Minutes of Januray 26, 2015
Rotary Club of Topsham Expresso – Minutes of Monday, January 26
President Ron rang the bell smartly at 07:15 calling us to order and led us in the Pledge of Allegiance with Invocation from Bob Beaumont. Club Sheriff led off Happy / Sad dollars with the countdown to spring training and Tax season. Joel Merry was happy for the forecast of new snow on the way. Bill Brilliant had a happy dollar for Reverend Ron’s new house. Tom C had a great visit from his NYC based daughter over the weekend and now has to dog sit her dog for several weeks while she is on travel. Bob Beaumont had several happy dollars including for the truly remarkable Midcoast Symphony, learning that a new grandchild is on the way and that wife Lonnie’s daughter became engaged – while attending a conference in Sun Valley, Idaho. Cliff was happy to have his wife and family back from their visit to family in Florida and also enjoyed the Midcoast Symphony. Gordon didn’t make it to the Symphony but heard from his Daughter how great it was. Bob Davis was happy to have our guest speakers from PFBF Tax Specialists.
President Ron and incoming President Bill Brilliant were scheduled to attend the mid-year dinner that night.
The Peace and Understanding Breakfast is coming up late February. More details to follow.
Bob Beaumont gave an encouraging report on Steve Troutman’s progress toward recovery. A long way to go but remarkable progress thus far.
Our Music at the Museum fundraiser is coming right up on Friday, February 6. See Bob Davis for tickets.
Bob Davis introduced our guest speakers, James Boulette and Melissa Sawyer from PFBF. Jim started off with a little background on the firm and credited Melissa, the Marketing Manager, for the growth of the firm exceeding expectations the last several years. He then gave a brief overview of the problems created for private business when the Federal Government is slow enacting changes to the Tax Code, even simple ones like extending provisions one more year. He gave the example of the Fed’s not enacting changes extending expiring 2013 provisions into 2014 until December 19, 2014. Too late for most business to act upon the provisions. Jim stressed the uncertainty regarding tax provisions causes business not to act, adversely impacting the economic recovery. The Fed’s need to act on Tax Code issues early each year and in a consistent manner to allow business to have confidence in planning their business strategy.
He addressed the complexity the Affordable Care Act (Obama Health Care Plan) will have on individual filers. Most will not know the impact of subsidies until after the year ends and they find out if their actual income was different then assumptions made when establishing the initial subsidy amounts. Jim also discussed the complexity caused when State provisions differ markedly from Federal Tax Code provisions.
As part of his closing comments he relayed that refunds for those with Affordable Care Act implications may be delayed to give IRS reviewers a chance to look them over in detail due to the complexity and a strong desire to not overpay refunds and then have to require payback. Jim also outlined several of the top Tax scams related to filing and refunds.
A very interesting presentation. Thanks Bob Davis.
See you all Monday – and Friday night at the Maritime Museum!
Tom