This document proposes a 0.25% income tax increase for the City of Tiffin to address declining revenues from the state. It summarizes how state funding to Tiffin has decreased significantly in recent years, resulting in a projected loss of over $700,000 for Tiffin in 2013 compared to 2010. The tax increase is estimated to generate $960,000 annually which would help maintain current city services and infrastructure like police, fire, street maintenance and parks that are at risk of cuts without additional revenue. The impact on average Tiffin residents would be small, around $1.75 per week for someone making $36,400 annually.
In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos, and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT, and much more.
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
Prepared for the Asheville Area Chamber of Commerce, this presentation illustrates Asheville's revenue and expenditure challenges as they relate to pending General Assembly bills, sales tax allocations, and possible solutions to this year's budgetary issues.
A Charitable Remainder Trust is a split interest trust consisting of an income interest, which is paid to the donor or other beneficiary during the term of the trust, and a remainder interest, which is paid to the designated charity. The purpose of this strategy is to harbor net investment income in a tax-exempt environment while leveling income over a longer period of time to keep MAGI below the threshold amount. CRTs are especially useful when there is a large capital gain that pushes income above the threshold amount.
These slides accompany the podcast FM #50. Give me about 10 minutes and I'll give you what matters in Franklin, MA. These slides help prepare for the Town Council meeting on Dec 2, 2009 and the important tax classification hearing.
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...gppcpa
Objective: To quantify the effects of the Tax Cuts & Jobs Act for taxpayers in the highest individual tax bracket; to quantify the effects of the increase in the lifetime estate and gift tax exemption for taxpayers at all levels of wealth; and to identify the challenges and opportunities available for taxpayers as a result of these changes.
In this podcast, Bob Keebler covers Revenue Procedure 2014-18, which provides a simplified method for certain taxpayers to obtain an extension of time to make a portability election. Rev. Proc. 2014-18 provides an automatic extension for certain estates of decedents dying in 2011, 2012 and 2013 to elect portability. The extension applies to estates that would otherwise not have had a filing requirement, and allows the estates to file a return to elect portability until December 31. It includes the estates of same-sex decedents who were not eligible to elect portability until after the Windsor decision. Access more resources in the Planning After ATRA and NIIT Toolkit, including more podcasts, new charts by Bob Keebler as well as webcast recordings and Forefield Advisor alerts/videos, and the complete four-volume set of The CPA’s Guide to Financial & Estate Planning, recently updated for ATRA and NIIT, and much more.
What does the budget means for you and your clients and, importantly, any tax planning opportunities for high net worth individuals and business owners.
Most observers do not believe that further curbs on public spending can reduce our debts to an acceptable level, thus suggesting that George will have to increase taxes in a way that will not hurt the average citizen. It also suggests that hopes of reforms that reduce tax yields are likely to prove unrealistic. In particular, an increase in the IHT limit (other than the promised limited relief for family homes) seems unlikely. We also expect further pain for non-doms and tax avoiders. We think that some tax relief for small businesses is likely, but as such businesses create scope for tax evasion and avoidance, we are sceptical as to how helpful these are likely to be in practice.
Proactive Year-end Financial and Tax Planning StrategiesAICPA
In the third webcast in the AICPA Insights Live webcast series, Beth Gamel, CPA/PFS, Robert S. Keebler, CPA, Ted Sarenski, CPA/PFS and Scott Sprinkle, CPA/PFS, CGMA came together to discuss year-end financial and tax planning strategies, specifically to address the American Taxpayer Relief Act and the Net Investment Income Tax. Below you can find an audio recording from the webcast, as well as the accompanying presentation. Be sure to explore the other webcasts in the AICPA Insights Live webcast series.
Prepared for the Asheville Area Chamber of Commerce, this presentation illustrates Asheville's revenue and expenditure challenges as they relate to pending General Assembly bills, sales tax allocations, and possible solutions to this year's budgetary issues.
A Charitable Remainder Trust is a split interest trust consisting of an income interest, which is paid to the donor or other beneficiary during the term of the trust, and a remainder interest, which is paid to the designated charity. The purpose of this strategy is to harbor net investment income in a tax-exempt environment while leveling income over a longer period of time to keep MAGI below the threshold amount. CRTs are especially useful when there is a large capital gain that pushes income above the threshold amount.
These slides accompany the podcast FM #50. Give me about 10 minutes and I'll give you what matters in Franklin, MA. These slides help prepare for the Town Council meeting on Dec 2, 2009 and the important tax classification hearing.
The Impact of the Tax Cuts & Jobs Act on High Tax Bracket Individuals - Show ...gppcpa
Objective: To quantify the effects of the Tax Cuts & Jobs Act for taxpayers in the highest individual tax bracket; to quantify the effects of the increase in the lifetime estate and gift tax exemption for taxpayers at all levels of wealth; and to identify the challenges and opportunities available for taxpayers as a result of these changes.
County Budget Forecast FY 2014 and FY 2015Fairfax County
County Budget Forecast FY2014 and FY 2015
Joint Meeting of the Fairfax County Board of Supervisors and the Fairfax County School Board
November 27, 2012
Join Commute Seattle for an informative workshop to learn how employers and commuters can take advantage of commuter benefit programs to save on federal and
state taxes, increase employee spending power, and make commuting to work more affordable, convenient and sustainable.
Learn about:
• Federal tax qualified transportation fringe benefits:
• Recent increases in transit, vanpool and parking fringe benefit spending limits
• Pre-tax accounts and ORCA business options
• Tax-free bicycle commuter benefits
• WA state business & occupation tax credits for commute trip reduction activities
• Parking cash-out programs, Zipcar for Business, Rideshare Online incentives and other taxable transportation benefits
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'...Dinsmore & Shohl LLP
"2012/2013 Income, Estate and Gift Tax Changes a Result of the 'Fiscal Cliff'," Financial Planning Association of Southwestern Ohio, Election Preview Virtual Conference
GROWING AND PRESERVING ASSETS THROUGH TAX AND ESTATE PLANNING - Tina Davis, C...IFG Network marcus evans
Presentation by Tina Davis Milligan, CPA, Managing Director, Family Office Services, CTC | myCFO - Speaker at the IFG Wealth Management Forum Oct 2015 at the Trump Doral in FL
3. City of Tiffin all Income 2011
FUDUCIARY & AGENCY
7.7%
INTERNAL SPENDING
0.5%
ENTERPRISE FUNDS GENERAL FUND
36.5%
29.3%
SPECIAL FUNDS
20.8%
DEBT FUNDS
0.9%
4.2%
CAPITAL PURCHASES
4. GENERAL FUND 2002-2011
General Fund Income increased 5.56%
General Fund Expenses Increased 5.91%
Employees decreased by 9.7%
Insurance costs increased 83.5%
– 2002 Insurance costs were $933,190.56 and have
about doubled to $1,712,382.54 by 2011
Consumer Price Index increased by
24.9%
5. General Fund Income Sources
$8,000,000
$7,000,000
$6,000,000
$5,000,000
Income Tax
$4,000,000 State Funding
$3,000,000 Property Tax
Other income
$2,000,000
$1,000,000
$0
2008 2009 2010 2011 2012 2013
6. City Belt Tightening since 2008
• Elimination of 15 positions
• Non-union employee hours reduced to 35
• No pay raises since 2008
• Requiring employees to pay more of health
insurance costs.
7. STATE OF OHIO FUNDING
DECREASES
• 2008 Funding was at $1,195,364.56
• 2009 Funding was up $1,517,510.35
• 2010 Funding was lower $1,157,642.16
• 2011 Funding even lower $805,871.13
• 2012 Budgeted $778,224.00
• 2013 Budgeted $391,907.00
8. By 2013 Ohio will have cut Tiffin’s
general fund income by 8.1%
$803,457.56
• 2008 City receive $1,195,364.56
• 2013 City will receive $391,907
• 2014 The city expects to lose more.
The proposed .25% income tax will bring in an estimated
$960,000
9. REVENUE DECLINE HISTORY
• Estate/Inherit taxes will be totally eliminated as
of 12/31/12.
– These taxes in 2008 were $381,075.59
– In 2009 $803,172.67
– In 2010 $435,237.06
– In 2011 $193,330.83
– In 2012 $237,018.59
– In 2012 Budget $354,000.00
– In 2013 $105,350.00
– In 2014 -0-
10. STATE REVENUE LOSSES
• Personal Property tax
– Received in 2010 $122,904.41
– Received in 2011 $ 21,744.05
– Projected in 2012 $ -0-
– Projected in 2013 $ -0-
11. CONT. STATE REV. LOSSES
• Local Gov’t Fund Thru State and county
– 2010 Received $599,500.69
– 2011 Received $595,114.90
– Projected 2012 $422,324.00
– Projected 2013 $315,907.00
12. CONT. GOV’T FUND
Including the previously stated state tax.
Totals lost will be:
2010 $1,157,642.16
2011 $ 810,189.78
2012 $ 772,324.00
TOTAL PROJECTED FOR 2013 $315,907.00
13. TOTAL LOSSES FOR 2013
• $706,498,10 total loss 2013 from 2010
• $456,417.00 total loss 2013 from 2012
14. 1/4% Income Tax Increase and what it
could do for the City of Tiffin
• This ¼% would generate approximately
$960,000.00 in General Fund Revenue
• There has not been an increase in tax rates
since 1987.
• Social Security, Pensions, Interest and
Dividends, Military pay, Insurance
proceeds, Unemployment benefits, and
Workers Compensation benefits are NOT
subject to City income tax. See next slide
15. How would the ¼% income tax
increase impact a Tiffin Resident
FORM OF INCOME IMPACT
Social Security $0
Pensions $0
Unemployment Compensation $0
Interest Income $0
Investment Income $0
Military Income $0
Proceeds from Life insurance $0
Alimony $0
Welfare Benefits $0
Average Household income $91/year or $1.75 week
($36,400)
16. Income Tax Comparisons by City
as of 1/1/11
• Bowling Green 2.00
• Crestline 2.00
• Fostoria 2.00
• Galion 2.00
• Kent 2.00
• Oregon 2.25
• Rossford 2.25
• Toledo 2.25
17. WHAT WILL HAPPEN IF NOT
PASSED
• Cost Cutting Measures with Budget
Reductions not being enough
• Revenue MUST be increased or Cuts will take
place
– Only main streets will be plowed(no side streets)
– Police and fire response times will certainly suffer
due to lack of man power
– Leaf pick-up could cease
18. City options if income tax fails
• Less police officers will be available for calls
• Less fire/EMS personnel will be available for
calls
• Less employees in Street Department
• Serious affect on Parks and Recreation
19. Continued cuts – what will happen
• Street paving funds are already low but this
could become depleted due to funding
• Infrastructure maintenance
• Parks will suffer and so will the activities
• High grass enforcements efforts will be
reduced and property maintenance
• Personnel are going to be reduced
20. HOW MUCH WOULD THIS MEAN TO
YOU BY ADDING 1/4% INCOME TAX
• Impact on resident making $36,400 a year
would be looking at $1.75 per week.
• This is a small price to pay for the services that
will be received
– Great Safety services from Fire and Police
– Great Parks to take advantage of
– Improvement on street paving, city
plowing, salting, leaf pick-up and maintenance for
the City of Tiffin
21. CONCLUSIONS
• This tax is not to add programs but just to
maintain what we currently have and
restoring the City to where it should be. There
have been many cuts already.
• This tax is to restore and add the essentials we
have listed before you to maintain City
services.
2008 Income tax was 62.82% of general fund income State funds 19.16% 81.982011 Income tax is 70.81% of General Fund and State funds 9.11% 79.922013 Income Tax projected to be 74.14% of General Fund and State funds will be 4.23% 78.37
The City has not asked for an income tax increase since 1982? Maintained reasonable services for the years by exercising conservative spending on basic governmental services, maintaining fiscally prudent staffing levels. Economic Development Grant solicitationsAs the economy worsened took additional measures
Since the 1930’s? Local Cities have always received back some State taxes, know as the Local Government Fund. The purpose of the fund was to assure that state taxes collected were getting back to the local communities that paid them. For the last ten years, as the state economy has gotten worse we have watched the state rob these funds and reduce the local government share year after year in an attempt to balance the state’s budget. It is clear that in the near future, this fund will be entirely eliminated and we will no longer receive any funds from the State. The additional funds from this income tax levy will allow us to replace this revenue eliminated by the state.