Last month marked the deadline for Federal and State tax returns for tax year 2017 and like many Americans it’s likely that after you submitted your returns (or filed for an extension) you immediately stopped thinking about taxes until next year. We’re publishing this article to remind our members that Congress recently passed a pro-growth tax plan referred to as The Tax Cuts and Jobs Act (Public Law 115-97), which was signed into law on December 22, 2017.
This new tax plan will affect your earnings from January of this year (2018) onward, and there are some very good reasons for some in the film industry to begin planning now in anticipation of (more…)
New members of IATSE Local 479 need to understand that, while the union provides many services to you, it is not your employer. To be clear: the union is not your employer, the union is not your employer, and the union is not your employer.
The reason that this concept is worth repeating is that a failure to understand it may have a negative effect on your personal business, from your ability to draw unemployment to a timely closing on the purchase of a new home.
As has been explained in the article Lending Solutions for Members Seeking a Mortgage, Secretary / Treasurer Frank Hatcher receives frequent requests from mortgage companies for a Verification of Employment letter for members of our local who have informed these mortgage companies that Local 479 is their employer.
(Local 479 is not your employer)
Since the Local does not employ its members the Secretary/Treasurer will be unable to legally provide verification of any employment information a lender may be seeking. The information that Local 479 cannot provide includes a history of employment or a member’s start date with (more…)
Earlier this month the President signed a $1.5 trillion tax cut known as H.R. 1 into law and financial advisors have been scrambling to provide their customers with detailed information on the tax implications associated with this new piece of legislation. With the exception of some changes to medical expense deductions your 2017 taxes will be unaffected by this new law, but beginning on January 1, 2018, all of your business will fall under these new rules. Please consult with a tax expert to understand how your taxes may (more…)
People who work in film and television have traditionally faced great difficulty in qualifying for mortgages because traditional lenders do not understand the unique income structure of the entertainment industry. This article explains some misconceptions by our members, contributing factors as to why most traditional lenders are reluctant to issue loans to film/television technicians, and provides (more…)
This morning Benefits Coordinator Lauralyn Walsh sent out an email to the membership to remind us all of how very important it is to name beneficiaries and contingent beneficiaries when we enroll in a retirement plan, annuity plan or insurance policy. Once you have selected your beneficiaries make sure that the forms are kept with all your important documents.
While beneficiary designations are not required, they are a very smart step to make for the future of your loved ones. Neglecting to name a specific person (or persons) or by entering “estate” as your beneficiary could result in your assets passing through a lengthy probate process upon your death, leaving your heirs without the ability to receive the funds when they may need them most. Furthermore, if no beneficiary is named, the estate may be forced to immediately pay income tax on the funds, often at an unfavorable tax rate.
Another common mistake people make is leaving unintended beneficiaries on retirement plans, annuities or life insurance policies. Any time you experience a life event, such as a marriage, death, divorce, birth or adoption, you should review both the primary and contingent beneficiaries on your policies and investments. Outdated beneficiary choices could result in unintended heirs and/or adverse tax consequences, especially on retirement funds.
Take the time this week to download the appropriate forms:
Health and Welfare Fund Beneficiary Designation (link to PDF)
Annuity Fund Beneficiary Designation (link to PDF)
Local 479 Basic Life Insurance Member Enrollment (link to PDF)
National Pension Fund Beneficiary Designation Form (linke to PDF)
Return your completed document(s) to: I.A.T.S.E. National Benefits Fund, 417 Fifth Avenue 3rd. Floor, New York, NY 10016
Please feel free to call the office to speak to Lauralyn if you have any questions!
Despite our best efforts to inform our membership of the details of Local 479’s Vacation Check program there are still a few members who have missed our announcements at meetings, email alerts and social media shares. The program is very simple: you will be receiving a vacation check IF you were in good standing at the end of the year AND if you contributed more than (more…)
Today Local 479 announced that we will be streamlining our Late Fee policy with a clean slate program. To learn more about how these changes may affect you be sure to consult today’s Breaking News email. If you have questions about these changes or about your account in general please contact our office during regular business hours. Be sure to add the email address firstname.lastname@example.org to your contacts list to ensure that you receive your bills on time.
If you have not checked your members-only email messages in the past few days let us share some good news with you now: Local 479 has enlisted the services of MetLife to afford our members in good standing the benefits of Short Term Disability (STD), Long Term Disability (LTD), and Basic Life Insurance coverage. Effective January 1, 2016, MetLife began underwriting the Local 479 STD, LTD and Basic Life Insurance plans. For plan overview and additional details on this program check your Breaking News email.
At the October 2015 general membership meeting our local voted in favor of the Vacation Fund Incentive and as a result, vacation checks have been calculated and are already on their way to qualifying members. To understand the details of how to qualify for this member incentive check your member email.
479 members you are now able to access your Wells Fargo Annuity account online. If you already have an account with Wells Fargo your Annuity Account will have been associated with your existing account. If you do not have an existing account just go to the Wells Fargo website and click on the link to “Enroll”. You’ll need to enter your social security number and check the box that states “I don’t have an Account, loan, ATM card, or debit card number”. Be sure to log in and review your information, the savings in this account are an important part of your retirement nest egg!