IDB Tax Reimbursement Benefit Seminar 2013 Settlements

Transcription

1 IDB Tax Reimbursement Benefit Seminar 2013 Settlements September 23, 2014

2 Agenda Introductions Tax Reimbursement Benefit Overview Process with Deloitte Settlement Explanation Advances Information Security Deloitte Technology Q&A Copyright 2014 Deloitte Development LLC. All rights reserved.

3 Introducing Deloitte

4 Your Deloitte Team Frances Dinkins Tax Director Carolyn Leslie Tax Sr. Manager Robert Creighton Tax Manager Juan Monroy Tax Sr. Consultant Isabel Garzon Tax Consultant Tomohiro Nibe Tax Consultant Copyright 2014 Deloitte Development LLC. All rights reserved.

5 Deloitte s Role Scope of Deloitte s Engagement Calculate tax settlements for employees and retirees who pay tax on IDB income Review and advise on current process and methodology Copyright 2014 Deloitte Development LLC. All rights reserved.

7 Tax Reimbursement Benefit Overview

9 What are we calculating? 1. Settlement = 2013 tax liability on IDB pension 2. Cash settlement = balance owed to IDB/retiree for Q3 & Q4 advances Q1 & Q2 advances Copyright 2014 Deloitte Development LLC. All rights reserved.

10 Process with Deloitte

11 Timeline 2013 Form 7R published March 24, 2014 Your 2013 tax documents and IDB 7R Form were due by July 9, 2014 Settlements processed via August payroll Letters mailed and uploaded for your reference If tax return deadline is extended to October 15, 2014 Form 7R can be submitted noting that return will follow Settlement will be processed in month after return submitted

12 Available Document Submission Methods You may send your documents to Deloitte via any of the following means: Fax to to Upload to your GlobalAdvantage secure account at Mail to Deloitte Tax LLP, 7900 Tysons One Place, Suite 800 Room 7SE-238, McLean, VA 22102

13 Product Delivered What: Letter summarizing results Tax settlement calculation Reconciliation of settlement and advances Payment voucher, if funds must be returned to IDB When: Last week in August How: Sent via regular mail Posted electronically, for your reference

14 Settlement Explanation

15 Retiree Settlement Methodology Overview Step 1. Allocate Income 2. Allocate Deductions Details Separate income into 3 categories: Retiree IDB income Retiree outside income Spouse income Apportion deductions and exemptions among types of income: Itemized/standard deductions vs. all 3 categories proportionately Exemptions vs. all 3 categories proportionately 3. Calculate Tax on IDB Income Calculate the tax on the IDB portion: Calculate tax on [spouse income + IDB income] only Allocate calculated tax to IDB income proportionately Copyright 2014 Deloitte Development LLC. All rights reserved.

21 Advances

22 Request for Advances Tax advance calculation: Projected income for 2014 plus 2013 final settlement Apply effective tax rate on IDB pension calculated 2013 Result used to reconcile remaining 2014 advances due Also to calculate 2015 advances for first 2 quarters Considerations: If 2013 tax was higher or lower than normal, due to a one-off or unusual event, this may be taken into account in the calculation of advances Approach designed to minimize amounts owed to/from the Bank following 2014 settlement calculation

23 Request for Advances Late document submission: 2014 Quarter 3 advance was delivered to everyone who received 2014 Quarter 2 If 2013 documents remain outstanding at time of December 2014 payroll: No 2014 Quarter 4 advance will be paid No subsequent advances until documents submitted Outstanding balance owed to Bank: Balances are due for payment by December 31, 2014 If settlement balance is outstanding after this date, no further advances will be processed until balance is paid to Bank

24 Information Security

25 Protection of your personal information Deloitte is extremely careful with our clients privacy. Even though the Bank hired us, you are considered our client, too We maintain the highest levels of information security, in line with those required of elite public accounting firms Your tax return data will not be available to anyone outside of the Deloitte engagement team and authorized IDB personnel unless required by law or audit

26 Protection of your personal information Your information is kept in our secure systems (outside of the Bank) It is accessible only by you and your Deloitte team; and it may be shared with authorized IDB personnel for review When Deloitte receives your information, we upload a copy to our secure system and then destroy any hard (paper) copies For 2013 and following years, we ask that you send only copies of your tax returns

27 Deloitte Technology

28 GlobalAdvantage (GA) Platform Deloitte s Global Employer Services practice (GES) uses a single global technology platform that allows us to: 1) Link our GES professionals and clients worldwide; 2) Provide streamlined program management, workflow, and communications; and 3) Provide real-time information for clients to assess and measure our performance. Deloitte s GES technology is an integrated set of tools that supports the IDB, the retiree population, and our GES professionals.

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30 Accessing Your Account on Deloitte s Secure Website If you have an address on file with the IDB or with Deloitte, you will receive two s from Deloitte s GlobalAdvantage automated system (gahelp@deloitte.com). These s will contain your User ID and password and will allow you to access your account on Deloitte s secure website You will then have been able to access the GlobalAdvantage site by using your address and temporary password. When accessing the site for the first time, you will be asked to agree to the terms and conditions, change your temporary password, and select two security questions.

31 Document access/upload on Deloitte s Secure Website Once you have logged in, your personal home page will display. You can share your documents (Word, Excel, PDF, JPG, GIF) with Deloitte by uploading them through the Documents tile. Copyright 2014 Deloitte Development LLC. All rights reserved.

32 Document access/upload on Deloitte s Secure Website To upload your tax returns and your IDB Tax form 7R, simply click on Add, as highlighted in the screen shot below; elect the relevant tax year; upload the document; provide a description; and click on Save. Please pay attention when uploading to ensure that your documents are saved in relation to the correct year

33 GlobalAdvantage Tiles

34 GlobalAdvantage Tracker Snapshot Our snapshot tool will show the status of your calculation. Because the Bank has asked Deloitte to provide calculations for all retirees at the same time, this tile will only be updated by Deloitte twice during the process in the corresponding year. The first update will report that we have received your tax documents and then we will update again once the calculation has been finalized and delivered to you.

35 Global Advantage Portal Deloitte has also provided this platform in order to serve as an electronic repository of your tax information, letter and tax reimbursement calculations by year, so that if at any time you need to access any of these documents, you may simply log in to our site and either download a copy or print it for additional use. It is important to know that only those retirees who have provided Deloitte with an address will have access to this tool.

36 Where to Go for Help (technical issues such as browser setup, cookies, etc.) Name Designation ID Contact Number GA Help Main Deloitte GES Technology Helpline Inside the United States call: Outside the United States call: Open 10:00pm Sunday to 10:00pm Friday US Central Time (excluding major holidays)

37 What To Do if You Forget Your Password or User ID Simply type on your web browser and click on one of the following two choices:

38 What To Do if You Forget Your Password or User ID If you forget your password, you will only need to provide your address that IDB/Deloitte has on file.

39 What To Do if You Forget Your Password or User ID If you forget your password, you will only need to provide your address that IDB/Deloitte has on file. An with a temporary password will be forwarded to your primary address on record. If you forget your User ID, please be advised that this is generally your address. If you use your address and it doesn t work, you may contact your IDB tax consultants team by or by calling the tax consultant hotline (202) for assistance with verifying your correct User ID.

40 Questions & Answers

41 About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Please see for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright 2014 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited