West Flint Optimist Breakfast
February 2, 2012
There were 16 members present this morning. Fines seemed to lean toward Greg Hilliker, but what else is new. The 20/20 raffle was won by yours truly.
Important Dates:
- February 11…. District Convention in Lansing. Our club will be getting honor club status to be presented to outgoing president Mike Haines. David Crabill has advised he will drive and has invited others to join with him.
- February 21…. Board Meeting 6pm at the Bridge
- February 22…. Big Brothers/Big Sisters….Jim Reigle will secure forms for sign up and teams will be established.
Special Speaker…..Matt Mrasek
Topic: Changes in Tax Laws
He opened with comments that his report would include the good, the bad, and the ugly.
On the good side is the MBI (Michigan Business Tax) is gone. This is going to be replaced by corporate taxation.
Income Tax for Retirement Benefits….Effective for tax year 2012 for returns filed in 2013. Taxpayers born before 1946 there is no change in the law. There are different rules for those born between 1946 and 1952 and other rules for those born after 1952.
1099K…. For business people who use credit card transactions this form must be used.
Matt advised much of this creates major headaches for accountants but will serve notice on those who have been getting through loopholes in the past.
Wear a cheerful countenance…..
Respectfully submitted……………Don Morey