All of our offices will be closed on Friday, December 24 and Friday, December 31
in celebration of the holidays.
2021 Personal Tax Organizers will be sent out in January 2022.
Please contact our office if you have not received your organizer by January 30, 2022.
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Reminder: In preparation for year-end reporting, we ask that you complete and return the 2021 Payroll Census to your payroll specialist no later that December 10, 2021.
Year End Prep
In preparation for the upcoming 4th quarter and W-2 deadlines, please be sure to send in any year-end pay items to your Payroll Specialist. Items such as:
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Any missing social security numbers or contact information for your employees *this is a W2 requirement
- Personal Use of Company Car
- S-Corp Health
- Group Term Life in excess of $50,000
IRS Notice CP136
You should be receiving IRS Notice CP136 which states your 2021 deposit requirements for form 941. Please forward this notice to your payroll specialist so that we know what schedule your federal payroll taxes need to be deposited on.
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2022 Retirement Plan Contribution Limits |
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The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500. Limits on contributions to traditional and Roth IRAs remains unchanged at $6,000.
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2022 IRS Tax Filing Recommendations |
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Taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, should take steps now to make filing their tax returns easier in 2022, according to an IRS News Release. Planning will help taxpayers file an accurate return and avoid processing delays that can hold up refunds, the IRS says.
Gather and organize tax records.
The IRS first recommends that taxpayers organize their tax records. Having all the necessary documents and information will help taxpayers to avoid filing errors that lead to processing and refund delays. Important records for individual taxpayers include:
- Forms W-2 from employer(s),
- Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, interest, distributions from a pension, annuity or retirement plan,
- Form 1099-K, 1099-MISC, 1099-NEC or other income statement for workers in the gig economy, and
- Other income documents (such as brokerage statements) and records of virtual currency transactions.
For more information about keeping good tax records, see here.
In addition, taxpayers who received an Advance Child Tax Credit (ACTC) and/or Premium Tax Credit (PTC) or who received an Economic Impact Payment and want to determine their eligibility for a Recovery Rebate Credit, should also keep the following documents on hand:
- Letter 6419, 2021 Total Advance Child Tax Credit Payments, to reconcile advance Child Tax Credit payments,
- Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage, and
- Letter 6475, Your 2021 Economic Impact Payment, to determine eligibility to claim the Recovery Rebate Credit.
The IRS will mail Letters 6419, 6475 and Form 1095-A to taxpayers, so taxpayers should be sure to notify the IRS of any change of address. Taxpayers who don't receive, or can't find their Letters 6419, 6475 or Form 1095-A, can retrieve the information on these letters using their online account.
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This month Your Money Matters features a bucket plan to go with your bucket list, ensuring your retirement strategy anticipates health-care expenses, calculating your potential Social Security benefits, and considering when you should take Social Security. 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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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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