Saratoga Business Journal

Business Report: Estate And Tax Planning During COVID-19

June 19, 2020June 19, 2020

Jennifer M. Boll of Bond, Schoenecke and King PLCC.

By Jennifer M. Boll, Esq.

In the last several months, we have seen the drastic impact of the COVID-19 crisis on our health, way of living and the economy. While these times may feel uncertain, there are still many factors in your control and even opportunities for those who seek them out. This is especially true as it relates to your estate and tax plan.

The current environment of low interest rates and depressed asset values presents several unique estate planning opportunities for individuals to make the most of their hard-hit assets and leverage the transfer of wealth and business interests. There are a few items to consider.

Business Report: Explaining The 2020 W-4 Form

June 18, 2020June 19, 2020

Jeannine Dubiac, FPC is a partner at Priority One Payroll in Malta.

BY JEANNINE DUBIAC, FPC

Employers be aware. The IRS has updated the 2020 Form W-4 Employee’s Withholding Certificate.

This new version of the W-4 form is required for all new hires in 2020 and for employees who want to make a change to their withholding for 2020. Employees hired prior to Jan. 1 are not required to submit a new form.

This new 2020 W-4 form will look different! There is no longer the ability to select withholding allowances to account for additional income, deductions and tax credits. The new form include lines where employees can enter those amounts directly that will be used in calculating the withholding amount.

Business Report: Making Sure Employees Are Ready For Reopening

June 18, 2020June 19, 2020

James Marco, president of Saratoga Human Resources Solutions Inc Courtesy

By James Marco

I find it exciting that more and more conversations and news stories are talking about re-opening the economy. I know that I’m ready to get back “out there” and start meeting people again. I have my PPE and I’m ready to go.

Maybe you have been able to keep your business open, or maybe you have been able to keep your folks busy while working remote. If you have been shut down, then re-opening has some challenges that you’ll need to address.

This piece won’t focus on all of the legal requirements for re-opening. All the rules that were there before the pandemic still apply (Fair Labor Standards Act, Title VII, OSHA to name a few), as do some new rules under FFCRA, the CARES Act, and others.

Developer Plans 20-Unit Apartment Complex In Saratoga Springs Costing About $4 Million

June 18, 2020June 19, 2020

This is a rendering of a $4 million, 29-unit apartment complex planned by developer Richard Askew on Station Lane in Saratoga Springs.
Courtesy Richard Askew

By Christine Graf

Developer Richard Askew is in the process of choosing a contractor for a $4 million, 29-unit apartment complex on Station Lane in Saratoga Springs.

The complex will be built on an 8.43-acre parcel of land that Askew purchased in 2017 for $165,000. It is located just west of a two-acre parcel that was purchased by local entrepreneur Russ Faden. Faden and real estate developer Scott Lansing are already seeking approval from the city to build a 50-unit apartment and retail complex on the property.

“We are in the process of choosing a contractor, and that should happen within the next three months,” said Askew, who owns Rondack Building Inspections in Schenectady, .

The project has approval from the Planning Board and is awaiting final approval from the city Design Review Commission.

Area Builders Continue Projects After ‘Pause’ Order; Next Year’s Season Is In Question

June 18, 2020July 6, 2020

MLB Construction has continued building a two-tired concession building at SPAC.

by Lisa Balschunat

Elated about New York state’s relaxing of COVID-19 restrictions as it proceeds with reopening the economy in phases, Tom Albrecht, president of Hilltop Construction Co., said “I’m digging holes again and playing in the dirt.”

His company ran a bare-bones crew on a few jobs deemed essential businesses by Gov. Andrew Cuomo’s office during the state’s Pause. But Hilltop and other area builders are moving on with projects that came to a halt due to the pandemic.

“Hilltop had a few essential jobs, so we were able to continue working on some projects,” Albrecht said. “During the Pause we signed over $3 million worth of work. This year we are booked with contracts. Next year, I think the economic impact will be felt. I am an optimist, but also a realist. When the dust settles, our region will be affected. Some businesses won’t open long term or at all. The impact will be great.”

Stewart’s Opens Shop In Glens Falls, Plans More

June 18, 2020June 19, 2020

Stewart’s Shops has opened a new shop in on Ridge Street in Glens Falls, a project delayed by the coronavirus situation.

The company razed the former Time Warner building at that site and built a 3,850-square-foot store with a three-pump gasoline canopy, which has six fueling stations. People can also get diesel and non-ethanol gas for a boat or lawn mower.

Company officials said due to COVID-19, the project was put on a brief pause, but we are happy to report it is now open.

Although there is no inside seating allowed for the time being, when dining is permitted again, the new shop will feature 4.5 booths for lots of seating and two bathrooms with an expanded layout and additional parking and outside seating.

Joyce Locks Of Hatsational Consolidates Her Downtown Saratoga Springs Storefront Shops

June 18, 2020June 19, 2020

Hatsational, a place where men and women can buy hats of all kinds, at 508 and 510 Broadway in downtown Saratoga Springs, in the Algonquin Building near the Saratoga City Center.
©2020 Saratoga Photographer.com

By Andrea Harwood Palmer

Joyce Locks has consolidated her three Hatsational storefronts into two. The remaining stores are located at 508 and 510 Broadway in downtown Saratoga Springs, in the Algonquin Building near the Saratoga City Center.

The lease was up on the third store, but was not renewed to cut costs.

“It will put me in a stronger position to come out on the other side of this pandemic, if I scale down to two stores for now,” said Locks. “As my lease came due, I had this vision that we wouldn’t open anytime soon. Then when you consider there are no conventions, no weddings, no concerts, no racetrack,” she said. “My business is driven by all of those factors.”

“I intend to survive this, and this is the best way for me to come out strong. We can always open a third store another time,” said Locks.

SPAC Cancels Classical And Ballet Concerts; Loss Of Events Will Hit ‘Incredibly Hard’

June 18, 2020June 19, 2020

The coronavirus pandemic has caused SPAC to cancel its classical music and ballet season. Courtesy Philadelphia Orchestra

For the first time in its 53-year history, Saratoga Performing Arts Center (SPAC) has canceled its 2020 classical music and ballet season.

This includes SPAC’s summer resident companies New York City Ballet, The Philadelphia Orchestra and Chamber Music Society of Lincoln Center, as well as “Not Our First Goat Rodeo” featuring Yo-Yo Ma, and “SPAC on Stage.”

SPAC, along with its board of directors, made the decision to suspend its programming this summer in recognition of the continued threat to health and safety caused by the ongoing COVID-19 pandemic.

BNI Networking Group Replaces Face-To-Face Meetings With Weekly Online Sessions

June 18, 2020June 19, 2020

By Andrea Harwood Palmer

Business Network International, known as BNI, has revamped its networking approach in the wake of the coronavirus pandemic. The group, which has chapters in Saratoga and Warren counties, refers to the transition as a “brand refresh.”

The international organization has more than 9,500 chapters worldwide. Eleven of these are in the Albany and surrounding region.

Attorney Kim Salerno, of Salerno Law, is the president of the Saratoga Winners Circle chapter in Saratoga Springs. It continues to meet weekly online via Zoom, to network and pass introductions and referrals to members. She has been part of the group for nine years.

“I was impressed with how quickly BNI put together an entire Zoom platform. They also put together a Power Point for our group to use. I’m not that tech savvy, so I was nervous at first because I was the one who would have to run the Zoom meeting for 34 people. But it’s been working out very well,” said Salerno.

Metrix Online Learning Helps Businesses And Those Seeking Jobs With Its Services

June 18, 2020June 19, 2020

By Christine Graf

Metrix Online Learning is being offered free of charge to residents and businesses in Saratoga, Warren, and Washington counties.

The online learning platform was developed by Albany-based NY Wired for Education. It features more than 5,000 different courses in everything from Microsoft Office to disease prevention. The majority fall under the categories of information technology, basic business, retail service, manufacturing, and healthcare.

Classes are available online and can be accessed any time of day, any day of the week.

Subscription costs for Metrix Online Learning are paid for by the three-county consortium of one-stop career centers in Warren, Saratoga, and Washington counties. These centers are located in Glens Falls, Ballston Spa, and Fort Edward and are funded by the Workforce Innovation and Opportunity Act (WIOA). The WIOA was designed to strengthen and improve the country’s workforce.