Edisto Island Historic Preservation Society is Springing into Action

Spring is bringing a lot of activity to the Edisto Island Historic Preservation Society. We’ve resumed our normal hours of operation (1-4 p.m., Tuesdays through Saturdays) at the Museum and have a wonderful new exhibit that will be on display through Memorial Day Weekend.

The “From Quilts in the Attic to Quilts on the Wall: Exploring Textile Art By African Americans” exhibit pays homage to Harriet Powers, whose work dates back to 1895, and is considered the great grandmother of art quilting, She specialized in the area of story or narrative quilting. The six artists in the exhibit explore anddepict their African heritage through cloth, and all the artists are from South Carolina.

Thought this was an interesting artical from USA Today:
Medical costs are rising fast:

Costs are up 5.7 percent from last year, while the economy declined 1.1 percent, according to the Centers for Medicare and Medicaid Services.
In the next 10 years, health spending is projected to rise 6.1 percent, reaching $4.5 trillion, or nearly 20 percent of the economy.
Several initiatives in the law are designed to hold down costs, but some critics and even proponents of the new health reform legislation say it won’t do enough to slow down the trend, says USA TODAY:

Pilot programs will promote physician and hospital services under one roof, as well as paying for effective prevention and management of illness; that’s a change from today’s practice of paying for each visit or medical test.
An Independent Payment Advisory Board will study and offer recommendations on holding down both private sector and Medicare spending.
A demonstration program will research the effectiveness of medical procedures, so doctors and other health care providers can adopt best practices.
Programs will be established to standardize insurance forms, codes and billing procedures.
In addition, at least 85 percent of group plan premiums and 80 percent of individual plan premiums must be spent on care; insurers who don’t hit the mark will have to offer refunds.
Many health experts say the pilot programs could result in lower costs for consumers. These savings are far from certain, however, and others say much more could have been done to bring down costs.

I thought this was a great article from the NAR. Thank goodness we have this association for professional realtors.

Marie

The National Association of Realtors® urged Congress and the administration to move cautiously before making changes to the Federal Housing Administration program that has served the needs of millions of American families for more than 75 years without needing a federal appropriation.

FHA remains financially strong because it has taken steps to ensure solid underwriting standards and responsible lending practices, said Charles McMillan, NAR immediate past president, in testimony before the House Subcommittee on Housing and Community Opportunity today.

“As the leading advocate for housing issues, NAR believes that one of the best ways Congress can help strengthen FHA is to quickly consider and pass legislation that would make current loan limits permanent,” McMillan said. “It’s important to note that higher balance FHA loans perform better than lower balance ones. While some argue that higher balance loans put taxpayers at risk, such loans actually strengthen the program and reduce risk to the fund.”

NAR strongly supports H.R. 2483, the “Increasing Homeownership Opportunities Act.” Current FHA loan limits are as high as $729,750 in high-cost areas, and are set to expire at the end of the year and revert to lower amounts, greatly hindering the housing recovery process. A decrease of current limits would adversely affect 612 counties in 40 states and the District of Columbia.

Explaining that FHA has played an important role in the recent housing and economic crisis by filing the gap left by private lenders, McMillan said FHA insured almost 30 percent of single-family mortgages in 2009 and more than 50 percent of first-time buyer loans. “Historically, FHA’s market share has hovered between 10 and 15 percent of all loans. And when the private market is strong enough to return, we welcome a reduced FHA market share,” he said.

McMillan said NAR strongly opposes H.R. 3706 that would raise the FHA downpayment. “While that would increase an individual’s investment in the home, it would not add a penny to FHA’s reserves and would disenfranchise many FHA borrowers,” he said.

NAR also opposes a new FHA initiative that increased the up-front mortgage insurance premium (MIP) from 1.75 percent to 2.25 percent because it adds to the closing costs home buyers already face. NAR supports legislation to reasonably increase the annual MIP to replace FHA capital reserves, but in turn, FHA should reduce the up-front premium due at the closing table.

McMillan said NAR was also concerned that FHA wanted to decrease seller concessions to 3 percent. Reducing seller concessions could put homeownership out of reach for many buyers, he said, because it could require buyers to pay more at closing.

McMillan applauded FHA’s stepped up enforcement and oversight of lenders making FHA loans. In 2009, FHA removed approval of or suspended 274 lenders. “Realtors® support adding more tools to help FHA protect borrowers and taxpayers,” he said.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

Thought this might be of interest, just read this on a blog from another agent in the country. Have not verified this, you might want to check it out if you deal with Bank of America on Short Sales. Also, has anyone heard about sellers who do short sales are receiving tax bills at the end of the year from the government for the amount of the short sale being taxes as regular income.

Marie

While speaking with Bank Of America today on one of my short-sales under review I learned some new information.

The negotiator explained that the investor who will be approving the deal will be pulling my seller’s credit information to verify that the seller also stopped paying other creditors.

If BofA determines that the seller has continued payments to everyone else they will likely request a promissary note or cash contribution before approving the short-sale according to this BofA employee.

My belief is this is one more change to discourage people from attempting a short-sale. People who are walking away with a job and still paying their other bills need to either plan on giving them a promisary note/cash contribution to accept the short-sale or plan on a foreclosure on their credit.

Realtor’s who take these listings better get the facts upfront from the seller and make sure they are willing to make this contribution if requested by BofA. I personally think that what BofA is doing should be illegal and prosecuted. They have no right to pull a consumers credit without their authorization and providing a credit report has never been part of the short-sale package or disclosed previously. Legally they have no recourse if the property is foreclosed upon and it normally is easy to demonstrate that BofA benefits from accepting a short-sale vs. foreclosure option.

Thought this might be of interest, just read this on a blog from another agent in the country. Have not verified this, you might want to check it out if you deal with Bank of America on Short Sales. Also, has anyone heard about sellers who do short sales are receiving tax bills at the end of the year from the government for the amount of the short sale being taxes as regular income.

Marie

While speaking with Bank Of America today on one of my short-sales under review I learned some new information.

The negotiator explained that the investor who will be approving the deal will be pulling my seller’s credit information to verify that the seller also stopped paying other creditors.

If BofA determines that the seller has continued payments to everyone else they will likely request a promissary note or cash contribution before approving the short-sale according to this BofA employee.

My belief is this is one more change to discourage people from attempting a short-sale. People who are walking away with a job and still paying their other bills need to either plan on giving them a promisary note/cash contribution to accept the short-sale or plan on a foreclosure on their credit.

Realtor’s who take these listings better get the facts upfront from the seller and make sure they are willing to make this contribution if requested by BofA. I personally think that what BofA is doing should be illegal and prosecuted. They have no right to pull a consumers credit without their authorization and providing a credit report has never been part of the short-sale package or disclosed previously. Legally they have no recourse if the property is foreclosed upon and it normally is easy to demonstrate that BofA benefits from accepting a short-sale vs. foreclosure option.

Point of Sale Update

After failing to give H.3272 third reading last month, the legislation remains in the Senate Finance Committee, while retaining its place on the Senate Calendar. The Finance Committee has not met to consider H.3272. With the state budget looming, it is unlikely that the Committee will take up the bill until later this spring. Over the past couple of weeks, SCR staff has been meeting with the 13 Senators who opposed third reading of H.3272 and seeking explanation for their opposition to addressing this crisis. We have also been meeting with leadership to determine SCR’s course of action. We remain optimistic that, with your support, point of sale assessment will be addressed this year.

How Your Senator Voted on POS

Below is a list of the roll call vote to give H.3272 third reading. Largely the vote was down party lines, however, it should be noted that Senators Elliott, Reese, and Setzler broke ranks and voted to support the amendment. Here is how the vote broke down:

YES
Alexander, Bright, Bryant, Campbell, Campsen, Cleary, Courson, Cromer, Davis, Elliott, Fair, Hayes, Leatherman, L. Martin, S. Martin, Massey, McConnell, Mulvaney, O’Dell, Peeler, Rankin, Reese, Rose, Ryberg, Setzler, Shoopman, Thomas, Verdin

NO
Anderson, Grooms, Hutto, Land, Leventis, Malloy, Matthews, McGill, Nicholson, Pinckney, Scott, Sheheen, Williams

NOT VOTING
Coleman, Ford, Jackson, Knotts and Lourie (Lourie had official leave from the Senate Wednesday)

Your grassroots work is incredibly important to getting H.3272 back out of the Finance Committee. Please take a minute to CALL YOUR SENATOR.

If your Senator voted yes, your message is:

THANK YOU for your support, leadership and patience;
Addressing point of sale is far too important to SC’s economy to let die;
Please do not give up on this effort; and
Please help us move this bill forward.

If your Senator voted no, your message is:

Addressing point of sale is far too important to SC’s economy to let die;
All parties had agreed to the compromise that was on the table;
SC Realtors will not relent on this issue;
Please reconsider your position; and
Help us move this bill forward.

Just received an eletter from my tax accountant. Thought it might be of interest to all of you. Be sure to contact your tax accountant for verification.

Marie

You Can Still Make a 2009 IRA Contribution
If you haven’t contributed funds to an Individual Retirement Arrangement for tax year 2009, or if you’ve put in less than the maximum allowed, you still have time to do so. You can contribute to either a traditional or Roth IRA until the April due date for filing your tax return for 2009, not including extensions.

Be sure to tell the IRA trustee that the contribution is for 2009. Otherwise, the trustee may report the contribution as being for 2009 when they get your funds.

Generally, you can contribute up to $5,000 of your earnings for 2009 or up to $6,000 if you are age 50 or older in 2009. You can fund a traditional IRA, a Roth IRA (if you qualify), or both, but your total contributions cannot be more than these amounts.

Note: IRA Contributions limits remain the same in 2010 at $5,000 or $6,000 if age 50 or older.

Traditional IRA: You may be able to take a tax deduction for the contributions to a traditional IRA, depending on your income and whether you or your spouse, if filing jointly, are covered by an employer’s pension plan

Roth IRA: You cannot deduct Roth IRA contributions, but the earnings on a Roth IRA may be tax-free if you meet the conditions for a qualified distribution

You can file your tax return claiming a traditional IRA contribution before the contribution is actually made. However, the contribution must be made by the due date of your return, not including extensions. If you report a contribution to a traditional IRA on your return, but fail to contribute by the deadline, you must file an amended tax return by using Form 1040X, Amended U.S. Individual Income Tax Return. You must add the amount you deducted to your income on the amended return and pay the additional tax accordingly.

Maximizing your retirement savings is a critical goal for an individual’s financial plan. Review of your financial retirement plan should be completed annually allowing for maximum savings. Each year, the IRS announces the cost of living adjustments and limitation for retirement savings plans. In 2010, however, the contribution limits for defined benefit and defined contribution plans did not change as the Consumer Price Index did not meet the regulatory thresholds.

Thought this was an interesting article if you own a small business like I do
Tax Alert:

File a refund claim NOW for FICA taxes paid on severance pay

There’s some stunning news on payroll taxes for companies that are currently downsizing or have laid off workers in the past four years:

Severance pay for laid off employees isn’t subject to Social Security taxes, according to a new District Court decision (U.S. v. Quality Stores, Inc.). Here’s what it means to you:

If your company laid off any employees since 2006 and paid FICA taxes on their severance pay, you may qualify for a substantial refund… plus interest.

Discover all you need to know to recoup FICA taxes paid on severance pay dating back to 2006 by attending Kiplinger’s 60-minute Special Tax Alert interactive audio conference on April 1, 2010.

Join tax law expert Mary B. Hevener, a partner in Morgan Lewis’s Employee Benefits and Executive Compensation Pratice, as she takes you step by step through the process of claiming your FICA tax refund from the IRS, including:

· How the new District Court ruling could lead to a refund of all FICA taxes you paid on severance to involuntarily separated employees since 2006,

· What a protective refund claim is and how to file one,

· Why it’s critically important that certain employers file by April 15, 2010,

· What your obligations are to terminated employees before you can collect your refund,

· Whether involuntarily terminated employees can file claims on their own (if their former employer may not file such a claim),

· And much more.

Best of all, you and as many of your staff as you wish can attend this Special Tax Alert audio conference for one low price.

You get expert advice. Ms. Hevener focuses her practice on benefits provided to employees and independent contractors outside of qualified retirement plans, including stock options and other stock-based compensation; executive income deferrals; golden parachutes; and a range of fringe benefits, from health and life insurance to employee loans, cars, planes, and prizes.

She advises large U.S. and multinational companies on minimizing payroll taxes and maximizing corporate deductions with respect to worker benefits. Ms. Hevener has dealt with executive benefits triggered by corporate mergers, acquisitions, and spinoffs, including golden parachute issues and stock option deduction allocations. She counsels on information reporting, compensation plan design, employment contracts, corporate and payroll tax audits, penalty abatements, and IRS ruling requests.

In addition, Ms. Hevener also has assisted with numerous tax litigations of first impression, including the payroll taxation and deduction of employee meals, the deductibility of corporate aircraft, income tax withholding, FICA taxation of tax-qualified stock options, and the tax treatment of payments to former employees made outside of qualified retirement plans.

Prior to joining Morgan Lewis, Ms. Hevener was a partner in the tax practice of a large international law firm, and, before that, she served as a partner in two other large law firms. From 1981 through 1984, she served as an attorney advisor for the U.S. Treasury Department’s Office of the Tax Legislative Counsel, where she focused on tax issues affecting current and deferred employee benefits (including parachute payments) and tax-exempt organizations. Ms. Hevener also worked on legislation and IRS guidance affecting alternative minimum taxes, social security taxes, and a variety of excise taxes.

Ms. Hevener currently serves as a member of the advisory board of New York University’s Institute on Federal Taxation, and is a frequent speaker before the Tax Executives Institute. She formerly served on a volunteer basis as one of the original members of the Information Reporting Program Advisory Committee to the Internal Revenue Service.

It’s convenient. Listen in from your office as our experts explains how to claim your FICA refund.

It’s interactive. The 90-minute audio conference will feature 60 minutes of discussion by the presenter, followed by a 30-minute Q&A period during which you can ask questions concerning your specific needs.

It’s affordable. As many of your staff as you wish can participate at one low cost. All will be covered under the single low rate for Kiplinger subscribers.

Visit www.krm.com/kiplinger to save up to $30! Further information on the audio conference is listed below.

Tax Alert:

File a refund claim NOW for FICA taxes paid on severance pay

Senate Delay Leaves Flood Policyholders High And Dry
By ARTHUR D. POSTAL

Insurance industry officials pressed Congress for longer-term action on reauthorization of the National Flood Insurance Program after a delay in the U.S. Senate allowed the plan to expire, creating the potential for chaos in the market.

An agreement by Sen. Jim Bunning R-Ky., to drop his objections allowed the Senate to move forward with H.R. 4691—a composite spending measure that in addition to reviving the NFIP until March 28, extended several other federal programs that had expired on Feb. 28.
Officials of the American Insurance Association said that in the wake of the temporary extension, the Senate has begun consideration of a broader package, which will extend the NFIP till Dec. 31, 2010.

Meanwhile, the Federal Emergency Management Agency—which administers the NFIP—posted Write-Your-Own Bulletin W-10015 on its Web site (www.fema.gov) to help carriers deal with the rare two-day hiatus in the authorization for the flood program, and the fact that the re-authorization was not made retroactive.

At the same time, Harriette Kinberg, chief of the Industry and Public Relations Branch of the Federal Insurance and Mitigation Administration/Risk Insurance Division of FEMA, clarified that a “talking point” document issued by the agency in anticipation of a lapse in the program said the document incorrectly stated that flood insurance policies would expire and claims would not be paid during the lapse period.

In responding to the reauthorization, Blain Rethmeier, an AIA representative, said “this feels like living paycheck to paycheck… At some point, this short-term extension game needs to stop and more meaningful reform needs to be enacted.”

Other industry officials were also critical.

“This episode illustrated what can happen if Congress continues to use NFIP reauthorization as a political football,” said Mike Becker, director of federal affairs for the National Association of Professional Insurance Agents. “Real estate closings can get delayed when mortgage holders require flood insurance, putting the financial security of millions of Americans at risk. This can have a negative effect on the overall health of our economy.”

He added that “we agree that the flood insurance program needs common-sense reforms, but the reform process must be conducted in a manner that does not destabilize markets.”

Matt Brady, a representative for the National Association of Mutual Insurance Companies, noted that this was the second time in a row the NFIP was allowed to expire for reasons that have nothing to do with the program itself.

“With the next deadline just a few weeks away, we believe this experience should serve as a reminder to make extending the program on a long-term basis with common-sense reforms a priority for the government,” Mr. Brady said.

“This vitally important program protects over five million families across the country,” said David Sampson, president and chief executive officer of the Property Casualty Insurers Association of America. “The recent debate in Congress underscores the need to bring greater certainty and stability to the flood program in 2010 and advance a long-term extension that ensures the program’s fiscal soundness.”

Thank you,

Wally Burbage

Agency Owner

Allstate Insurance Company

Mt. Pleasant: West Ashley:
826 Johnnie Dodds Blvd. 1655-B Savannah Hwy
Mt. Pleasant, SC 29464 Charleston, SC 29407
Office: (843)-881-1921 Office: (843)-766-1221
Fax: (843)-881-2378 Fax: (843)-556-4929

Email: wallyburbage@allstate.com
Efax: (843)-725-2353

http://www.allstateagencies.com/WallyBurbage

I want you to be completely satisfied with our agency. If you are not completely satisfied with our service, please call our office and let me know how we can better serve you. Your feedback is important to us!

This is a wonderful opportunity to support the Historic Preservation Society on Edisto as well as have a great time and an opportunity to purchase some incredible items. I have been fortunate to be the winning bidder on some beautiful antique rugs, silver engraved purses from days gone by and more. Be sure to try and support them. What a great time to dress up black tie (or not) if you like and have a wonderful time in a plantation home with memories of days gone by

. Edisto Island Historic Preservation Society’s Bidding for History…An Evening at Brookland Plantation will be held on Saturday, April 24 from 7:00 – 10:00 p.m. The donation is $50 per person and reservations will be available to members only until March 15th. After that date, any remaining reservations will then be offered to the public. To see a list of auction items or other details visit www.edistomuseum.org or call 869-1954.