479 NEWS
EP Cease Filing for Members
Today we confirmed with the GDOL that they have released a new program called the “Claims Conversion Program” which allows employers that have been filing weekly UI claims on behalf of employees to convert those claims over to an individual claim to allow the individual to certify their own weekly claim.
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When to Expect a Tax Refund During the Government Shutdown
Concerned about not getting your federal tax refund because of the partial government shutdown? Worry no more!
Here’s when you can look forward to your tax refund in 2019…
As the partial government shutdown grinds on, the Internal Revenue Service has recalled 46,000 furloughed workers to process tax returns and issue refunds this year.
The returning employees, who will work without pay until the government reopens, will help get you your refund in a timely manner this year.
But what exactly does “timely manner” mean? (more…)
The D Word
Adulthood is hectic, filled with deadlines and commitments. Those of us who work in the television and motion picture industry spend long hours in ever-changing locations and conditions, dividing our time between completing our current project and getting hired for the next one. The last thing we think about in the midst of this non-stop activity is ”What will happen to my family if I DIED today?” (more…)
Local 479 Welcomes Comptroller Jimmy Butts
This month Local 479 welcomes its new financial comptroller, Jimmy Butts. As our Secretary/Treasurer position begins its transition from full-time to “as needed” (in effect part-time), Jimmy will assume management of the Local’s day-to-day financial obligations, serving as its formal accountant. He will help to manage the Local’s investment accounts, oversee compliance with all federal and state entities, and perform the Local’s tax and Department of (more…)
How the 2018 Tax Cuts and Jobs Act Impacts Members of IATSE
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…)
Local 479 is NOT your employer
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…)
How Does the New Tax Reform Law Affect You?
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…)
Lending Solutions for Members Seeking a Mortgage
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…)
The Importance of Naming Beneficiaries
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!
Vacation Check Update
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…)