2022 IT-204-LL Returns
Completed 2022 IT-204-LL returns are being mailed to clients for review and signature. Please be sure to return your signed forms, along with any updated bank account information, to our office in advance of the March 15 deadline.
Please note: If documents for personal tax returns are not submitted for the 2022 tax season by March 15, there is a good chance that an extension will need to be filed on your behalf.
- Filing an extension simply moves the filing deadline from April 18 to October 15.
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If you anticipate receiving a refund on your return, no action is required on your part at the time the extension is filed.
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If you typically end up owing on your return, your accountant will advise that you submit an estimated payment at the time the extension is filed to avoid any penalties.
- Allied CPAs, PC does not charge an additional fee for filing an extension.
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Eblast Survey: Each month we include this survey question at the end of our eblast. Recently there has been some friendly debate about whether clients are getting all the way to the end of the eblast to see the question. SO... this month we've moved the survey right up here to the top to find out if YOU find the eblast content relevant!
It is our sincere hope that these eblasts are beneficial to our clients. Thank you for your feedback, it is appreciated!
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Is the content of this email relevant to you?
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Covid-19 Capital Costs Credit Program |
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The COVID-19 Capital Costs Tax Credit Program provides financial assistance to New York State small businesses burdened with a range of operational costs stemming from the COVID-19 pandemic, from structural changes and building upgrades to health-related supplies and materials. The Program offers qualifying businesses relief from the added economic burden by providing tax credits to help reduce the pandemic-related financial impact.
Small businesses can receive a tax credit of 50% of qualifying expenses up to a maximum of $25,000 in tax credits based on qualifying expenses of $50,000
Is my business eligibile?
- Does your business operate in New York State?
- Did you have $2,500,000 or less of gross receipts in 2021?
- Does your business employee 100 persons or fewer?
- Did you make investments to comply with emergency orders, regulations, or to increase public safety in response to Covid-19?
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Applications will be accepted up until March 31, 2023. If you receive a tax credit certificate in 2023, you can claim the tax credit on your 2023 tax return.
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Webinar: March 23, 2023
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 23, 2023
6:00 PM - 7:00 PM on Zoom
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Webinar: March 23, 2023
Creating Retirement Income During Uncertain Times
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Allied Financial Services, Inc. would like to invite you to participate in our 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 next event will be Thursday, March 23, at 12:00 PM.
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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.
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NYS Pass-through Entity Tax (PTET) |
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The PTET is an optional tax that 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 (unless they elect to be treated as an S corporation for New York purposes)
- sole proprietorships
- trusts
- non-profit corporations
- corporations that are not New York S corporations
When to make the election
An S corporation intending to file as a resident S corporation for 2022 must certify, when it files its annual PTET return or extension, that all its shareholders are residents of New York for purposes of Article 22.
For PTET taxable years 2023 and later, 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 after the due date of its first PTET estimated payment.
For more information regarding the NYS Pass-through Entity Tax click here, or contact your accountant.
Due Dates
- 03/15/2023
- 2022 New Yor City PTET annual election
- 2022 PTET annual return or extension request
- 2023 New York State & New York City annual election
- 2023 first-quarter estimated payment
- 06/15/2023
- 2023 second-quarter estimated payment
- 09/15/2023
- 2022 annual return for those who requested an extension
- 2023 third-quarter estimated payment
- 12/15/2023
- 2023 fourth-quarter estimated payment
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Upcoming Tax Filing Deadlines |
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- 03-15-23 - NYS Pass-through Entity Tax Election
- 03-15-23 - Annual NYS LLC Filing Fee
- 03-15-23 - Partnerships & S-Corporations
- 04-18-23 - Individual & C-Corporations
- 05-15-23 - Exempt Organizations
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This month's Your Money Matters newsletter discusses the details of whole life insurance, the risks that come with extended care, tips when considering student financial aid, and a look at behavioral best practices regarding your finances.
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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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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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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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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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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