Changes to Confidential Financial Disclosure

Transcript:Changes to Confidential Financial Disclosure:
Changes to Confidential Financial Disclosure December 2018 Effective Date: January 1, 2019 The revised: 5 C.F.R part 2634 OGE Form 450 (OGE Optional Form 450-A Discontinued) Confidential Financial Disclosure Guide are applicable to every report filed on or after January 1, 2019. All resources can be found at www.oge.gov. 2 Highlights Report income received Change to widely diversified in EIF Income threshold is now over $1,000 3 Reporting Periods New Entrant Report: Part 1 Assets held on the Date of Filing Investment income is Not Required Non-Investment income for the Preceding 12 Months Part 2 – Liabilities outstanding on the Date of Filing Part 3 – Positions held in the Preceding 12 Months Part 4 – Agreement or Arrangement in place on the Date of Filing Part 5 – Not Required Annual Report: Reporting Period is Unchanged 4 Reporting Income Changes: Income threshold $1,000 for all income types Investment income excluded for New Entrants Income reported when received 5 Receipt of Income A filer has received income when the filer has the right to exercise control over the income, regardless of whether the filer has taken actual possession Generally, income is received when it would be received using federal income tax principles Note, though, that tax-exempt income is still reportable if received 6 Examples: General A filer has received dividends on a stock held even if the dividends are reinvested A filer has received a payment for services that has been delivered in the form of a check even though the filer has not cashed the check A filer has received his or her share of income from a partnership or LLC even if all the profit during the reporting period was reinvested into the business A filer has received interest income from a municipal bond even if the interest is tax-exempt 7 Tax-Deferred Interests Do not report income as it accrues within an IRA account or 401(k) plan (e.g., dividends or capital gains) Report the distribution from the account or plan 8 IRAs, 529s and Defined Contribution Plans Each underlying asset that ended the reporting period with value >$1,000 (Annual filers) Each plan/account from which >$1,000 of distributed income was received during reporting period 9 Examples: IRA, 529 and Defined Contribution 10 Investment Funds First determine that the fund is reportable: Worth more than $1,000 or (Annual filers) Had more than $1,000 in income during the reporting period Second,