February 2019 Meeting Minutes

Call Meeting to Order – Jennifer Laird

Pledge of Allegiance – Jennifer Laird

Thank you for coffee & refreshments – Jeff Weller

• Coffee provided by Sweet Southern Comfort

• Café & Pastries provided by JNS Financial

FMA Web site – Chase Barfield

• Profiles

  • Members, please go out to the FMS website & complete your profiles

• Listed on Freeport City Site

  • FMS Is now listed in a more conspicuous place on the Freeport City website

FMA Committees – Chase Barfield

• Membership volunteers

• Event volunteers

  • We are looking for committee volunteers

Reporting questions, comments, issues – All

• No comments from the floor

Discuss signs and banners – Chase Barfield

• There is a city ordinance prohibiting signs and banners except for realty or politics.

• It appears to be selectively enforced.

• Deron is going to locate a copy of the ordinance.

• FMA will look to act with the City Council in some fashion as it appears to be prohibitive to a healthy business environment.

Need a Host for FMA Evening Social – March – Jeff Weller

• We are looking for a host for the March social

Introduce Speaker – Jeff Weller

• Guest Speaker Nanci Watkins – Tax Changes for 2019 & How they impact small businesses

  • Tax Law Changes

    • There is no deduction anymore for entertainment

    • Still allowed a certain amount of meal deductions at 50% for clients

    • There is a 21% flat tax for corporations

    • LLC’s are allowed $20,000 in deductions

    • You can depreciate assets 100% in first year

    • The limits on business losses have increased

    • There is a minimum of $250 per donation for charitable donation deductions

    • FILE ON TIME!!! Penalties and interest charges are HUGE!

Final Comments & Adjourn meeting – Jennifer Laird

• The Tax Collector Office will be having an Open House at its new location in Freeport on Wednesday February 27th from 9:00 – 11:00 am.

• The office will then have a “Soft Opening” the following day.