Category Archives: Business Reports

By Tammy J. Arquette, Esq.

According to the American Psychological Association, approximately 40 to 50 percent of married couples in United States obtain a divorce. The divorce rate is even higher for subsequent marriages.

A divorce proceeding can have a significant impact on the financial and emotional well-being of the parties and their children, but if one or both of the parties are also a business owner, the business can be significantly impacted. The significant impact on the business can include financial disruption, discord amongst partners and employees, imposition of third party experts to review books and records and value the business, and the potential requirement for the sale of the business.

The Domestic Relations Law provides that assets that are acquired during the marriage, including businesses, be valued and equitably distributed. Further, marital asset may also include the appreciation in value of an otherwise separate business interest.

By John Conroe

Do you wait for May to take down your holiday decorations? Coast up to the gas pumps with your tank on empty? Put off grocery shopping until the only food in the fridge is leftover meatloaf? Then chances are you’re a procrastinator.

When it comes to managing your finances, procrastination can put you at risk financially and keep you from reaching your goals. If your financial checklist seems overwhelming, remember that you don’t have to do everything at once. Performing tasks throughout the year can make managing your finances easier.

By Jane Marie Schaeffer, Esq.

As you approach retirement, you will be faced with choices about your IRA plans, and you will have many questions, such as how much will you be required to withdraw every year, and how will your distributions be taxed. This article will address some of those questions, and give you the information you need to make smart choices about your retirement plan.

1. When do I need to take withdrawals from my IRA?

You need to start taking distributions from your IRA the year that you turn age 70½. The distributions that you are required to take are called Required Minimum Distributions, or RMD. The distributions must be taken by April 1 of the year following the year in which you turn age 70½. So, for example, if you turn 70 on June 1, then you will turn 70½ on Dec. 1. You will need to take a RMD for 2018, but you have until April 1, 2019, to take the distribution. After the first year, distributions from your IRA must be taken by Dec. 31 each year.

By James Marco

On Nov. 6, 2017, Albany County Executive Daniel P. McCoy signed an amendment to Albany County’s Human Rights Law that prohibits employers from inquiring about a job applicant’s wage history until after a job offer has been made.

The law went into effect 30 days later. Albany County now joins New York City, Philadelphia, Massachusetts, Delaware, Oregon, and California who have similar laws.

While salary inquiries have often been used by employers to weed out candidates they consider too expensive, or as a checkpoint for someone that is simply looking to increase their salary, this new law is really an opportunity for employers to take control of this topic. Without accurate market data, a sound compensation philosophy, and a strategy by which to execute a well-designed compensation system, employers may guess wrong and either miss out on a qualified candidate, or pay too much for a skillset they think they need.

By Rose Miller

My team and I were reviewing all the work we handled in 2017. It’s an exercise we do annually and use it to prepare for the new year. I compared our work with a list provided by the Society of Human Resources.

Prior years have been active, but 2017 takes the cake. Nearly every month presented a change that required some type of response from the human resources side of running a business. Many changes required guidance from our labor attorney friends. Yet to implement those changes, most solutions required the skills, knowledge and abilities found with a team of experts.

Here are the list of 2017 changes affecting human resources in chronological order:

• Federal and State minimum wage and salary basis changes that caused wage compression issues.

• Women’s March—time out of work and increased awareness of inequities at work.

By robert l. kind

As the new tax reform took shape in late 2017 and then was approved just a few days before Christmas, contractor services team were examining what elements could have the most impact on contractors and small business owners.

What is commonly being called the Tax Cut and Jobs Act (TCJA) of 2017 has caused a lot of discussion on whether companies will come out as winners or losers in 2018. While it has enhanced some tax breaks for contractors, it has also reduced or eliminated others.

Let’s start with the good news first. Here are some of the positive outcomes we think may be coming contractors’ way with the new law.

Expanded use of cash basis accounting method

Many contractors with average receipts over $10,000,000 have been required to use the percentage of completion method for tax purposes. The TCJA provides that, for tax years beginning after Dec. 31, 2017, taxpayers that have average annual gross receipts of $25 million or less during the preceding three years are not required to report on the percentage of completion method and can elect to be treated on the cash basis of accounting. The cash basis of accounting should present a more favorable deferral of income for a contractor.

By Matt Young

“Nonprofits embody the best spirit and values of our nation. They help millions of individuals and families daily. They protect, feed, heal, shelter, educate, and nurture our bodies and spirits. Nonprofits also give shape to our boldest dreams, highest ideals, and noblest causes. They turn our beliefs into action – as promoters of democracy, champions of the common good, incubators of innovation, laboratories of leadership, protectors of taxpayers, responders in times of trouble, stimulators of the economy, and weavers of community fabric.” — National Council of Nonprofits

The importance of not-for-profit organizations cannot be understated—they are the life-blood of our community. And the most successful not-for-profit organizations have one thing in common—effective boards of directors. Effective boards ensure that the organization stays focused on its mission, manages its funds effectively, and complies with the ever-changing legal and regulatory environment. Selecting the right people to serve on your organization’s board is critical to its success.

As you move forward in your recruitment efforts, these five priorities can help you build an effective board:

1. Commitment to the Mission.

Boards establish and oversee the mission of their organizations. Boards develop and adopt policies and procedures to help management and staff achieve that mission. Effective board members care deeply about, and “buy in” to, the organization’s mission. If they do not, they will not bring much value.