Office Announcements

Please note: Extensions will be filed for business returns for whom we have not yet received tax documentation. If documents for personal tax returns are not submitted for the 2023 tax season by March 15, there is a good chance that an extension will need to be filed on your behalf. Filing an extension simply moves the filing deadline from April 15 to October 15. If you anticipate receiving a refund on your return, no action is required on your part at the time the extension is filed. If you typically end up owing on your return, your accountant will advise that you submit an estimated payment at the time the extension is filed to avoid any penalties. Allied CPAs, PC does not charge an additional fee for filing an extension. Xpitax® Tax Outsourcing: As in the past, Allied CPAs, PC will be utilizing a program that will allow a select group of tax returns to be prepared by a team of remote employees. In order for your return to be selected, you must sign the Consent to Foreign Disclosure form which was sent out with your tax organizer. It is not required that you sign this form. If you do not sign it, your return will continue to be processed at our local offices. The decision to utilize this service was made so that our clients' returns can be prepared in the most efficient manner during the current national labor shortage. If you have any questions or concerns, please contact your accountant directly.

2024 Total Solar Eclipse!

We are on the path of totality! "It will likely be the most-viewed astronomical event in American history," eclipse chaser Michael Zeiler, who runs the Great American Eclipse website, said. While 31 million people live in the path of totality, millions more are expected to flock to the narrow band of land that will be temporarily be plunged into darkness on the afternoon of April 8. In anticipation of the influx of traffic surrounding our offices on April 8, we will not be taking client appointments that day. We encourage you to delay visiting our offices until April 9th. Click here to learn more about the solar eclipse!

Tax Deadlines

03-15-24 - Annual NYS LLC Filing Fee 03-15-24 - Partnerships & S-Corporations 03-15-24 - NYS Pass-through Entity Tax Election 04-15-24 - Individual & C-Corporations 04-15-24 - FBAR reports due 04-15-24 - First quarter estimated payments 05-15-24 - Exempt Organizations

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NYS Pass-through Entity Tax (PTET)

The PTET is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. If an eligible partnership or eligible New York S corporation (electing entity) elects to pay the PTET, its partners, members, or shareholders subject to tax under Article 22 (personal income tax) may be eligible for a PTET credit on their New York State income tax returns. Who can make the election Only an authorized person may make this election on behalf of an eligible partnership or eligible S corporation. Tax professionals may not make this election on behalf of their clients. The following types of businesses are not eligible to opt in: single-member LLCs (unless they elect to be treated as an S corporation for New York purposes) sole proprietorships trusts non-profit corporations corporations that are not New York S corporations When to make the election An S corporation intending to file as a resident S corporation must certify, when it elects to opt in to PTET, that all its shareholders are residents of New York for purposes of Article 22. An eligible entity may opt in on or after January 1, but no later than March 15. The election to opt in to the PTET must be made online on an annual basis and is irrevocable after the due date of the entity's first PTET estimated payment. For more information regarding the NYS Pass-through Entity Tax click here, or contact your accountant.

Due Dates 03/15/2024 2023 PTET annual return or extension request 2024 New York State & New York City annual election 2024 first-quarter estimated payment 06/17/2024 2024 second-quarter estimated payment 09/16/2024 2023 annual return for those who requested an extension 2024 third-quarter estimated payment 12/16/2024 2024 fourth-quarter estimated payment

Webinar: March 27, 2024 Putting Together Your Estate & Long-Term Care Plan

Join David Younis CFP®, Director of Financial Services at Allied Financial Partners and Marcus Kroll, Esq. of Kroll Proukou, LLP, for a conversation to discuss the most pressing concerns regarding effective estate and long-term care planning. Featured Topics Will Include: The importance of having a plan in place before you need one to ensure that your wishes are carried out according to your specifications. What documents to have in place to organize your affairs so they don’t become a burden for the people you love. How will you pay for your care; there are many options available, which is the right one for you? We encourage you to share this invitation with interested family members or friends that would benefit from this educational webinar.

Register

Webinar: March 21, 2024 Creating Retirement Income During Uncertain Times

Allied Financial Services, Inc. would like to invite you to participate in our monthly conversation, Creating Retirement Income During Uncertain Times. Everyone is welcome to join these online discussions which will take place at the end of each month. Our next meeting will be Thursday, March 21 at 12:00 PM.

Register

If you would like to discuss your personal retirement income distributions or situation but are unable to attend, please contact our office to set up an appointment.

Your Money Matters

This month’s Your Money Matters newsletter contains helpful information about the importance of selecting a trusted contact, a humorous infographic for determining your risk tolerance, preparing for future health issues, and tips for managing an inheritance. If you have questions, don't hesitate to reach out to us for answers. Who Is Your Trusted Contact? This investment account question is vital and answered as early as possible. You Would Rather Be... Are you a thrill seeker, or content to relax in the backyard? Use this flowchart to find out more about your risk tolerance. Preparing for the Expected You can plan ahead to protect yourself and your family against the financial consequences of deteriorating health. Managing an Inheritance A windfall from a loved one can be both rewarding and complicated.

Online Credit Card Payments

Payments to Allied CPAs, PC 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.

Contact Our Office

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.