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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
VIEWPOINT: Online scams are on the rise, make your business cyber-safe
When pandemic shutdowns shifted the nation’s commerce from in-person to online, cybersecurity experts knew that fraud attempts would follow. Circumstances during the past few years forced many Americans to quickly become far more comfortable with working remotely, banking, and making purchases online. Now, as the pandemic begins to recede as the primary focus of our attention,
Ask Rusty: About Payroll Tax & Income Tax on Social Security
Dear Rusty: Is it possible for you to go over how the Federal withholding tax is computed on Social Security benefits? Signed: Curious Taxpayer Dear Curious: I’m not sure if you’re asking about how FICA (or self-employment) tax on your earnings from work is determined, or if you’re asking about how much income tax to
CEO FOCUS: A Chance to Reflect on our Region’s Economic Progress
The International Economic Development Council celebrated economic Development Week [from May 9-13], providing an opportunity to bring the work we do every day into focus. In the early 2000s, leaders from across the public and private sector recognized the need for us to change how we approached economic development. Working together, we shifted our focus
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