Category Archives: Business Reports

Business Report: Health Savings Account For Your Retirement

September 7, 2019September 9, 2019

By David Kopyc

The average 65-year-old couple will spend $285,000 on medical expenses in their retirement and this figure does not include any long-term care expenses.

Healthcare continues to be one of the greatest expenses and concerns for retirees and individuals considering retirement in the near future.

Unlike your parents’ generation, most of you will not have any employer or union-sponsored health benefits. Therefore, healthcare costs will likely consume a larger portion of your budget in retirement and you will need to plan for this well in advance of your date of separation.

Business Report: Compensation Package Concerns

September 7, 2019September 9, 2019

Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller

With the frequent changes in wage and hour laws, many companies are struggling with decisions regarding increases in pay. Minimum wage will be increasing again in December. The end of the year is also a time when employers are evaluating performance and employees are evaluating their jobs and their pay.

Although pay dissatisfaction is only a symptom of job unhappiness, it can be the excuse on whether an employee decides to stay or leave. Many companies have advertised their company’s record high in sales and profits yet not have it translate to increases in pay for workers. The new laws passed regarding pay history and pay equity have female and other workers wondering if they are being paid equally and fairly.

Business Report: Don’t Make Estate Plan A Family Secret

August 7, 2019August 8, 2019

Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

By Deborah Verni
Only about 40 percent of adults in America have a will, which may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone.
Many people are uncomfortable discussing how they will distribute their estate with their children. Perhaps you don’t want your children to realize how much they may receive after your death. Or you may think your choice of heirs could change in the future.

Business Report: Changes To NYS SEQRA Regulations

August 7, 2019August 8, 2019

Sarah Lewis Belcher is senior counsel with Bond, Schoeneck & King.

By Sarah Lewis Belcher, Esq.
Anyone who has undertaken a project in New York State since 1978 has at least some familiarity with the state Environmental Quality Review Act (SEQRA). All state and local governments must comply with SEQRA by considering the environmental impacts of projects before they are approved.
So, if your project must be approved by a governmental entity, the SEQRA process must be completed.

Business Report: Projecting Future Loss Of Earnings

August 7, 2019August 8, 2019

Charles S. Amodio is a partner at FAZ Forensics, Ferraro, Amodio & Zarecki, CPAs.

By Charles S. Amodio, CPA, CFF,
MAFF, MBA
In many personal injury cases, the award of damages often centers on the calculation of the loss of future earnings. The loss of future earnings is awarded where the jury finds that a plaintiff has suffered a reduction in his or her ability to earn money because of an injury.
The jury is typically instructed to consider the loss of future earnings based on a variety of factors, including the plaintiff’s earnings before the accident, opportunities for promotions and work-life expectancy.

Business Report: The Right Health Insurance For Your Needs

June 7, 2019June 7, 2019

Stephen Kyne, CFP, partner at Sterling Manor Financial in Saratoga Springs.

By Stephen Kyne, CFP
Life insurance can be an important part of your financial plan, but do you know what kind of insurance is right for your needs? Insurance comes in many forms, and many people have the wrong type of insurance, and aren’t insuring their need in an efficient way. That means they may be needlessly overspending.

Business Report: Business Doesn’t Have To Die With You

April 4, 2019April 5, 2019

Brian Johnson is a director at director at Advisors Insurance Brokers.

Brian M. Johnson, MBA, CLTC
Are you a business owner or manager in a business? Yes? Then ask yourself: If you, a key manager or top sales person retired, became disabled or died yesterday, who would own or manage your business today? Would you want your business interest sold, liquated or retained by a family member or other key employee?
Do you have a partner in your business? Could the business continue without him/her? Would you want to be in business with your now deceased partner’s spouse?
These are critical issues to address sooner than later. Unlike corporations with hundreds or thousands of employees, with layers of management, small business owners and key employees often play a paramount role in the day-to-day success of that business. As a business owner, you probably know what it’s like to be responsible for budgeting and hiring, while also running out to shovel the sidewalk in front of your office or store. In many cases, YOU are that business.
Lets look at three objectives, with corresponding questions, you might consider in developing a continuation plan.
Objective: Retain the business interest for family.

Business Report: Hard Drive Destruction Myths Debunked

August 9, 2018August 9, 2018

Rob Shauger is director of sales and development at ConfiData.

By Rob Shauger

When it comes to hard drive destruction there are a lot of questions and misinformation out there. This misinformation leaves a lot of personal data vulnerable.

In fact, a recent data recovery study showed that even after attempts to wipe drives, data could still be recovered. The study purchased 200 used hard drives on eBay and Craigslist and found that 67 percent of those drives still held personally identifiable information. Some 11 percent of those drives contained sensitive corporate data.

Business Report: 5 Things About New Harassment Policies

August 9, 2018August 9, 2018

Megan Collelo is an attorney with Bond, Schoeneck & King.

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:

Business Report: 5 Construction Contract Considerations

July 5, 2018July 6, 2018

John Frega, Esq., is an attorney with Bond, Schoeneck & King. Courtesy Bond Schoeneck& King

By John Frega, esq.

Every construction project features unique and interesting challenges. But drafting your construction contract documents should not be one of those challenges.

Here are five important matters to consider when drafting and managing your construction contracts:

1. Determine the appropriate payment model.

Owners have multiple options for structuring payments to their contractors, and choosing the appropriate payment model largely depends on the type of project. The most common models include lump sum, unit price, and time and material, not to exceed (T&M NTE).