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CEO FOCUS: Green CHIPS Legislation to Help Drive Opportunity and Growth
Green CHIPS is a significant piece of legislation with the potential to have long-term impact by attracting billions in new private investment and leveraging billions more in federal incentives. It holds the potential to create thousands of new high-paying jobs and will cement New York as the nation’s leader in semiconductor manufacturing. The bill [recently] […]
Ask Rusty: Must I Pay Income Tax on my SS Benefits?
Dear Rusty: I do not recall the rules on my income-tax obligation for Social Security (SS) benefits. Can you please explain these rules to me? Signed: Senior Taxpayer Dear Senior Taxpayer: I’ll be happy to review the rules about income tax on Social Security benefits for you. If your combined income from all sources is
VIEWPOINT: N.Y. Approves First Regulations for Adult-Use Cannabis
On June 1, 2022, the Cannabis Control Board (CCB) approved the first set of regulations for New York State’s adult-use cannabis industry. The regulations establish minimum standards for the packaging, labeling, and marketing of recreational cannabis products. The regulations mark a significant step forward in establishing a retail market for adult-use cannabis and will apply
VIEWPOINT: Why Government Entities Should Outsource Their Accounting
Government leaders must manage several moving parts, issues, and responsibilities at any given time in order to be successful. Accounting does not have to be one of them. Outsourcing accounting can simplify the function and ensure that leaders can spend more time devoting themselves to important government and community matters and less time worrying about
VIEWPOINT: The Death of the 60-40 Portfolio has been Exaggerated
The financial markets are off to a rough start in 2022. Through May 31, the S&P 500 equity index posted a -12.21 percent return while the Aggregate Bond Index returned -8.47 percent. So much for diversification. Simple math shows that the classic 60-40 asset-allocation portfolio’s return is a poor -10.74 percent. Many are using this negative
CEO FOCUS: Tech Garden Expansion Continues Investment in Innovation Ecosystem
Central New York’s innovation ecosystem is thriving. The region has built on its historic legacy of entrepreneurship, following more than a decade of investment and strategic programming, creating a place where innovators can turn their vision into viable companies. We see this progress in the fact that per-capita capital investments were a mere $27 in 2000-2010,
VIEWPOINT: Pandemic-Recovery Tips for Small Businesses Going Forward
As businesses and consumers adjust to the latest shifts related to the pandemic and the economy, we are all mindful the many changes we have experienced in the last several years and are asking ourselves and others, “What’s next?” For small businesses, the challenges have been relentless to say the least. With inflation, supply-chain issues, rising
VIEWPOINT: Can “Business” Activities Ever Be Charitable? N.Y Thinks Not
As we previously summarized in a prior article (https://www.bsk.com/news-events-videos/irs-provides-long-awaited-formal-guidance-on-501-c-3-llcs), the IRS recently brought much-needed clarity for limited liability companies (LLCs) seeking to be recognized as tax-exempt under Internal Revenue Code Section 501(c)(3). (IRS Notice 2021-56). Given this new guidance, we expressed optimism for expanded use of 501(c)(3) LLCs, which can have significant advantages over nonprofit corporations
VIEWPOINT: 4 Tips for Small Firms to Protect Against Cyberattacks
There are many challenges to running a business that owners must face — including the threat of a cyberattack. Cyberattacks are a growing threat for small businesses and the U.S. economy. In fact, according to a recent U.S. Small Business Administration (SBA) survey, 88 percent of small-business owners felt their business was vulnerable to a
VIEWPOINT: Adopting the assumed-breach mentality on cybersecurity
The cybersecurity landscape is Constantly changing. Everyday, Stories are told of breaches, ransoms, and threat actors pushing us collectively further into uncomfortable territory. Stories like the Colonial Pipeline and Kaseya were major eye-openers for many, but they weren’t the first and they won’t be the last. The recent report, called the State of Ransomware 2022, from
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