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Fiscal Plans – 2nd in a Series Fiscal planning for the full term, not just next year   Indiana’s local government budget system is designed to look only one year ahead.  That satisfies the statutory mechanics of setting annual appropriations, property tax levies, and rates.  However, it offers nothing to a local government executive who wants to plan ahead, even if “planning ahead” means only planning the four-year term of a local elected official.   Frequently, local officials complain that they do not receive management reports that show the financial condition at the end of the year.  Reports only show what has been expended or encumbered to date and what appropriations remain available in the current year.  Beyond that is […]

Fiscal Plans for Local Government Units Mayors, Trustees, and Council Members crave private-sector quality fiscal information. The fiscal plans offered by C. L.Coonrod & Company satisfy the demand by local government executives for the kind of fiscal information that will help them operate efficiently and effectively. Indiana local government executives have long complained that they cannot get useful management information from their fiscal officers.  This is not the fault of the fiscal officers. They are required to keep books and render reports as prescribed by the Indiana State Board of Accounts (SBOA).  The system of bookkeeping and reports designed by the SBOA is well-designed and was created in a way that provides compliance with laws and regulations and is efficient in the compilation and audit of financial statements. However, […]

IRS Issues Guidance on “No Tax on Overtime” Provision Written by: Curtis Coonrod [Revised: 11/25] The IRS has released Notice 2025-69, providing detailed instructions for implementing the new “No Tax on Overtime” provision introduced under the One Big Beautiful Bill Act (OBBBA) signed into law earlier this year. This measure aims to reduce tax burdens for workers earning extra through overtime and tips. Key Highlights Effective Period: Tax years 2025–2028. Deduction Limits: Up to $12,500 for qualified overtime pay ($25,000 for joint filers). Up to $25,000 for qualified tips. Income Phase-Out: Deduction begins to phase out for taxpayers with Modified AGI over $150,000 (single) or $300,000 (joint). Definition of Overtime For purposes of this tax exemption, “overtime pay” means the […]