Appointments
For the protection of our clients and employees we are encouraging our clients to drop off, mail, or securely upload tax documents to our office through the CCH Axcess tax portal system. Our team is available to you via phone conference, virtual meeting or for in-person appointments.
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Putting Together Your Estate
& Long-Term Care Plan
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Is your plan right for you and your family?
Join David Younis CFP®, Director of Financial Services at Allied Financial Partners, and Marcus Kroll, Esq. of Kroll Law Firm, LLP, for a conversation to discuss the most pressing concerns regarding effective estate and long-term care planning.
Featured Topics Will Include:
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The importance of having a plan in place before you need one to ensure that your wishes are carried out according to your specifications.
- What documents to have in place to organize your affairs so they don’t become a burden for the people you love.
- How will you pay for your care; there are many options available, which is the right one for you?
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Thursday, March 24, 2022
6:00 PM - 8:00 PM on Zoom
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NYS Pass-through Entity Tax (PTET) |
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The purpose of the PTE tax election is to mitigate the impact of the Tax Cuts and Jobs Act’s SALT deduction “cap” of $10,000 for individuals by providing a way to circumvent the SALT limitations. Eligible 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
- sole proprietorships
- trusts
- non-profit corporations
- corporations that are not New York S corporations
When to make the election
For tax years beginning on or after January 1, 2022, 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.
For more information regarding the NYS Pass-through Entity Tax click here, or contact your accountant.
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This month Your Money Matters newsletter features a brief guide to condo insurance, a video from boats to brokers, planning for special needs children, and the economic journey of your morning coffee! Hope you enjoy, and as always, feel free to 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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This year, the IRS expects that most tax filers will received their refund within 21 days if they file electronically and set up direct deposit. Note: Treasury officials are warning of delayed refunds and other difficulties due to IRS budget cuts, federal stimulus measures and pandemic-related delays. |
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Upcoming Tax Filing Deadlines |
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- 03-15-22 - NYS Pass-through Entity Tax Election
- 03-15-22 - Partnerships & S-Corporations
- 04-18-22 - Individual & C-Corporations
- 05-17-22 - Exempt Organizations
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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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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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