Personal Tax Organizers have been sent out. Contact our office if you have not received yours and would like one.
Please note: If documents for personal tax returns are not submitted for the 2022 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 18 to October 15.
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If you anticipate receiving a refund on your return, no action is required on your part at the time the extension is filed.
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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: New this year, Allied CPAs, PC will be utilizing a new 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 to all tax clients in November 2022. It is not required that you sign this form. If you do not sign it, your return will be processed at our local offices as they have been in the past. 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.
Payroll Quarterlies January Payroll Quarterlies will be posted to your Employer On The Go portal by February 5, 2023
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Congratulations, Justin Bentley, CPA! |
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Allied Financial Partners is proud to announce that Justin Bentley, CPA has been promoted to Partner as of January 1, 2023.
Justin Bentley, CPA joined Allied Financial Partners upon completing his education and in his 10 plus years of experience he has overseen a wide array of assurance and attestation services including yellow-book and single audits for clients in industries such as municipal, not-for-profits, manufacturing, IT, and healthcare. Justin has also been a peer review audit team member in addition to serving as an adjunct professor of advanced accounting and auditing courses at Nazareth College.
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Webinar: February 23, 2023
Creating Retirement Income During Uncertain Times
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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 the third week of each month. Our next event will be Thursday, February 23, at 4:00 PM.
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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.
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NYS Pass-through Entity Tax (PTET) |
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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
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 for 2022 must certify, when it files its annual PTET return or extension, that all its shareholders are residents of New York for purposes of Article 22.
For PTET taxable years 2023 and later, the 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 its first PTET estimated payment.
For more information regarding the NYS Pass-through Entity Tax click here, or contact your accountant.
Due Dates
- 03/15/2023
- 2022 New Yor City PTET annual election
- 2022 PTET annual return or extension request
- 2023 New York State & New York City annual election
- 2023 first-quarter estimated payment
- 06/15/2023
- 2023 second-quarter estimated payment
- 09/15/2023
- 2022 annual return for those who requested an extension
- 2023 third-quarter estimated payment
- 12/15/2023
- 2023 fourth-quarter estimated payment
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Why Set Up An Online Social Security Account? |
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For many of us, Social Security plays an important part in our financial plans for retirement or later stage of life. Even if you’re years away from applying for benefits, there are good reasons to set up your online Social Security account at www.socialsecurity.gov/myaccount.
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- Ensure Accurate Reporting
- Protect Against Fraud
- Access to Documents
- Maintain Account
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If you’re wondering about the role of Social Security benefits in your retirement plans, call our office. We can help you evaluate your financial plan and the impact social security will have to ensure you’re on track to work toward the retirement you envision. |
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Upcoming Tax Filing Deadlines |
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- 03-15-23 - NYS Pass-through Entity Tax Election
- 03-15-23 - Annual NYS LLC Filing Fee
- 03-15-23 - Partnerships & S-Corporations
- 04-18-23 - Individual & C-Corporations
- 05-15-23 - Exempt Organizations
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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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The IRS does not initiate contact with tax payers by email, phone or social media channels to request personal or financial information. If you receive a call like this do not provide any personal information.
For more details about Tax Scams, or to report a scam, visit the IRS website by clicking here.
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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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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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Is the content of this email relevant to you?
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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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