Office Announcements
2021 Tax Return On Extension? If you have not submitted 2021 tax information for your personal return, be sure to send it to our office before September 15 to ensure it is completed before the filing deadline.
PTET Election: If you missed out on making the election by the original due date of March 15, 2022 New York State has extended the deadline to September 15, 2022. The election needs to be made on your New York State portal. Please send a confirmation of your election to your accountant.
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.

Payroll Quarterly Reports will be posted to your Employer on the Go portal by August 5.
New Lease Accounting Standard is Finally Here
After various covid related deferrals of effective dates, the Financial Accounting Standards Board’s (FASB) ASU 2016-02, and its governmental counterpart, the Governmental Accounting Standard Board’s (GASB) 87 are finally effective, and must be adopted, beginning with June 30 2022 and subsequent year-ends. 
These new standards on accounting for leases require organizations to recognize most leases on their balance sheet, which is a significant change from previous accounting requirements. This new guidance will affect a significant number of entities across all industries because most companies enter into contracts that are, or contain, leases to support their business operations.
The standards’ modified retrospective transition approach also requires entities to reflect the effect of the new guidance in the earliest year presented in the financial statements, meaning that comparative statements with both 2022 and 2021 will require a change to the prior year presentation.

Click here to read the complete article.
New Buffalo Office
We are excited to inform to you that this summer our Buffalo office will be moving to a new location!

Our telephone and fax numbers will remain unchanged.

New Address After August 15:
501 John James Audubon
Suite 390
Getzville, NY 14068
Stagflation: What is it and Should You Care?
There’s so much going on in the world right now, and a lot of it is less-than-happy news. Understandably, most of us have nagging worries about what’s going on in the financial markets, and what sort of impact market volatility may have on our investments.
Adding to those concerns are the often-confusing headlines from the news media. Especially when talking heads start throwing out terms that many folks don’t understand. One of those terms we’ve heard a lot lately is “stagflation.” So, what is it?
Stagflation is defined by stagnant economic growth and elevated inflation. This type of environment is particularly troublesome for investors, as it negatively impacts both stock and bond products (which normally counterbalance each other in a long-term investment plan).

Are we in a period of stagflation now? If so, is it something you need to worry about? This expert white paper discusses stagflation, its risks, and whether investors have reason for concern.

As always, we seek to provide you with helpful information, but encourage you to reach out to us if you still have questions on this topic or any other. We want you to feel confident that you are positioned to weather any storm, so please give us a call any time.
Your Money Matters
This month features how the right executor can help ensure the distribution of your assets with ease, a few tax rules on donating art, choosing between global and international funds, and tips for insuring your second home. 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!
Reminders
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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.
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.



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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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.

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