage, up to a cap of 67% of the current New York State Average Weekly Wage (NYSAWW). For 2023, the NYSAWW is $1,688.19, which means the maximum weekly benefit is $1,131.08. This is $62.72 more than the maximum weekly benefit for 2022.
New York State Paid Family Leave is insurance that may be funded by employees through payroll deductions. Even though benefits are expanding to cover more family members this year, the contribution rate has gone down. For 2023, employees will contribute 0.455% of their gross wages per pay period. The maximum annual contribution for 2023 is $399.43. This is $24.28 less than 2022. Employees earning less than the current NYSAWW of $1,688.19 will contribute less than the annual cap of $399.43, consistent with their actual wages.
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This month features the great debate of active vs. passive investments, setting up your financial goals for success, some personal finance tips for military families and ways to protect against identity theft. Hope you enjoy, and as always, reach out with any questions.
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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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.
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