Tax management services – Kelley PC http://kelleypc.com/ Sun, 19 Jun 2022 23:35:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kelleypc.com/wp-content/uploads/2021/07/cropped-icon-32x32.png Tax management services – Kelley PC http://kelleypc.com/ 32 32 Tax-exempt income DTF Term 2028 https://kelleypc.com/tax-exempt-income-dtf-term-2028/ Sun, 19 Jun 2022 21:50:50 +0000 https://kelleypc.com/tax-exempt-income-dtf-term-2028/ CHICAGO, June 9, 2022 /PRNewswire/ — The Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the “Fund”), a closed-end fund advised by Duff & Phelps Investment Management Co., has authorized today the payment of dividends on the common shares of the Fund as follows: Cents per share Ex-dividend date Registration […]]]>

CHICAGO, June 9, 2022 /PRNewswire/ — The Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the “Fund”), a closed-end fund advised by Duff & Phelps Investment Management Co., has authorized today the payment of dividends on the common shares of the Fund as follows:

Cents per share

Ex-dividend date

Registration Date

Payment date

3.25

July 14, 2022

July 15, 2022

July 29, 2022

3.25

August 12, 2022

August 15, 2022

August 31, 2022

3.25

September 14, 2022

September 15, 2022

September 30, 2022

About the Fund

DTF Tax-Free Income 2028 Term Fund Inc. is a diversified closed-end investment management company whose investment objective is current income exempt from regular federal income tax in accordance with the preservation of capital. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of high quality tax exempt bonds. For more information, visit www.dpimc.com/dtf or call (800) 338-8214.

About the Investment Advisor

Duff & Phelps Investment Management Co. has over 40 years of experience managing investment portfolios, including institutional segregated accounts and open and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REIT). For more information, visit www.dpimc.com.

Duff & Phelps Investment Management Co. is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS) (“Virtus”), a distinctive partnership of specialist investment managers with $183.3 billion under management since March 31, 2022. Virtus provides investment management products and services to individuals and institutions through selected affiliate managers and sub-advisors, each with a distinct investment style, autonomous investment process and individual brand. Additional information is available at www.virtus.com.

View original content: https://www.prnewswire.com/news-releases/dtf-tax-free-income-2028-term-fund-inc-announces-dividends-301565226.html

SOURCE DTF Tax-Free Income 2028 Term Fund Inc.

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Is it time to put Blue Tax Group (WSE:BTG) on your watch list? https://kelleypc.com/is-it-time-to-put-blue-tax-group-wsebtg-on-your-watch-list/ Sat, 18 Jun 2022 07:02:23 +0000 https://kelleypc.com/is-it-time-to-put-blue-tax-group-wsebtg-on-your-watch-list/ The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies with no revenue, no profit, and a history of failure can successfully find investors. But as Peter Lynch said in One Up on Wall Street, “Long shots almost never pay off.” Loss-making companies […]]]>

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even companies with no revenue, no profit, and a history of failure can successfully find investors. But as Peter Lynch said in One Up on Wall Street, “Long shots almost never pay off.” Loss-making companies can act as a sponge for capital – so investors should be careful not to throw good money after bad.

Contrary to all this, many investors prefer to focus on companies like Blue tax group (WSE:BTG), which not only generates revenue, but also profits. Even if this company is fairly valued by the market, investors would agree that generating regular profits will continue to provide Blue Tax Group with the means to add long-term shareholder value.

Discover our latest analysis for Blue Tax Group

How fast is Blue Tax Group increasing its earnings per share?

In business, profits are a key measure of success; and stock prices tend to reflect earnings per share (EPS) performance. So, for many aspiring investors, improving EPS is seen as a good sign. It is impressive that Blue Tax Group’s EPS went from 0.01 zł to 0.08 zł in just one year. When you see profits growing this quickly, it often means good things for the business.

It is often useful to look at earnings before interest and tax (EBIT) margins, as well as revenue growth, to get another idea of ​​the quality of the company’s growth. Blue Tax Group’s EBIT margins actually improved by 10.2 percentage points over the past year to 18%, but, on the other hand, revenues declined by 8.6%. Without being disastrous, these figures could be better.

You can check the company’s revenue and profit growth trend in the table below. For more details, click on the image.

WSE: BTG Earnings and Revenue History June 18, 2022

Blue Tax Group is not a big company, given its market capitalization of 6.4 million zł. It is therefore very important to check the strength of its balance sheet.

Are Blue Tax Group insiders aligned with all shareholders?

The theory would suggest that it is an encouraging sign to see strong insider ownership of a company, as it directly links the company’s performance to the financial success of its management. Thus, those interested in Blue Tax Group will be pleased to know that insiders have shown their conviction, owning a large part of the shares of the company. Indeed, they own 55% of the company, so they will share the same delights and challenges experienced by ordinary shareholders. Intuition will tell you this is a good sign, as it suggests that they will be incentivized to create long-term shareholder value. Although Blue Tax Group is valued at 6.4 million zł, it is a small company that we are talking about. Thus, this large proportion of shares held by insiders amounts to only 3.5 million zł. That’s not too big a stake, but it should still motivate insiders to deliver the best results to shareholders.

Is Blue Tax Group worth watching?

Blue Tax Group’s profits took off quite impressively. This EPS growth is certainly getting attention, and the large insider ownership only serves to further pique our interest. The hope is, of course, that the strong growth marks a fundamental improvement in the business economy. Based on the sum of its parts, we really think it’s worth keeping a very close eye on Blue Tax Group. It should be noted, however, that we found 4 warning signs for Blue Tax Group (3 are potentially serious!) that you need to consider.

Although Blue Tax Group certainly looks good, it could attract more investors if insiders buy shares. If you like seeing insiders buy, then this free list of growing companies that insiders are buying might be exactly what you are looking for.

Please note that insider trading discussed in this article refers to reportable trading in the relevant jurisdiction.

This Simply Wall St article is general in nature. We provide commentary based on historical data and analyst forecasts only using unbiased methodology and our articles are not intended to be financial advice. It is not a recommendation to buy or sell stocks and does not take into account your objectives or financial situation. Our goal is to bring you targeted long-term analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price-sensitive companies or qualitative materials. Simply Wall St has no position in the stocks mentioned.

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Dallas tax firm Ryan sues USA Today owner for defamation, refusing to pay costs https://kelleypc.com/dallas-tax-firm-ryan-sues-usa-today-owner-for-defamation-refusing-to-pay-costs/ Tue, 14 Jun 2022 22:37:38 +0000 https://kelleypc.com/dallas-tax-firm-ryan-sues-usa-today-owner-for-defamation-refusing-to-pay-costs/ Dallas consulting firm Ryan is suing one of the nation’s largest media companies, claiming it refused to pay fees for tax services and defamed the company in reports published in USA today. Ryan sued Gannett, the owner of USA today, in a district court in Montgomery County, Texas on Tuesday. His lawsuit alleges that Gannett […]]]>

Dallas consulting firm Ryan is suing one of the nation’s largest media companies, claiming it refused to pay fees for tax services and defamed the company in reports published in USA today.

Ryan sued Gannett, the owner of USA today, in a district court in Montgomery County, Texas on Tuesday. His lawsuit alleges that Gannett refuses to pay Ryan “hundreds of thousands of dollars in tax savings” as costs for helping him save more than $2 million in taxes.

Gannett’s director of communications, Lark-Marie Anton, declined to comment on the lawsuit. She said Gannett and USA today are no longer Ryan’s customers.

The lawsuit said USA today defamed the company in numerous “articles, podcasts, tweets, and other false communications,” one of which was a July 2021 investigative article about the relationship between Ryan founder and CEO G. Brint Ryan and Arizona Governor Doug Ducey. The lawsuit alleges that USA today falsely accused “Ryan…of illegal and unethical business practices in his efforts to secure legitimate tax savings for his clients”.

The USA today The story also failed to reveal her relationship with Ryan’s company to its readers, according to the lawsuit. Ryan said he sought “corrections, retractions and other remedies” over the past eight months before proceeding. He is asking for more than a million dollars in damages.

“We could not sit idly by and allow a major news agency to misrepresent our business,” G. Brint Ryan said in a statement. “We are exceptionally proud of the legitimate tax savings we have achieved for our global customers, including USA todayGannett’s parent company.

Ryan has long been an active political donor in Texas.

Ryan LLC leads a political action committee that has donated nearly $258,000 to Republicans over the past four election cycles, according to Open Secrets. The PAC also donated $32,500 to Democrats during this time.

From 2000 to 2014, Brint Ryan donated more than $5 million to campaigns, according to a 2014 The Dallas Morning News article, and he served as finance chairman for three super PACs that raised nearly $17 million for former Texas Gov. Rick Perry’s failed presidential run in 2016. In April 2020, Lt. Gov. Dan Patrick named Ryan chairman of a business task force designed to stimulate the Texas economy once businesses could reopen. He supported former President Donald Trump in 2016 and sponsored an event at the University of North Texas that hosted Donald Trump Jr. in 2017.

Ryan, which generated an estimated $630 million in revenue in 2020, describes itself as the largest company devoted exclusively to business taxes. It has more than 18,000 customers in 60 countries and employs 3,500 people.

Last month, the company sold a “significant minority stake” to one of Wall Street’s largest investment firms, Ares Management Corp. The undisclosed investment amount brings Ryan’s valuation to $2.5 billion, according to a joint statement from Ryan and Onex Corp. ., a former investor in the company.

The companies did not say whether the management team of Ryan, Onex or Ares owns the majority stake. The transaction with Ares, which had $325 billion in assets under management as of March 31, is expected to close later this year. Toronto-based Onex spent $317 million in 2018 to buy a 42% stake in Ryan, which the company said gave it a valuation of $1.1 billion at the time.

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AAI seeks waiver of mandatory annual dividend payment for fiscal year 2021-22 https://kelleypc.com/aai-seeks-waiver-of-mandatory-annual-dividend-payment-for-fiscal-year-2021-22/ Mon, 13 Jun 2022 07:14:00 +0000 https://kelleypc.com/aai-seeks-waiver-of-mandatory-annual-dividend-payment-for-fiscal-year-2021-22/ The Airports Authority of India (AAI) has requested the government to waive the mandatory dividend payment requirement for the financial year ending March 2022, in lieu of the Air India dues waiver made before the sale of the carrier. State-owned AAI, which has been in the red mainly after the impact […]]]>


The Airports Authority of India (AAI) has requested the government to waive the mandatory dividend payment requirement for the financial year ending March 2022, in lieu of the Air India dues waiver made before the sale of the carrier.

State-owned AAI, which has been in the red mainly after the impact of the coronavirus pandemic, is expected to post a loss of Rs 800-900 crore in the 2021-22 financial year.

AAI President Sanjeev Kumar said he had recovered “good ground” and should pare the loss in the past fiscal year. Financial results for 2021-22 will be finalized in the coming months.

According to him, AAI had settled Air India dues worth around Rs 2,000 crore while it was government owned. Under the settlement, 50% of the total contributions were waived.

An amount of Rs 1,000 crore was received by AAI as part of the settlement. Air India was acquired by Tatas in the last financial year.

“AAI, instead of waiving the Air India dues, has requested the government to waive the mandatory dividend which must be paid annually. DIPAM (Department of Investment and Public Asset Management) has given us approval in principle of the proposal,” Kumar told PTI in an interview.

Under current standards, AAI must pay an annual dividend of 5% of its net worth or 30% of its annual earnings, whichever is greater.

Since the public entity will be in the red, it will have to pay an amount equivalent to 5% of the net worth of the last financial year. AAI asked the government to waive this dividend amount in lieu of Air India’s contribution exemption when it was government owned.

In 2019-20, which was also when AAI posted an annual loss for the first time since its inception, it had paid a dividend of Rs 671.70 crore to the government.

AAI has recovered from “good ground” and should reduce its loss in 2021-22. “We expect to report a loss of Rs 800-900 crore in the financial year 2021-22. The financial results will be finalized in the coming months,” Kumar said.

For the financial year ended March 2021, AAI had reported a loss of Rs 1,962.06 crore, while the total revenue stood at Rs 4,867.04 crore. It made an after-tax profit of Rs 1,985.09 crore on a total income of Rs 12,837.44 crore in 2019-20.

Kumar said that for the current fiscal year ending March 31, 2023, AAI expects to “achieve at least 80% of the pre-COVID level in terms of financial performance.”

AAI manages 137 airports, including 80 domestic airports. It also provides Air Traffic Management Services (ATMS) throughout Indian airspace and adjacent ocean areas with ground facilities at all airports and 25 other locations to ensure safe flight operations, according to its website. .

(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Finance and tech veterans target tech workers with new wealth management company – GeekWire https://kelleypc.com/finance-and-tech-veterans-target-tech-workers-with-new-wealth-management-company-geekwire/ Sat, 11 Jun 2022 14:52:55 +0000 https://kelleypc.com/finance-and-tech-veterans-target-tech-workers-with-new-wealth-management-company-geekwire/ From left to right: Sean Sternbach, Taylor Heininger and Hart Williams. (Photo of Cloud Capital) A trio of tech and finance veterans are taking on big banks and multi-family offices with a new wealth management firm targeting tech founders and employees. Cloud Capital was launched earlier this year and aims to address a “pain point” […]]]>
From left to right: Sean Sternbach, Taylor Heininger and Hart Williams. (Photo of Cloud Capital)

A trio of tech and finance veterans are taking on big banks and multi-family offices with a new wealth management firm targeting tech founders and employees.

Cloud Capital was launched earlier this year and aims to address a “pain point” in the wealth management industry, which includes providing services to those who hold stakes tied to companies that have seen massive growth during the technological boom.

The firm says it will provide comprehensive wealth management services to its clients, which include assistance with taxes, stock compensation and family communication. It also aims to provide clients with access to ‘top tier’ venture capital funds by aggregating assets, meaning their clients won’t have to commit vast sums of money to participate in this class. of assets.

The company’s founders are finance and technology veterans. Hart Williams and Taylor Heininger held senior positions at Bessemer Trust, a private multi-family office. Sean Sternbach was chief product officer at Amazon and co-founder of a Seattle-based entrepreneurial program called Venture Out Seattle.

While other wealth management firms offer similar offerings, Cloud Capital taps into the deep pockets of people who have taken advantage of the tech boom in Seattle and other parts of the West Coast. More and more wealth managers are in demand to oversee these large individual wealth holdings, with assets of around $2 million to $20 million.

Wealth managers can also help clients navigate ever-changing tax codes, such as Washington State’s controversial capital gains tax.

Cloud Capital works with about 15 families, and another 5-7 plan to join. It also serves about twenty founders who are in the “pre-liquidity” phase of their equity compensation. The company currently has around $30 million in assets under management, and it makes its money by taking a percentage of that.

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Tax credits propel the creation of 55 affordable housing units in Longmont https://kelleypc.com/tax-credits-propel-the-creation-of-55-affordable-housing-units-in-longmont/ Tue, 07 Jun 2022 23:16:18 +0000 https://kelleypc.com/tax-credits-propel-the-creation-of-55-affordable-housing-units-in-longmont/ Element Properties, trading name of Boulder-based ElementProperti.es LLC, will build 55 economically priced one-bedroom apartments in Longmont with funding from the Colorado Housing and Finance Authority. CHFA recently listed its 9% low-income housing tax credit awards for 2022, with Element among the recipients. The project will focus on creating apartments for people coming out of […]]]>

Element Properties, trading name of Boulder-based ElementProperti.es LLC, will build 55 economically priced one-bedroom apartments in Longmont with funding from the Colorado Housing and Finance Authority.

CHFA recently listed its 9% low-income housing tax credit awards for 2022, with Element among the recipients.

The project will focus on creating apartments for people coming out of homelessness. The CHFA award will result in funding of nearly $5.7 million over 10 years in tax credits.

“Element Properties is proud to bring together an exceptional group of experts to develop much-needed, top-notch permanent supportive housing in Longmont,” Catherine Bean, Principal of Element Properties, said in a statement. “This project is the result of a grassroots effort to support the most vulnerable adults in our community with homes and services that will allow them to succeed and thrive.

The project, called Bluebird Longmont, will provide housing for people who face barriers to obtaining and maintaining housing. It will be designed by Denver-based Shopworks Architecture LLC.

The development will be on land provided by the Town of Longmont and the Longmont Housing Authority. Once built, rental assistance vouchers will be provided by the Colorado Division of Housing; support services will be provided by the Boulder Shelter for the Homeless Permanent Supportive Housing team; and property management will be handled by the Longmont Housing Authority, according to information from the developer.

“Bluebird Longmont will help fill a gap in critical housing resources for the most vulnerable in our community,” said Molly O’Donnell, Director of Housing and Community Investments at Longmont.

Element Properties is also working on a 40-unit housing project in Boulder using a 4% federal low-income housing tax credit and CHFA Colorado Affordable Housing Tax Credits provided to fall 2021. When both projects are complete, 95 formerly homeless people in Boulder County will have access to permanent housing.

This article was first published by BizWest, an independent news agency, and is published under a license agreement. © 2022 BizWestMedia LLC.

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India saw 42% of Deutsche Bank’s global hires https://kelleypc.com/india-saw-42-of-deutsche-banks-global-hires/ Sun, 05 Jun 2022 22:30:00 +0000 https://kelleypc.com/india-saw-42-of-deutsche-banks-global-hires/ Namrata Singh and Mayur Shetty | TNN Mumbai: Over 40% of Deutsche Bank’s (DB) €25.4 billion hires globally this year have been in India. Elaborating on the importance of India – which currently accounts for 17% of its nearly 83,000 employees worldwide – Michael Ilgner, senior group director and global head of human resources and […]]]>
Namrata Singh and Mayur Shetty | TNN
Mumbai: Over 40% of Deutsche Bank’s (DB) €25.4 billion hires globally this year have been in India.
Elaborating on the importance of India – which currently accounts for 17% of its nearly 83,000 employees worldwide – Michael Ilgner, senior group director and global head of human resources and real estate at Deutsche Bank, said that the bank sees India as a source of talent that it wants to develop in the country and also for leadership positions globally. As of December 31, India was the fourth largest contributor to the group’s pre-tax profit at 459 million euros, with a total strength of 14,114.
In an exclusive interview with TOI during his recent visit, Ilgner said: “India is a growth market for us – 42% of our global hires year-to-date have been in India. If you compare that to the total population, you will see that our hires are proportionally higher in India. Last year, the number of hires in India was 33% of global hires. In terms of size and relative growth, India is clearly, compared to other regions, a growth area for DB.
Ilgner, a 51-year-old German national who was appointed to the current role in March 2020, said DB offers significant development opportunities in India at the senior ranks. “People don’t just start their careers here, they also have the prospect of moving into leadership roles. We do not intend to bring leaders here from elsewhere as expatriates, although this may happen from time to time, but it is not the general strategy that we pursue. We want to develop leaders in India based on the higher share of juniors we have here compared to the world,” Ilgner said, adding that the bank, however, supports international exchanges and mobility.
With the post-pandemic digitization of the workplace, which has made talent accessible and jobs independent of location, Ilgner expects there to be an ongoing global exchange of talent to seek out the best solutions and bring together the best talents. He expects global mobility to accelerate.
As to whether allegations of “green laundering” of investment products – which led to raids on the offices of DB and its asset management subsidiary DWS in Frankfurt – could have an impact on the image of DB’s employer brand, Ilgner said: “With our global network, long-standing expertise in financial services and a transition to sustainable growth, we are confident to offer a compelling proposition to talent. We have set ambitious sustainability goals and aim to make ESG (Environment, Social and Governance) the new standard in banking, in dialogue with our clients, in our own operations and in all of our processes.
Based on a CHRO roundtable Ilgner attended in India, he said it’s currently a global employee market with globally disrupted talent supply chains. “This disruption to the talent supply chain is affecting almost every business right now, almost every region of the world. But, as it affects everyone, there will also be a solution sooner or later. We are well positioned but we are also very attentive to the evolution of the situation. In certain regions, we note that a peak of attrition has been reached and that it will come down again. But we try to be very analytical in our HR function , where we have almost real-time data to make sure that we can of course correct and also take action if necessary.” Ilgner, who played in the German national water polo team and competed in the Olympics in 1996, now applies some of these learnings to team dynamics in banking: “I wrote my doctoral thesis in microeconomic theory and I proposed a concept to describe behaviors in groups. In my sport, in particular, the player who provides an assist is actually rewarded more than the one who scores a goal,” Ilgner said.
As part of his thesis, in a survey of highly competitive teams, a majority of 66% of members said that it is the “we” that helps a team win under pressure versus the “I”. “It was interesting to see that high performing group members understand that the majority of the interests they need to focus on in their day-to-day decisions should be group success and not individual success. The success of the group can only take place when everyone gives the best of themselves. It is this bond, which I experienced very intensely in sport, that I try to translate into our cultural development of leadership principles,” he said.
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DeSantis vetoes bills he says waste taxpayers’ money | Florida https://kelleypc.com/desantis-vetoes-bills-he-says-waste-taxpayers-money-florida/ Fri, 03 Jun 2022 18:21:00 +0000 https://kelleypc.com/desantis-vetoes-bills-he-says-waste-taxpayers-money-florida/ (The Center Square) — Florida Governor Ron DeSantis vetoed two bills and several lines of another as part of what he said was his ongoing commitment to financial stewardship. The bills in question were passed by the legislature during the regular session earlier this year. As bills are sent to the governor for consideration, he […]]]>

(The Center Square) — Florida Governor Ron DeSantis vetoed two bills and several lines of another as part of what he said was his ongoing commitment to financial stewardship.

The bills in question were passed by the legislature during the regular session earlier this year. As bills are sent to the governor for consideration, he said he goes through them to exercise his power to veto the articles.

The most recent vetoes concern a bill authorizing the purchase of new planes and the hiring of new personnel to facilitate the travel of State agents; another that pledged the state to fund a cancer center for 30 years; and the creation of a state “inflation fund”. For each veto, DeSantis sent an accompanying letter to Secretary of State Cord Byrd explaining why he was reversing the plans proposed by the legislature.

DeSantis vetoed SB 2512, an aircraft law, which created an executive aircraft pool for two new planes that would be used by more than 100 government officials 24 hours a day, every day of the year . He also authorized funding for 17 new positions within the Department of Management Services to staff and maintain the aircraft “with the goal of providing several state-owned aircraft for executive travel.”

But the plan, he said, is “an inadvisable expense, particularly in current economic conditions, and could have unintended consequences given the breadth of officials included in the authorization.”

He also vetoed lines 78-93 of SB 2526, a health care law, which awarded $20 million each year for 30 years to the board of directors of the H. Lee Moffitt Cancer Center and Research Institute for the construction and development of Pasco de Moffitt County. life science park. The construction and development of the park also included the issuance of tax-exempt bonds or other forms of indebtedness passed on to the taxpayer.

DeSantis vetoed that portion of the bill, saying, “I do not support the provision of funding that will tie the state to a thirty-year long-term commitment that inhibits fiscal flexibility. These public funds could be used to support more than $300 million in surety capacity that would impact the state’s debt capacity without any state oversight.

In DeSantis’ Freedom First budget, $100 million was allocated to support the Florida Consortium of National Cancer Institute Centers program, which includes three eligible institutions, including the H. Lee Moffitt Cancer Center and Research Institute. With this allocation, the Moffitt Center is already receiving an increase of $37.7 million over the previous year.

DeSantis said he increased the funding because he was “committed to improving Florida’s competitiveness in cancer research and care nationally and internationally to ensure that all Floridians have access to care.” of the highest quality”.

He also vetoed HB 5011, which created an inflation fund. While possibly well-meaning, DeSantis said the fund would have created unintended consequences that he didn’t want to impose on taxpayers.

The legislature wanted to create the fund to offset the rising costs of state government projects. If expenses exceeded the costs allocated to them due to unprecedented inflation, the fund would cover the difference.

But DeSantis said he “could exacerbate inflation by promising more public sector funds to pay more for material supplies, while also competing with other projects across the state.”

He also said it “reduces the need for state agencies to make difficult decisions with funds already allocated.”

“Inflation is undoubtedly severe, and Floridians have seen prices rise at grocery stores, in their energy bills and at the gas pump,” he said, but the state has already passed significant reforms, created and expanded tax exemptions, and provided a range of resources to help Floridians weather the inflationary storm.

Last month, DeSantis signed the largest tax relief bill in Florida history with more than $1.2 billion in savings for taxpayers. The state also has more than $20 billion in reserves.

“By keeping the economy open, maintaining a low tax environment, and being fiscally responsible, Florida’s surplus for fiscal year 21-22 is the largest in state history – with more than $20 billion in reserves for a budget that barely exceeds $100 billion,” DeSantis said last month touting Florida’s economic success.

Florida’s revenue has now exceeded pre-pandemic estimates by more than $8 billion, DeSantis said.

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LCG Audit Reveals Problems With Federal Reporting and Misspent Taxpayer Money https://kelleypc.com/lcg-audit-reveals-problems-with-federal-reporting-and-misspent-taxpayer-money/ Mon, 30 May 2022 15:35:47 +0000 https://kelleypc.com/lcg-audit-reveals-problems-with-federal-reporting-and-misspent-taxpayer-money/ A Lafayette City-Parish government audit found more than $800,000 in tax revenue spent improperly, repeated issues with fuel cards and internal contracts and bills, and failure to comply with federal reporting rules on the subsidies. This was the regular annual audit carried out by LCG’s own auditors and reported to the Legislative Auditor, who released […]]]>

A Lafayette City-Parish government audit found more than $800,000 in tax revenue spent improperly, repeated issues with fuel cards and internal contracts and bills, and failure to comply with federal reporting rules on the subsidies.

This was the regular annual audit carried out by LCG’s own auditors and reported to the Legislative Auditor, who released the audit on Monday. In response to the findings, LCG officials said they were either working to correct the issues or had already implemented policies, changes or training to address them.

If you want to read the audit for yourself, including detailed findings and LCG’s responses, click here.

The following are some of the findings listed by the Legislative Auditor, following his review of the audit:

  • LCG officials discovered a hijacking of one of the city’s golf courses involving a parks and recreation department employee. Authorities were unable to determine how much money was missing. The employee allegedly responsible was arrested and charged, and the case was still pending as of the date of the audit report.
  • The audit report contained 15 other findings, three of which were repeated from the previous year. These three findings were inadequate fuel card controls, lack of procedures to review new and existing contracts for internal communications services, and lack of procedures to ensure internal invoices are paid in a timely manner.
  • The most recent discoveries included:
  • Inadequate controls over accruals for construction projects, loan reconciliations, and loan write-offs and restructurings for the Home Buyers’ Program.
  • Improperly spent the proceeds of two dedicated sales taxes and failed to file a required compliance review with the Public Service Commission within the time allowed.
  • Non-compliance with federal regulations regarding CDBG money and the Emergency Rental Assistance Program.

The dedicated sales tax issue revealed that in fiscal year 2021, LCG officials spent over $800,000 in inappropriately dedicated funds.

“The 1961 and 1985 sales tax collections by the government are spent on capital and capital expenditures. The government did not meet the target of the 1961 and 1985 sales tax allocations”, wrote the verifier. “A line item related to capital assets was amended to include non-capital related expenditures. Subsequently, non-capital related expenditures were paid with Restricted Sales Tax revenue. the government failed to meet commitments on sales tax.”

A tax earmark is the legally binding way to assure voters that their tax money is being spent the way the government promised to spend it when the tax was approved. LCG must ensure that all budget requests are reviewed to ensure these promises are delivered, the auditor wrote.

In response, LCG promised that procedures would be put in place to ensure that taxpayers’ money is properly spent, and estimated that the “project” to achieve this would take three to six months.

The golf course issue led to the arrest of an employee, the audit says. It does not identify the employee or list the charges, so we contacted the police department and the LCG for further information.

The auditor said what happened was possible due to a lack of controls on the course.

“The government had no effective control over the sale transactions of its municipal golf course,” the auditor wrote, and recommended that appropriate controls be established.

“A golf vendor manipulated ledger transactions and failed to enter sales into his point-of-sale system in order to misappropriate cash receipts. Government audits identified irregularities with the types of transactions entered into the point-of-sale system The suspect the employee was questioned by the police headquarters on April 13, 2022, and then arrested after admitting to having misappropriated receipts for a period of approximately three months, the sales transactions having not been recorded or recorded from incorrectly in the POS system, the amount of the diversion is unknown at this time,” the auditor wrote.

The person is no longer employed by LCG, the audit notes. In response, LCG promised to “implement additional internal control measures, including requiring management approval for certain registry transactions and video footage from the registry area will be reviewed more frequently.”

“Due to the early stage of the investigation, no restitution has been made and no insurance claim has been filed. The government is in the process of advising the District Attorney and the Legislative Auditor’s Office of the Louisiana pursuant to Louisiana Revised Statute 24:523,” the auditor states.

One of the findings related to the Emergency Rental Assistance Program, which involved more than $9 million in federal funds sent to LCG to be distributed by local contractors. Auditors said LCG was not monitoring these local agencies as it should to ensure the money was disbursed correctly.

“Management shall properly review and assess its subrecipients through monitoring procedures and document the results of procedures performed. This includes ensuring that subrecipients meet all direct and material compliance requirements applicable to each federal program,” the listener wrote. “The government has failed to follow up on subrecipients, including reviewing sufficient documentation to demonstrate compliance requirements for subrecipients are being met. The government provided $9,577,896 in rental assistance for d emergency to subrecipients during the exercise.”

Because monitoring was not done “in a timely manner,” the auditor wrote, “subrecipients could provide federal funds to ineligible individuals, resulting in questionable costs that could go unnoticed.”

The auditor suggested that LCG develop a policy to ensure that this monitoring takes place as it should.

In response, LCG said it agreed with the conclusion and promised to “promulgate a policy and procedures for monitoring recipients, in which the government will monitor all sub-recipients and contractors at least once per fiscal year. during which the recipient received funding, or otherwise as required by federal regulations for individual grants This project is expected to be completed within the next 3-6 months and will be overseen by the Director of Community Development and Planning …”

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Polis should veto a new tax on recycling to save money | Opinion https://kelleypc.com/polis-should-veto-a-new-tax-on-recycling-to-save-money-opinion/ Fri, 27 May 2022 06:15:00 +0000 https://kelleypc.com/polis-should-veto-a-new-tax-on-recycling-to-save-money-opinion/ Jaime Gardner Families in Colorado are already paying double what we pay for groceries and gas. The state legislature is trying to get an extra 3-4% from all of us – at a time when no one can afford to spend more on basic things. The Colorado Consumer Coalition supports participation in recycling and education […]]]>






Jaime Gardner


Families in Colorado are already paying double what we pay for groceries and gas. The state legislature is trying to get an extra 3-4% from all of us – at a time when no one can afford to spend more on basic things. The Colorado Consumer Coalition supports participation in recycling and education programs, but we oppose creating an unnecessary burden on businesses and consumers in this time of soaring inflation, chain mess supply chain and all the other challenges we face coming out of a pandemic. .

HB 22-1355, the Producer Responsibility Tax, does not promote common sense measures or do anything to support public education about recycling – which would actually increase our extremely low recycling rates in Colorado. This bill is bad for consumers, businesses and our state. There hasn’t been enough research or consumer education on how to improve our current system and increase post-pandemic recycling rates. Everyone should be doing their part to recycle the items we use every day – and many people have given up on this habit during the lockdowns. Additionally, less than half of the locations in our state have recycling services available and only 34% offer curbside services. This bill does not address the patchwork locally controlled waste management system we have in our state and puts all the onus on a select few businesses that were not exempt from the tax.

Many proponents of House Bill 22-1355 cite that responsibility lies with certain producers of packaged goods, rather than consumers. While this is true – it unfairly forces taxes and puts the blame on a small group of businesses – what they fail to mention is that this tax will be eaten up by higher prices for consumers, without actually promoting any better recycling measures. This bill is not well planned and is going to be badly implemented by a third party non-profit run by some of the companies not subject to the tax. And we can’t forget to mention that he will immediately face legal challenges related to antitrust and consumer protection laws – not to mention a violation of both TABOR and last year’s Proposition 117. which demand that new taxes be put to the vote of the people.

The legislator should allow time for the study component of HB22-1159 to produce an analysis and an assessment of the opportunities before moving forward with a producer responsibility program. The proposed creation of this program in HB22-1355 – and the study’s redundancy that was added in a last-minute amendment – ​​is an example of the legislator failing to promote smart policy or champion the real needs of consumers. . Without a full needs assessment and analysis before even discussing the pros and cons of such a program, the state would be setting in motion something that is unlikely to achieve the bill sponsor’s stated goals. Similar programs in Canada have only increased recycling rates by 1% in a place where a universal waste management system is already in place. This is not the right solution for Colorado.

Inflation is around 8% and it is no surprise that we are heading into a recession. A recession brings layoffs, and companies struggling to pay their employees are also going to struggle to pay an additional tax to fund a statewide retraining program when we don’t understand how it will be. implemented, no projection of its success rate and no actual plan. to find out how it will work.

Now is not the time to tax corporations and spend our state’s resources on a program that may well have a very low return on investment in terms of increasing recycling rates. We urge Governor Jared Polis to see past the smokescreens put up by supporters and veto this bill. Colorado should wait to implement such a program until we know the results of the full needs assessment.

We all want to make Colorado a better place to live, but to implement a statewide recycling program, we will need a market needs assessment before handing over full responsibility to a few companies that were unable to obtain an exemption. of this program. Nothing is ever “free,” and the costs associated with such a noisy program will be absorbed by higher costs on all the goods consumers buy every day.

Jaime Gardner is the executive director of the Colorado Consumer Coalition.

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