Office Announcements
All of our offices will be closed
January 2, 2023 to celebrate the New Year.

2022 Personal Tax Organizers will be sent out in January 2023.
Please contact our office if you have not received your organizer by January 30, 2023.

1099s need to be issued to recipients and submitted to the Federal Government by January 31st. If you would like AFP to file your Form 1099(s) please be sure you submit your information to our office before January 18, 2023.

New York State LLC Filing If you are a New York State based LLC, you are required to pay an annual fee based off of the previous year’s gross income for your LLC. 

In preparation for processing your annual NYS LLC filing fee, we need to verify bank account information for each of your LLC business accounts

If your bank account has changed in the past year, please mail or drop off at any of our office locations a current voided check for the business account you would like the LLC filing fee to be withdrawn from. You can also submit a scanned copy of your voided check through your online portal. Reminder: Email is not a secure way to send sensitive information. 

If you have any questions, contact Linda Hopkins at lhopkins@alliedfp.com or (585) 410-6733 ext. 325. 

Click here to view complete information regarding this fee on the New York State Department of Taxation and Finance website.
Payroll Announcements
Quarterlies January Payroll Quarterlies will be posted to your Employer On The Go portal by February 5, 2023
 
W2 Distribution Hard copies of employee W2s will be mailed to employer for distribution. If you have not received your W2 packet for your employees by January 31, 2023 please contact your payroll specialist.
 
Labor Law Posters Labor law posters are mandated state and federal employment law notices that employers with at least one employee are required to post in an area frequented by all employees.
 
Inform your payroll specialist if you are interested in purchasing a laminated, combination federal and state labor law poster.
Webinar: January 19, 2023
Creating Retirement Income During Uncertain Times
Allied Financial Services, Inc. is excited to introduce our new monthly conversation, Creating Retirement Income During Uncertain Times.

Everyone is welcome to join these online discussions which will take place the third week of each month. Our first event will be Thursday, January 19 at 4:00 PM.
If you would like to discuss your personal retirement income distributions or situation but are unable to attend, please contact our office to set up an appointment.
The Cost of Missing a Market Rebound
Panic selling is not an investment strategy. Repeat: panic selling is not an investment strategy.

Investors who pull the emergency brake and bail out during a market decline almost always lock in a loss on their investments. And if they stay out of the markets, chances are good they’re going to miss the recovery, which further compounds any losses. Selling at a low – and then buying back when prices are higher – has never been a winning financial strategy.
While it is totally natural to be concerned about portfolio performance during declining markets, we can learn a lot about how we should (and shouldn’t) react by looking at history. This informative article illustrates the various bear market declines and recoveries over the past 60 years. What does each downturn have in common? A robust recovery.


While it can be painful to ride out the storm, historically the most pessimistic periods often make for good long-term buying opportunities. Of course, past performance is no guarantee of future results, but we encourage you to carefully consider all options before taking any action with your investments. Contact our office for an in-person meeting or phone call – we always want to be sure you feel confident about your position today AND in the future. We’re here for you.
NYS Electronic Workplace Poster Requirement
New York now requires employers of all sizes to make mandatory workplace posters available to employees electronically, either on their website or by email, in addition to posting physical copies in the workplace. This requirement applies to all workplace postings that are required under state or federal law. Employers must also notify employees that the postings are available electronically.

Action Items
  • Post all mandatory workplace posters on your company intranet or website if you have one. Otherwise, make them available to all employees by email.
  • Notify employees that required posters are available electronically.
Contact our payroll team for information about our E-Update Labor Law Poster Service which will help you meet this new requirement!
E-Update Labor Law Poster Service is available for only $10.00/month.
 
To sign up, contact your payroll specialist
or email Chelsea Sprague at csprague@alliedfp.com.
 
For more information click here
NYS Minimum Wage Schedule
The New York State minimum wage rates increased effective December 31, 2022.
  • Only hospitality employers are allowed to take credit from minimum wage.
  • Effective 10/1/2022, the minimum wage for home care aides as defined in Public Health Law § 3614-c increased by $2 per hour above the basic minimum hourly rate.

For complete information about New York State's Minimum Wage click here.
2023 Standard Mileage Rates
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The Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on January 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

  • 65.5 cents per mile driven for business use, up 3 cents from the midyear increase setting the rate for the second half of 2022.
  • 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces, consistent with the increased midyear rate set for the second half of 2022.
  • 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.

These rates apply to electric and hybrid-electric automobiles, as well as gasoline and diesel-powered vehicles.
Your Money Matters
This month’s Your Money Matters newsletter features tips to selecting personal finance apps, an overview of the average American budget, a quick guide to checking if you have unclaimed money, and the pros and cons of prepaid debt cards.


Your Money Matters is a monthly blog post that pulls together financial articles and videos of interest. We hope you enjoy!
Reminders
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.
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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.

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.