Yorktown Chamber of Commerce
Monthly Meeting – Zoom
November 17, 2020
INTRODUCTION AND WELCOME: Keith Gary, Rachel Tucker, Ed Armantrout, Greg Hinshaw, April Lemons, Sarah McCord, Chris Day, Pete Olson, T. J. Bush, Matt Anderson, Bonita Ramirez, Dustin Humm, Carly Acree-King, Tyler Ewing, Mary Ann Stroeh, Maureen Walby, Mark Goodpaster
QUESTION OF THE DAY: Are you planning to attend a Thanksgiving gathering?
SECRETARY REPORT: Approved as submitted.
TREASURER REPORT: Approved as submitted.
UPDATE – Christmas on the Green – Not sure what will occur, as Governor’s mandate will receive new rules from the State Health Department – Safety Plan waiting to be approved by next week. Not sure what will happen.
SCHOOL REPORT: Many decisions have been made regarding school attendance and Dr. Hinshaw commended the staff for their flexibility. Virtual option has been provided for grades K-5. School enrollment shows the lowest growth rate in 10 years, with lower kindergarten enrollment. Construction project is well underway with the three-story portion of the building now coming down. Sports for fall are complete with girls’ volleyball taking a state championship. New teachers’ contract has been successfully settled. Appreciation was extended to the community for assisting in a normal school experience in view of all the current issues.
TOWN REPORT: Moving forward with downtown redevelopment – Oliver Building project moving along. More property RFP’s are going out. Christmas on the Green was slated to be the opening of the new building. The waste water project moving forward with a $10 million upgrade. The County Road 600 Bridge is now open and is much safer now. Construction on the Nebo Road roundabout is scheduled to begin in 2021 with completion slated for 2022 with project to build sidewalks from Nebo to State Road 32.
NOMINATIONS FOR NEW OFFICERS WILL BE PUT ON HOLD FOR A MONTH
PROGRAM: T. J. Bush – End of Year Tax Planning –
- Normal End of Year Planning – Some businesses are having a record year while others are seeing the worst year in 15-20 years. There are some tax differences in married filing jointly and single filing rates. There are some reductions in the tax rate for businesses. Continue planning strategies for the end of the year for purchases such as vehicles which can be used for business until the end of the year and can be written off at 100%.
529 Plan still is a good financially planning tool. Also bundling contributions for best tax advantage every other year.
- COVID Planning Opportunities – CARES Act. Can take up to $100,000 out of plan if impacted by COVID with no penalty. Have to recontribute to plan within 3 years.
Minimum distribution has been waived for 2020. There has been a slight change in the charitable contribution deductions. Family First paid leave – with 500 or fewer employees. Employee can be paid for two weeks of leave at 100% of pay – Company will be reimbursed by government and will reimburse for health care costs. Company can file amended payroll tax returns for reimbursement. Also will reimburse two-thirds for taking care of children for up to ten weeks. Must keep track of COVID related leave.
Pay Check Protection Program – with 2-1/2 months of payroll for less than $2 Million – Must submit application, with loan forgiveness possibly at 100%. Companies have 10 months to apply for forgiveness. One hundred percent of loan plus interest will be forgiven.
- Election Planning Outcomes – Senate still up in the air with runoffs in Georgia with Democrats possibly in control of Senate/House/Presidency. May increase corporate tax from 21-28%, with increase in capital gains rate. Estate tax limits change from $11.5 million to $3.5 million.
Questions and answers followed.
ANNOUNCEMENTS: Yorktown Kiwanis Club has Abbotts Caramels for sale. See Ed Armantrout and Christy has some at Northwest Bank for sale. Four for the Fourth cancelled in 2020 but will still open registration for 2021.
TIP OF THE MONTH: COVID Awareness – Mark Goodpaster – (1) If you are sick, stay home an d call the doctor (2) Beware and follow precautions of you are an older adult with underlying health conditions (3) Avoid public transportation (4) If you have symptoms, separate yourself from other members of your household; use separate bathrooms (5) Wear face coverings (6) Practice social distancing
MEETING ADJOURNED: Next meeting – January 19, 2021