All of our offices will be closed on Monday, July 5 in observance of Independence Day.

2021 Deadline Approaches: SIMPLE IRA or 401(K)

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.

Advance Child Tax Credit Payment

In a letter recently sent to taxpayers, the IRS has explained that taxpayers don't have to do anything to begin receiving the Advance Child Tax Credit (ACTC) payments (assuming they are otherwise eligible to receive the CTC) for 2021. The letter also states that taxpayers may choose to opt out of receiving the advance payments. The IRS has provided helpful tools at https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021. This website has two links, the first interactive link will allow taxpayers to un-enroll from any potential advance payments. Using the second link, the non-filer sign-up link on the same website, non-filers who aren't required to file a tax return and haven't submitted information to prove their eligibility for the ACTC can provide their information. A new Child Tax Credit Eligibility Assistant and Child Tax Credit Update Portal also are available on www.irs.gov.

NOTE: In January 2022, the IRS will send you Letter 6419 to provide the total amount of advance Child Tax Credit payments that were disbursed to you during 2021. Please keep this letter regarding your advance Child Tax Credit payments with your tax records. You may need to refer to this letter when you file your 2021 tax return during the 2022 tax filing season.

2021 Employee Retention Credit Updates

The Employee Retention Credit is a refundable tax credit against certain employment taxes. The rules for the 2021 credit were expanded to include businesses that had either experienced a full or partial shutdown or had seen a more than 20% quarterly decline in gross receipts. Eligible businesses can deduct up to 70% of up to $10,000 in qualified wages paid per employee per quarter — bringing the total annual amount of potential credit to $28,000 per employee this year. That's a significant bonus for certain businesses. The size of businesses that can claim the wages of all employees — versus only the ones that were working during the quarter — also changed for 2021. In 2020, businesses that had averaged more than 100 employees generally couldn’t claim all wages, but in 2021, that number went up to an average of 500 employees. For more information about the Employee Retention Credit click here. Contact our office if you have questions or if you need assistance filing for the Employee Retention Credit.

Identifying Your Trusted Contact

Why is setting up a trusted contact so important?  While no one wants to think ill of someone they know and love, the reality is that seniors have lost an average of $50,200 each time a “known person” commits elder fraud exploitation. And according to the IRS, seniors are more likely to be victims of financial scams than any other age group.

Who should your trusted contact be?  Ideally, your trusted contact is financially savvy, or at the very least, has some basic financial knowledge. You may trust your spouse, your sibling, or one of your children more than you trust anyone else, but how much does that person know about investing and financial matters? You should have a high level of confidence that your trusted contact will behave ethically and respect your privacy. This person may be given confidential information about your investments. For more information about trusted contacts click here. To notify our team of your trusted contact(s) please call or email our office.

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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.

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.

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.