All of our offices will be closed on Monday, September 6
in observance of Labor Day.
Payroll Quarterly Reports will be posted to you Employer on the Go portal by August.5.
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Restaurant Return-To-Work Tax Credit |
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The $35 million Restaurant Return-to-Work Tax Credit Program provides an incentive to COVID-impacted restaurants to bring restaurant staff back-to-work, and to increase hiring at NYS restaurants. Qualifying businesses are eligible for a tax credit of $5,000 per new worker hired, up-to $50,000 per business. The Program is open to eligible restaurants located in New York City, or in an area outside of New York City that was designated an Orange or Red Zone for at least thirty consecutive days.
Restaurants may claim the credit after August 31, 2021 (Fast Track Option), if the business can demonstrate a net employee increase of at least 1 full-time employee as measured from April 1, 2021 to August 31, 2021.
Alternatively, restaurants can choose to claim the tax credit on their 2021 NYS tax return if the business can demonstrate a net employee increase of at least 1 full-time employee as measured from April 1, 2021 to December 31, 2021.
Click here for more information about the Restaurant Return-To-Work Tax Credit.
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Airborne Infectious Disease Exposure Plan
New York Employers must adopt an airborne infectious disease exposure plan by August 5, 2021 and distribute it to employees by September 4, 2021. Employers must implement the plan they adopt when an airborne infectious disease is designated by the New York State Commissioner of Health as a highly contagious communicable disease that presents a serious risk of harm to the public health. Employers can find the latest information and updates, as well as standard and industry specific-model safety standards, on the New York Department of Labor’s HERO Act webpage.
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Workplace Safety Committees
Effective November 1, 2021, employers with ten or more employees must permit employees to establish and administer a join labor-management workplace safety committee made up of individuals designated by both the employee and the employer, so long as at least two-thirds of the committee are non-supervisory employees. Employee members must be selected by non-supervisory employees and the committees must be co-chaired by a representative of the employer and non-supervisory employees. If there is a CBA in place, the representative is responsible for selecting the employee members of the committee.
Once established, the workplace safety committee will be authorized to perform the following tasks:
- Raising health and safety concerns, hazards, and complaints to the employer
- Reviewing and providing feedback on policies put into the place under the airborne infectious disease exposure plan law and workers’ compensation law
- Reviewing the adoption of policies put into place in response to government directives
- Participating in site visits conducted by government entities responsible for enforcing safety and health standards
- Reviewing employer prepared reports related to the health and safety of the workplace
- Scheduling a regular meeting during work hours at least once a quarter
Employers are prohibited from retaliating against employees who participate in or help establish a workplace safety committee.
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Starting A ROTH IRA For A Teen |
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Do you want to give your child or grandchild a financial head start? A Roth IRA might be a choice to consider.
If your teen has an earned income, you may be able to set up a Roth IRA for them. For example, if your 15-year-old has earned $6,000 at a summer job, you can set up an account for them up to $6,000 (the maximum annual Roth IRA contribution).
The amount cannot exceed the teen’s income.
The right retirement problem is easy to fix if you start early! Click here to learn more.
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Understanding The Meme Stock Mania |
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Over the last year shares of movie theater company AMC Entertainment holdings, Inc. (AMC) and a retail video game store GameStop Corp. (GME) have soared. Posters like “AMC to the Moon” are popping up everywhere in yet another sign of the retail frenzy over ‘meme’ stocks. However, the meme stock mania is more than just a phenomenon.
Key Takeaways
- Meme stock frenzy has once again taken hold of investors in 2021.
- While meme stocks have generated supersized returns, it has done so with supersized risk as well.
- Despite the sharp rise and possible eventual fall in meme stocks, its impact on the broad market likely remains muted given the diversified nature of the broad index which houses many of these stocks.
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2021 Deadline Approaches: SIMPLE IRA or 401(K)
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A new business SIMPLE IRA or Safe Harbor 401(k) must be set up with an effective date between January 1 and October 1 in order to be applied to 2021. Plans established on October 2 or later will be applied to 2022.
If you are considering setting up a business SIMPLE IRA or Safe Harbor 401(k), the time is now to contact our Financial Services department to get your plan established before the October 1st deadline.
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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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