All of our offices will be closed on November 11, 2020
in observance of Veteran's Day.
Payroll Clients: October quarterlies will be posted to your portal by November 5, 2020.
Paid Family Leave: New York Paid Family Leave is insurance that may be funded by employees through payroll deductions. In 2021, the contribuption is 0.511% of an employee's gross wages each pay period. The maximum annual contribution is $385.34.
The Paid Family leave wage replacement benefit is also increasing. In 2021, employees taking Paid Family Leave will receive 67% of their average weekly wage, up to a cap of 67% of the current Statewide Average Weekly Wage of $1,450.17. The maximum weekly benefit for 2021 is $971.61.
|
|
NetClient Portal Transition: Over the summer we transitioned our tax portal to a new system.
When you are accessing your NetClient CS tax portal please take the opportunity to download any documentation that is being stored there and save them with your personal records either on your system, external hard drive or cloud based storage.
Please note: The intent of the portal system has shifted away from being a storage system to a way to safely transmit documents between Allied Financial Partners and our clients.
The NetClient CS portal will remain accessible until the end of 2020.
|
|
Paid Leave Temporary Rule Re: School Age Child Care |
|
If school only allows for in-person instruction part of the time, school is considered closed and parent(s) may qualify for partial paid leave benefits under the Families First Coronavirus Response Act.
|
|
PPP Loan Forgiveness Update |
|
On October 8, 2020 the SBA and Tresury Dept. announced simpler PPP forgiveness for loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
If you have questions, please contact your accountant. We are here to help you!
|
|
2020 RMDs, Deductions and Stimulus Payments |
|
2020 Required Minimum Distributions (RMDs) - The SECURE Act pushed back the age for which retirees need to take RMDs from 70½ to 72. These new 2020 rules below are now in place as well:
- As stated in the CARES Act, all RMDs are waived for 2020, across the board.
- Any RMD deductions taken in 2020 can be rolled back into the plan within 60 days to avoid paying taxes on the amount.
2020 Deductions - While the standard deduction for 2020 rises to $24,800 for married filing jointly, $12,400 for single taxpayers and those married filing separately and $18,650 for heads of households claiming the standard deduction, the CARES Act also provides these giving incentives for 2020:
- Taxpayers who itemize deductions can temporarily increase the 60% adjusted gross income (AGI) limitation on cash contributions to deduct more charitable contributions made in 2020.
- Taxpayers who take the standard deduction have the option to take a $300 “above-the-line” deduction for cash contributions to charity.
2020 Stimulus Payments - The “Recovery Rebates” given out as part of CARES Act are considered an advance refundable tax credit on your 2020 taxes, meaning there are no taxes due on them. That money is all yours. Here are a few things to know:
- If the IRS overestimated your rebate amount based on the AGI of the tax year they used, you get to keep the overage. If they underestimated your rebate, you will be able to claim the additional amount owed to you when you file your 2020 taxes.
- If you claim a child on your 2020 tax return that wasn’t on your 2018 or 2019 tax returns, you will get a tax credit of $500 when you file next year. The person who received the $500 based on their 2018 or 2019 tax returns will not be required to pay it back.
- If you have a child in 2020, you will receive a $500 tax credit when you claim them when you file your 2020 taxes next year.
If you have any questions pertaining to the information above, please don’t hesitate to reach out to us.
|
|
Enhanced Unemployment Insurance (UI) Benefits & Pandemic Unemployment Assistance (PUA) for New Yorkers.
Paycheck Protection Program (PPP)
Use this worksheet to help you understand your cash flow needs for the next month. Fill-in the amounts in blue and the worksheet will calculate your cash flow needs. This tool will help you when speaking with creditors and banks on your needs.
|
|
We want to hear from you!! This eblast is written for the benefit of our clients. Please reply to this email with any topics of interest, questions or concerns you may have and we would be happy to address them.
|
|
|
Is the content of this email relevant to you?
|
|
|
|
BUFFALO | COOPERSTOWN | ONEONTA | PERRY | ROCHESTER | VICTOR |
|
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 Tette, Ingersoll & Co., CPAs, PC. Allied Financial Partners and Tette, Ingersoll & Co., CPAs, PC are not affiliated with Securities America.
Securities America is unaffiliated with any other named entities or services offered.
*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.
|
|
|
|
|
|
|
