Office Announcements
Estimated Tax Payments Due September 15, 2021

Estimated payments are recommended based on information supplied during the preparation of 2020 tax returns. Accurate 2021 estimated payments are necessary to avoid future interest and penalties.

If you are unsure if you were advised to make estimated payments please review the filing instructions included with your 2020 tax return or contact our office.

To Make Payments

Allied Financial Partners is honored to once again be included in the Greater Rochester Chamber of Commerce 2021 Top 100 list of the region’s fastest-growing, locally owned companies.

Thank you to everyone who has helped us reach this amazing achievement!

All of our offices will be closed on Monday, September 6
in observance of Labor Day.
NYS Pass-through Entity Tax (PTET)
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

Only an authorized person may make this election on behalf of an eligible partnership or eligible S corporation. Tax professionals may not make this election on behalf of their clients.
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

The PTET election is available for tax years beginning on or after January 1, 2021. An entity may opt in to the PTET on behalf of an eligible partnership or S corporation for the 2021 taxable year no later than October 15, 2021.

Example: A partnership’s fiscal year is November 1, 2020, through October 31, 2021. The partnership is ineligible to make the election for the 2021 PTET taxable year because the partnership's fiscal year began prior to January 1, 2021. 

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.
How Will Working Affect Social Security Benefits?

In a recent survey, 68% of current workers stated they plan to work for pay after retiring.

And that possibility raises an interesting question: how will working affect Social Security benefits?

The answer to that question requires an understanding of three key concepts: full retirement age, the earnings test, and taxable benefits. Click here to read more.
Webinar: Medicare Options For Employers
Through our partnership with Bond Benefits Consulting you are invited to attend the upcoming webinar Medicare Options For Employers & the NYSOH Marketplace, September 14, 2021 at 10:00 AM.
AFP School Supply Drive
For the past five years, Allied Financial Partners has participated in a school supply drive in August.

This year, through the generosity of our employees coupled with a firm-match, we raised $2,000.00. Funds were donated to organizations who serve the communities where our offices are located.

Recipient Organizations:

  • Boys & Girls Club of the Northtowns
  • Community Action for Wyoming County - Angel Action Division
  • Small Business Council of Rochester - SBC CARES
  • The Family Service Association
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 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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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.