Page 42 - BusinessWest February 7, 2022

Difference Makers
Continued from page 15
2012:
• Charlie and Donald D’Amour, president/COO and chairman/CEO of Big Y Foods
• William Messner, president of Holyoke Community College
• Majors Tom and Linda-Jo Perks, officers of the Springfield Corps of the Salvation Army
• Bob Schwarz, executive vice presi- dent of Peter Pan Bus Lines
• The Women’s Fund of Western Massachusetts
Virus
Continued from page 16
authorized use of over-the-counter, at home COVID- 19 tests. The departments of Health and Human Ser- vices, Labor, and Treasury collectively released FAQ guidance expanding upon existing requirements for group health plans to cover the cost of these tests, so long as they are taken for diagnostic purposes.
This will impose a major financial burden on self- insured employers, as they must now cover the cost of these tests either directly or through subsequent reimbursement. To incentivize direct coverage, group
Banks
Continued from page 19
“We offered some support to help draw some bands and other kinds of entertainment to the Hall
of Fame so that people would then hopefully go in and learn about vaccination, and hopefully get vac- cinated, if that was their choosing,” he noted, adding that there were other initiatives with the Food Bank of Western Massachusetts and other agencies working to meet growing needs during the pandemic.
Boivin stressed that part of UMassFive’s commu- nity support stems from its financial-empowerment workshops, which have traditionally been offered at branches during the evening and sometimes during lunch hours.
“One silver lining of this pandemic is that it really forced us to get into the virtual world, opening those workshops up to a greater pool of people who might not get into our branches,” he said. “We had people from a much wider range of locations because we put content online and they could log in from home and don’t have to trek over to a branch.”
2011:
• Tim Brennan, executive direc- tor of the Pioneer Valley Planning Commission
• Lucia Giuggio Carvalho, founder of Rays of Hope
• Don Kozera, president of Human Resources Unlimited
• Robert Perry, retired partner/con- sultant at Meyers Brothers Kalicka
• Anthony Scott, Holyoke Police chief
2010:
• The Irene E. and George A. Davis
Foundation
• Ellen Freyman, attorney and
shareholder at Shatz, Schwartz and Fentin, P.C.
• James Goodwin, president and CEO of the Center for Human Development
• Carol Katz, CEO of the Loomis Communities
• UMass Amherst and its chancellor, Robert Holub
2009:
• Doug Bowen, president and CEO of PeoplesBank
• Kate Kane, managing director of
the Springfield office of Northwestern Mutual Financial/the Zuzolo Group
• Susan Jaye-Kaplan, founder of GoFIT and co-founder of Link to Libraries
• William Ward, executive director of the Regional Employment Board of Hampden County
• The Young Professional Society of Greater Springfield
For more information on the 2022 Difference Makers event, visit business- west.com.
health plans may limit reimbursement from non- preferred pharmacies, or other retailers, to the lesser of $12 per test or the actual cost of the test if the plan provides direct coverage both through its pharmacy network and a direct-to-consumer shipping program.
Further, a group health plan may limit the number of at home COVID tests covered for each participant to no less than eight tests per 30-day period (no limit if the healthcare provider orders or administers the test following a clinical assessment).
As the pandemic evolves, employers need to care- fully consider these and other COVID-related updates
The workshop topics range from budgeting essen- tials to understanding credit to the basics of home- buying 101 — “quite a range of topics that all directly support our mission,” Boivin added, noting that these efforts and those directly supporting nonprofits all stem from the same philosophy.
“Even by giving out loans to people buying their first car or their first home, all those big life events, we play a role in the community,” he told BusinessWest. “Part of playing a role in the community is keeping more dollars local, investing in local organizations, and at the same time amplifying the mission of the credit union to better the financial lives of the people we serve. It takes many forms.”
Day agreed. “Community banks are in the same boat. Our employees are here, we all live and work in the community, and we all have a vested interest in making sure our community thrives.”
Unlike larger institutions whose management or directors don’t necessarily have a personal stake in the community, “for us, it’s a very important connec-
in order to adapt and operate accordingly. u Alexander Cerbo is an attorney who specializes in
labor and employment-law matters at the Royal
Law Firm LLP, a woman-owned, women-managed corporate law firm that is certified as a women’s business enterprise with the Massachusetts Supplier Diversity Office, the National Assoc. of Minority and Women Owned Law Firms, and the Women’s Business Enterprise National Council; (413) 586-2288; acerbo@ theroyallawfirm.com
tion,” he added. “The decision makers are all here in the community. We’re not giving to places we don’t know. We see people impacted every single day, so there’s a tight connection between a bank like ours, where all our customers come from the local com- munity, and our local organizations.”
Moriarty said Monson Savings Bank turns 150 this year, and he’s been looking at documents from the institution’s founding, which drove home MSB’s place in the community and why philanthropy is impor- tant, whether in a pandemic year or ... well, a more normal one.
“Community banks were established to help peo- ple. They’ve always followed that mission,” he said. “We’re here to help the community; our mission is
to help people save and prosper, but also to help the community wherever there’s a need, and we take that to heart.” u
Joseph Bednar can be reached at [email protected]
File with Confidence
Make this tax season smooth by get- ting your paperwork organized early and letting your tax preparer know about any changes to your life or finan- cial situation. The sooner you file, the sooner you can put 2021 in the past and focus on a great outlook for 2022. u
Dan Eger is a tax supervisor at the Holyoke-based accounting firm Meyers Brothers Kalicka, P.C.; Shannon Shainwald is an administrative assistant at the firm.
Taxes
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home, etc.)
– Doctor and dentist payments
– Eyeglasses and contacts
– Miles traveled for medical purposes • State and local taxes you paid (lim-
ited to $10,000)
– State withholding from your W-2 – Real-estate taxes paid
– Estimated state tax payments and
amountpaidwithprior-yearreturn – Personal property (excise)
• Interest you paid
– 1098-Misc: Mortgage interest
statement
– Interest paid to private party for
home purchase
– Qualified investment interest
– Points paid on purchase of principal residence
– Points paid to refinance (amortized over life of loan)
– Mortgage insurance premiums
• Gifts to charity
– Cash and check receipts from quali- fied organization
– Non-cash items need a summary list and responsible gift calculation (IRStables). Ifthegiftisvalued more than $5,000, a written apprais- al is required
– Donation and acknowledgement letters (over $250)
– Gifts of stocks; you need the market value on the date of gift
Additional Adjustments
• 1098-T: Tuition statement
• Educator expenses (up to $250) • 1098-E: Student-loan interest
deduction
• 5498 HAS: Health savings account
contributions
• 1099-SA: Distributions from HSA • Qualified child and dependent
care expenses •Verifyanyestimatedtaxpayments
(does not include taxes withheld) Sole proprietors (Schedule C) or
owners of rental real estate (Schedule E, Part I) need to compile all income and expenses for the year. You need to retain adequate documentation to substanti- ate the amounts that are reported.
42 FEBRUARY 7, 2022
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