Category Archives: Business Reports

By Megan Collelo

When Gov. Andrew Cuomo signed the New York State Budget Bill on April 12, he enacted more than requirements for the state’s spending for the fiscal year.

Additionally, the bill enacted new requirements for all New York employers to combat sexual harassment. Here are five takeaways to help local business owners make dollars and cents out of the new requirements:

By Stephen Kyne

We’ve just closed the books on the second quarter, and what a ride it’s been. Let’s take look back at the first half of 2018, and what we think lies ahead for the economy as we begin the third quarter.

The economy continues to grow at a faster than expected pace, having been revised up from initial first quarter estimates, and we expect good news when initial Q2 reports are issued in a few weeks. Many economists estimate that second quarter growth could exceed a 5 percent annualized rate, which would mark an impressive improvement over the slow growth we’ve experienced for most of this bull market.

Corporate earnings continue to exceed expectations, and guidance so far seems to indicate this rate of growth will only accelerate as we continue through the year. The first major company to report Q2 earnings will be Alcoa (AA), on July 18, and then we’re off to the races!

By Jim Lapointe

Did you know that starting in July, with the release of Google Chrome 68, Google will be marking all websites that connect via HTTP as insecure ?

Google is pushing companies to create secure connections to their websites by using HTTPS.

HTTPS differs from HTTP in that it uses encryption to create a secure connection from the user to the website rather than a clear text connection that a traditional HTTP connection would create. Many of you are likely familiar with HTTPS from going to banking sites or retail sites that want to protect the communication from the customer to the website.

By Michael Cruz

Good news. The economy is doing well. Bad news. That will shrink the labor market. Often, I write about hiring and its associated pains. There is one way you can reduce that pain. It is investing in the people you already have.

We already know that it costs less to keep our customers than it does to acquire new ones. The same is true about the people that work for you. Hiring is difficult, it is expensive, and it is not a 100 percent solution.

Many years ago, I worked for a very fast-growing software company. When I joined it, the company’s sales were $18 million. When I left 7 years later, sales topped $450 million.

By Sarah Lewis Belcher, Esq.

Property owners have a number of options for structuring a construction project: general contractor, construction manager or design/build. There are differences among the three that are important to understand when deciding which structure best fits.

A general contractor (GC) enters into contracts with and coordinates the work of subcontractors to complete the project. General contractors are not involved in the design of the project and instead become part of the process once the plans and specifications have been completed. 

General contractors are often selected by competitive bidding, so are incentivized to keep the bid price low to be more competitive. Once the project is awarded, the GC will endeavor to keep the cost within budget, particularly since the GC will retain any unexpended amounts up to the contract price as profit.

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.