Monthly Archives: December 2017

Philip St. bridge update

Maurice Goulet, DPW Director, this morning shared this update with a neighbor on the status of the Philip Street bridge replacement –

philip st bridge

“Yes, the final contract documents have been signed for the fabrication. The fabricator has begun the manufacturing process of the top deck. The company has submitted their required shop drawings and field measurements. The fabrication is scheduled to be completed in March. As we get closer we can narrow down the delivery of the deck. MassDOT has given their final approval of the entire project, we are moving forward with the procurement  of the contractor for installation.”

 

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More about what was in the tax bill

This from the ABA – “Pass-through businesses include partnerships, Subchapter S corporations and sole proprietorships. . . –  owners of pass-through businesses can take a 20 percent deduction for qualified business income they receive from the entity.”

There is a link to the 570 page Conference Committee report with more explanation.

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Consensus tax bill includes law firms in pass-through tax relief, with limits

Congress

Law firms and other professional service entities won’t be entirely excluded from tax relief for pass-through entities in the final version of the tax bill that is awaiting passage.
The consensus provision on pass-through businesses is in many ways a victory for the ABA. The association had lobbied Congress to accept the Senate version of the tax bill giving a tax deduction to owners of pass-through businesses, including professional service firms.

The House version of the bill would have excluded law firms and all other professional service business from pass-through tax relief, and it would have lowered the maximum tax rate rather than provide for a deduction.

The conferees accepted the Senate approach, but did not eliminate caps that phase out the pass-through deduction for higher-income professional service providers. The ABA had asked conferees to drop the phase-out.

Pass-through businesses include partnerships, Subchapter S corporations and sole proprietorships. Income for such entities pass through to the owners’ individual returns, where it is currently taxed at ordinary income tax rates.

Under the consensus bill, owners of pass-through businesses can take a 20 percent deduction for qualified business income they receive from the entity, according to the Washington Post, the conference report (PDF) and the conference committee’s joint explanatory statement (PDF, see pages 20-40). Qualified business income is nonwage income that is calculated according to a formula. The deduction in the original Senate bill was 23 percent.

The tax deduction is phased out for owners of professional services businesses whose taxable income exceeds $315,000 for married individuals filing jointly or $157,500 for individuals. The threshold in the consensus bill is lower than the thresholds of $500,000 and $250,000 that were in the original Senate bill.

Many high-income law firm partners will still benefit, however, because the final tax bill lowers the top individual income tax rate from 39.6 percent to 37 percent. The bill also increases income thresholds for the higher tax brackets.

The ABA position also prevailed in regards to these provisions in the consensus bill:

• The student loan tax deduction is preserved.

• Some contingency-fee lawyers will still be able to deduct upfront litigation-related expenses. Lawyers within the jurisdiction of the San Francisco-based 9th U.S. Circuit Court of Appeals are permitted to deduct such expenses.

• There is no requirement that high-income law firms or other professional service businesses use accrual accounting. The accrual method would have forced many law firms to pay taxes on accounts receivable and other “phantom” income they hadn’t received and may never receive.

The ABA Section of Taxation had asked Congress (PDF) to preserve the deduction for tax code compliance expenses. But the final tax bill prevents a deduction for costs connected with the determination, collection, or refund of any tax unless the expenses are for the production of income.

Tax payments now might save on taxes later

This suggestion is from Needham selectman, former Norfolk County administrator, and attorney Dan Matthews – Dan suggests accelerating the payment of the rest of your FY18 real estate taxes before the end of the calendar year, if you will not get to deduct the full amount in 2018, due to the new federal tax bill (I believe local real estate taxes will only be deductible up to $10,000/year starting in 2018).

Merry Christmas!  Happy Holidays! 

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Dear Friends-

If a combination of cheery greetings, politics, and tax accounting is too much for one email, please accept my Best Wishes for the Holidays and ignore the rest of this.

But it’s become apparent that as a result of the latest tomfoolery in Washington, almost every Massachusetts homeowner who will itemize deductions for 2017 can save measurably on US income taxes by pre-paying the second half of their FY18 city/town property tax (i.e., the payments that will be due in Feb and May of 18) NOW, before Dec. 31.

Not everyone can swing that on such short notice.  If your taxes are paid from mortgage holder escrow, you would have to notify the bank (and still probably have to do the prepay yourself and adjust later).  And there are only four business days left in the year.  And did we say the Holidays?

But with some exceptions, the dollar amount involved equals approximately the half-year property tax bill times your marginal US tax rate, which should make the effort worthwhile for (tens of?) thousands of people in MA, most who know little if anything about this.

I’m sending this along to friends who may be affected or themselves have friends or family it applies to.

I’m not a tax expert, and everyone’s situation is different- if you have questions, you may want to check with a tax advisor. But this is the basic information as I understand it.

Some cities/towns are posting prepayment information of their websites, and there is likely to be news information about this as well, but the window is short.

If you feel guilty about taking advantage of this break you can:

– consider it part of your patriotic duty to help show how wrong and reckless this new tax law is.

– make an additional donation to the charity of your choice (still deductible!).

 

I hope this is helpful.Happy Holidays!

 

Dan Matthews

 

 

 

 

 

New Life closed holiday week

From New Life Furniture Bank of MA –

new life

New Life Furniture Bank in Walpole will be closed starting Saturday, December 23rd and will reopen on Tuesday, January 2nd.

In the new year, donations may be dropped off at the warehouse starting Saturday, January 6th from 9-11:30.

Thank you, and happy holidays!

Help secure Medfield’s future

Please consider a year end gift to the Medfield Foundation, especially becoming a founder of the Medfield Foundation Legacy Fund, an endowment for your town.

Join your fellow residents to assure our community’s future, for our families and for our children!  Make your own mark on Medfield!

Building Community The Medeld Foundation thanks all of the individuals who made generous contributions in support of the Medeld Foundation Legacy Fund this past year MFi’s Legacy Fund is an Endowed Fund which will enable strategic grant making to enhance the quality of life here in Medeld. With the backing of our donors and volunteers, the Medeld Foundation continues to be a civic hub of empowerment regarding key issues that face our community today and in the future. Below are the names of those who contributed to the Legacy Fund at the Founder level this past year. We hope you will add your name to this list of respected civic leaders now or in the coming year. Thank you: Helen and Paul Dewey Dorrian and Dean Fragola Leanne and Michael LaBelle Barbara and Robert MacLeod Abby and Jerey Marble Emily and Michael Marcucci Lisa and Chris O’Sullivan Deborah Bero and Osler Peterson Marianne and Stephen Phillips Georgianna Oliver and Todd Trehubenko Susan and Evan Weisenfeld Bonnie Wren-Burgess Medeld Foundation’s Legacy Fund The Medeld Foundation is a 100% volunteer run 501-(c)(3) non-prot charitable corporation whose mission is to enrich the lives of Medeld residents, build a stronger community, and facilitate the raising and allocation of private funds for public needs in the town of Medeld. MFi has raised over $1.8 million since its founding in 2001. The Medeld Foundation Legacy Fund is an Endowed Fund of the Foundation for MetroWest in partnership with the Medeld Foundation. We invite you to join the community of donors who will make it possible for us to conduct strategic grant making to further enhance our quality of life in Medeld. For information on how to give, go to www.medeldfoundation.org or contact MFi President Evan Weisenfeld at evan@medeldfoundation.org or (774) 469-0260

Thank You from the 2017 Angel Run Team

From the Medfield Foundation’s ANGEL RUN team –

Thank you from the 2016 MFi Angel Run Team
View this email in your browser
 angel-run-2016

 

Dear Angel Run Nation,

You did it again! You all came out in good cheer and with bells on to make the 2017 MFi Angel Run one for the record books.  With your participation we can know that those in our community who need some extra assistance will have their needs met. The generosity of time, talent and enthusiasm from all is the reason we put this event on year after year. Together we are building a stronger Medfield and truly helping our fellow community members.

MFi has a Flickr site with high resolution photos available for you to download at no charge. Photos will be added as they become available. Be sure to follow us on social media for notifications. And if you have any photos, be sure to upload them so everyone can benefit!

 

 angel run 2017 start
Go to Flickr to see hi-res photos from the 2017 Angel Run

 

 

In addition, RaceWire, the company that provided the timing system at the event, took photos at the finish line. Here is how to see those picures.

  1. Go go: RaceWire.com
  2. Search for 12th Annual Medfield Foundation Angel Run
  3. Click to see photos at the finish line or results

 

Check out the RaceWire.com Photos

 

 angel run 2017 finish line

 

Race Results

If you haven’t already done so, you can view your race results on RaceWire as well.

 

 angel run 2017 results
Check out Race Results on RaceWire.com

 

 

Check out the Angel Run Video!

angel run 2017 santa video

Be sure to check out the 2017 MFi Angel Run video
posted on the Medfield Foundation Facebook page.

 

 

Your Opinion is Important

Don’t forget that the Angel Run survey is still open and we value your feedback. Please reply by 12/31/17 to help us make the race even better for next year.

 

 

We Need Your Help!

A few of our key team members have “retired” and we are looking for people to join the team to help plan the 2018 event. As you know, the Angel Run is fully run by volunteers from the community and we cannot do it without people being generous with their time and skills. Specifically, we know we need volunteers in the areas of Treasurer, Post Race Party Coordination and Marketing and Communications. We have an experienced group of leaders and a great team that work closely together and will help any new volunteers with any questions. We’d love to have your involvement, so be sure to respond in the survey and let us know if you would like to help or if you have any questions at all.

 

 

Thank You and Save the Date

Save the date for the 2018 MFi Angel Run on December 2, 2018. We hope to see you there. Cheers to all and many thanks from the bottom of our hearts,
 
The 2017 MFi Angel Run Committee

 

 

Copyright © 2017 Medfield Foundation, All rights reserved.
You registered for the Medfield Foundation Angel Run

Our mailing address is:

Medfield Foundation

Medfield Town House

459 Main Street

Medfield, MA 02052
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Correction – there were five ATM citizen petitions, but duplicate

Follow up from Mike Sullivan –

When I sent you the article Tony Centore submitted, I thought all of the sheets were for the same article. In certifying the signatures, Carol found that there were four separate petitions submitted. I’m sending them to you for your information. Carol said that petition (D) is the same as petition (A) and that the signatures were the same so she did not certify petition (D). That means that petitions (A), (B), (C) and (E) have been certified, so there will be four citizen petitions on the warrant relating to senior housing. All five petitions are scanned, but only four articles will be on the warrant.  Sorry for the confusion. Mike

VOTER PETITIONED ARTICLE FOR TOWN MEETING (A) To the Board of Selectmen: We, the undersigned voters of the Town of Me4field, hereby petition the Board of Selectmen pursuant to MGL JJ~~-tb~ Board of Selectmen to remove Lot 1 (Hinkley Property) and Lot 3 from the control of the Medfield State Hospital Planning Committee and transfer said control to the Medfield Senior Housing Study Committee and the Council on Aging (COA) or other Town Board. Further to direct the Board of Selectman to expeditiously enter into a Local Initiative Project (LIP) on Town owned land on Lot 1 (Hinkley Property) off Ice House Rd. The land or any portion thereof shall be incorporated into said project at no cost by donation to the Affordable Housing Trust. The project shall contract with a developer to build appropriate and affordable Senior 65+ housing featuring ranch type condominiums with price points between $350,000 to $500,000 with preference for Medfield Seniors. Land will continue to be owned by the Town. In addition the details of said housing shall be subject to approval of the Senior Housing Study Committee and the Council on Aging. Or take any other action in relation thereto. Printed Name Address Signature 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11 12. ~ VOTER PETITIONED ARTICLE FOR TOWN MEETING (E) To the Board of Selectmen: We, the undersigned voters of the Town of Medfield, hereby petition the Board of Selectmen pursuant to MGL Chapter 39, $.t.£t.!.20171215-ATM-ctizen petitions-A-E_Page_220171215-ATM-ctizen petitions-A-E_Page_320171215-ATM-ctizen petitions-A-E_Page_420171215-ATM-ctizen petitions-A-E_Page_5