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ZACH ADAMS has joined Drive Research as VP of strategy. In his role, Adams will be responsible for overseeing business-development strategies as well as providing clients with expert recommendations based on market-research findings. With more than 12 years of experience, his background stretches across insight and integrated-marketing communications at research suppliers and advertising agencies. Adams […]

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Central New York Community Foundation

People on the Move, Subscriber Only

GERIANNE CORRADINO was promoted to senior manager of business operations at the Central New York Community Foundation. She has worked for the Community Foundation since 2015, where she previously served as finance associate and finance manager. Corradino is now responsible for overseeing the Central New York Philanthropy Center building and assisting the senior VP and

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Dannible to hold manufacturing conference virtually on Oct. 21

Law, Accounting & Taxes, Manufacturing & Engineering, Subscriber Only

SYRACUSE — Syracuse–based accounting firm Dannible & McKee, LLP is set to host its annual manufacturing conference as a virtual event on Oct. 21 from 8:30 a.m. to 12 p.m. Described as an “industry-focused” conference, it will include presentations on the latest industry trends and economic outlook, concepts and techniques for effective budgeting and planning,

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SYRACUSE — Syracuse–based accounting firm Dannible & McKee, LLP is set to host its annual manufacturing conference as a virtual event on Oct. 21 from 8:30 a.m. to 12 p.m.

Described as an “industry-focused” conference, it will include presentations on the latest industry trends and economic outlook, concepts and techniques for effective budgeting and planning, best practices for attracting and retaining employees, and tax issues impacting the manufacturing industry, per a Dannible & McKee announcement about the event.

The firm says the conference is free to attend virtually. Those interested can register for the event at https://www.dmcpas.com/events/manufacturing-conference/.

Presentations

Randy Wolken, president and CEO of MACNY, the Manufacturers Association, will speak on the topic, “New York State Manufacturing: Outlook and Opportunities for the Future.” In this presentation, Wolken will review the current outlook of manufacturing in New York state and highlight the opportunities for growth, as well as the challenges that lie ahead.

Mickel Pompeii and Alex Nitka, both certified public accountants (CPAs) and tax partners at Dannible & McKee, will speak about “State Tax Issues Impacting Manufacturers.”

In describing the presentation, Dannible & McKee says even though the COVID-19 pandemic has impacted everyone over the last 18 months, it has affected state budgets “especially hard.” As a result, states are becoming “increasingly aggressive” in going after manufacturing companies for income and franchise tax, as well as sales and use tax. In this session, Pompeii and Nitka will examine state nexus rules, filing requirements, and how those rules have been changed by COVID-19. They’ll also look at strategies to make sure your company isn’t running “afoul of these rules.” They’ll also look at the recently passed New York State Pass-Through Entity Tax (PTET) election and what it means for your pass-through entity.

Another presentation, Victor Vaccaro, Jr. and Benjamin Sumner, both CPAs and audit partners at Dannible & McKee, will speak on the topic, “Effective Planning During Uncertain Times.”

Proper budgeting and planning are “critical tools” in helping manufacturers to remain competitive, and the importance of planning is magnified during uncertain times such as the ongoing pandemic, the accounting firm says. However, many manufacturers do not have a formal budgeting or strategic-planning process. In this session, Vaccaro and Sumner will discuss concepts and techniques that will make the budgeting process “more efficient” and analyze how effective budgeting, forecasting, and strategic planning can help manufacturers respond to market changes and “continue to achieve their long-term goals.”

The presentations also include Jason Banuski, president of HR One Consulting, discussing the topic, “Keys to Attracting and Retaining Talented Employees.”

In this presentation, Banuski will discuss the labor-market challenges that employers are experiencing and provide insight on what manufacturers can do to ensure they attract and retain top talent.

Oneida County budget doesn’t raise property taxes for ninth year

Law, Accounting & Taxes, Regional News, Subscriber Only

UTICA, N.Y. — The Oneida County Board of Legislators is considering a 2022 budget and capital plan that has no increase in the property-tax levy for the ninth consecutive year. “One zero is hard enough, but nine straight, including two during a pandemic, is an accomplishment I am very proud of,” Oneida County Executive Anthony

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UTICA, N.Y. — The Oneida County Board of Legislators is considering a 2022 budget and capital plan that has no increase in the property-tax levy for the ninth consecutive year.

“One zero is hard enough, but nine straight, including two during a pandemic, is an accomplishment I am very proud of,” Oneida County Executive Anthony Picente, Jr. said. “We have been able to do this by controlling discretionary spending, creating efficiencies and through unique revenue sources like the Oneida Nation agreement.”

Picente delivered his budget message on Oct. 5.

The $457 million proposal is a balanced budget that appropriates $114 million in sales-tax revenue, $20.85 million in Oneida Nation revenue, and retires $19 million in debt, per Picente’s office. The six-year capital plan totals $29 million.

“The impacts of COVID-19 are still being felt, but we have successfully managed through economic trials and societal tribulations,” Picente contended “We know this county is on the right path forward. The proof is all around. This budget continues us down that path. It does it by being smart, efficient and fiscally conservative.”

Picente said the increase in sales-tax was a surprise this year and that budgeting for it was a “challenge” for 2022, as the county is considering new trends and a loss of revenue in 2020. He said the county benefited from the inclusion of revenue from internet sales and adjusted an increase from the 2019 budget through the 2022 budget, his office noted.

The budget proposal also restores funding for libraries, humane societies, Cornell Cooperative Extension, and Mohawk Valley EDGE.

Oneida County plans to use the $22 million allotted to the county in federal funding from the American Rescue Act for revenue replacement from the past 18 months, continued COVID-19 expenses, and to reduce the need for increased bonding on capital projects.

Picente also said officials will conduct a countywide mental-health assessment to better understand the consequences of the pandemic, assess the system in place, identify gaps, and “bolster services in the community.”

The Oneida County Board of Legislators will vote on the county executive’s 2022 budget proposal at its meeting on Nov. 10, Picente’s office said.

ABA report sheds light on student- debt loads of young lawyers

Health Care, Law, Accounting & Taxes, Subscriber Only

Ninety percent of young attorneys responding to an American Bar Association (ABA) survey borrowed education loans for their juris doctorate (J.D.) or prior degrees. They owed an average of about $108,000 in J.D. loans and $130,000 in all loans combined at graduation. Of those who borrowed, 80-90 percent indicated their student debt has “in some way disrupted

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Report: 45M Americans expected to bet on NFL games this season

Law, Accounting & Taxes, Sports, Entertainment & Tourism, Subscriber Only

A record 45.2 million Americans (18 percent of the population) plan to wager on the 2021 National Football League (NFL) season, according to a recent research report issued by the American Gaming Association (AGA). The report, issued on Sept. 7, expects that 36 percent more Americans will place a bet on NFL games this season. The AGA attributes

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SU College of Law names exec. director of Innovation Law Center

Health Care, Law, Accounting & Taxes, Subscriber Only

SYRACUSE, N.Y. — A man who graduated from the Syracuse University (SU) College of Law in 1999 is the new executive director of the college’s Innovation Law Center (ILC). Brian Gerling takes over the role from M. Jack Rudnick, who will remain connected with the ILC as senior advisor, the College of Law announced on

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SYRACUSE, N.Y. — A man who graduated from the Syracuse University (SU) College of Law in 1999 is the new executive director of the college’s Innovation Law Center (ILC).

Brian Gerling takes over the role from M. Jack Rudnick, who will remain connected with the ILC as senior advisor, the College of Law announced on Oct. 11. Rudnick is a 1973 graduate of the SU College of Law.

Gerling brings nearly two decades of intellectual property and commercial-litigation experience to the role, the college said. He most recently served the College of Law as an adjunct professor, teaching innovation law and technology-law courses. In his new role, he will continue to teach as a member of the College of Law faculty.

Gerling also will retain his of-counsel affiliation with Syracuse–based law firm Bond, Schoeneck & King PLLC, where his practice focuses on intellectual property (IP), data privacy, emerging technology, and economic development.

As ILC executive director, Gerling oversees the center’s applied-learning course — the Innovation Law Practicum — in which students from the College of Law and across Syracuse University gain practical skills and experience assisting companies with IP, regulatory, and market-landscape research, as well as capital sourcing, the college said.

Gerling will work with Professor Shubha Ghosh and the Syracuse Intellectual Property Law Institute to administer the college’s curricular program in technology commercialization law studies. He’ll also direct the New York State Science and Technology Law Center (NYSSTLC), which is a grantee of the Empire State Development´s Division of Science, Technology, and Innovation (NYSTAR).

“As one of ILC’s brightest alums and biggest advocates — and a former student of its founder Ted Hagelin — Brian brings expertise and enthusiasm to the center. His deep and wide-ranging practice experience in IP law, and especially emerging technology, will enrich our students’ educational experiences,” Craig M. Boise, dean of the SU College of Law, said in a statement. “I look forward to working with Brian to build on Jack Rudnick’s remarkable work expanding ILC and NYSSTLC so that our students continue to get real world experience working with a wide variety of technology clients.”

Gerling said he’s excited to join the Innovation Law Center.

“It is an honor to direct the ILC; it has had such a profound effect on my career. It was my interest in marrying my passion for biotechnology and law that brought me to Syracuse, and Professor Hagelin left an indelible impression on me. I have used the principles and values that I learned at Syracuse Law throughout my career,” Gerling said. “To return to my alma mater in this capacity and to continue Ted’s and Jack’s legacies are both a privilege and deeply satisfying honor. I look forward to working with students interested in technology commercialization and the innovation economy and giving them the skills and practical tools they need for successful careers.”

Gerling serves on the board of the Central New York International Business Alliance and on the technology council of DeWitt–based MACNY, the Manufacturers Association, and he holds other ex-officio board positions. In addition to his law degree from the SU College of Law, Gerling holds a bachelor’s degree in biology from Binghamton University.

Rudnick became ILC’s second director in 2013. Since then, he has “dramatically” increased the number of clients served by the ILC and NYSSTLC, across green and clean tech, biotech, autonomous systems, and other industries; expanded the range of innovation-ecosystem partnerships among ILC and New York–based economic-development organizations; and helped launch graduates into careers at companies such as Deutsche Telekom, Eli Lilly, IBM, Johnson & Johnson, Proctor & Gamble, and the U.S. Patent and Trademark Office, the SU College of Law said.

N.Y. local sales-tax collections rise over 15 percent in August

Law, Accounting & Taxes, Subscriber Only

ALBANY, N.Y. — Local government sales-tax collections across New York rose about 15 percent to more than $1.5 billion in August from about $1.3 billion in the same month in 2020. The August increase follows a 21 percent jump in July and represents the fifth consecutive month that sales-tax collections exceeded 2020 results, New York

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ALBANY, N.Y. — Local government sales-tax collections across New York rose about 15 percent to more than $1.5 billion in August from about $1.3 billion in the same month in 2020.

The August increase follows a 21 percent jump in July and represents the fifth consecutive month that sales-tax collections exceeded 2020 results, New York State Comptroller Thomas DiNapoli announced Sept. 15.

“New York’s local governments continue to see much stronger collections in 2021 compared to last year when the pandemic kept people home,” the comptroller said. “However, it remains uncertain how recent increases in statewide infection rates will impact the economy. Local governments must continue to monitor changing economic conditions and maintain vigilance when it comes to their finances,” he cautioned.

The double-digit growth in local sales taxes is “notable” in comparison to the “fairly weak” collections reported during August 2020 when sales activity was recovering in certain parts of the state from the early effects of the pandemic.

Still, August 2021 total collections were “strong” even when compared to the figures reported during pre-pandemic levels, growing 6.5 percent, or nearly $93 million, over August 2019, DiNapoli’s office noted.

Every county outside of New York City saw year-over-year collections for August grow by double digits, ranging from 12.6 percent in Herkimer County to 76.3 percent in Delaware County. New York City’s collections totaled almost $623 million, an increase of 7.9 percent, or more than $45 million, compared to August 2020.

During the last month of each calendar quarter, the New York State Department of Taxation and Finance reconciles quarterly distributions against what had been reported by sales-tax vendors for the reporting quarter and adjusts payments to local jurisdictions in those months upward or downward accordingly.

During the other months, including August, the payments are based on estimates.

The next reconciliation will be reported in mid-October and will provide more information on the regional picture of sales-tax collections for the third quarter period of July through September, DiNapoli’s office explained.

ASK RUSTY: If I Die, What Happens to the Social Security Taxes I Paid?

Business Mentors, Law, Accounting & Taxes, Subscriber Only

Dear Rusty: I have heard that when my wife and I pass, the government keeps all we have paid into Social Security. Is this correct? Signed: Curious Senior Dear Curious: The Social Security taxes paid while you and your wife were working weren’t deposited into a personal account for each of you; rather they were

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Dear Rusty: I have heard that when my wife and I pass, the government keeps all we have paid into Social Security. Is this correct? Signed: Curious Senior

Dear Curious: The Social Security taxes paid while you and your wife were working weren’t deposited into a personal account for each of you; rather they were used to pay benefits to those collecting Social Security at the time. That’s the way the program has worked since enacted in 1935 and the way it still works today. The money you contributed has already been used to pay benefits to others. However, hopefully you and your wife will live to claim your own benefits, and what you get when you claim will be based upon your earnings record over your entire lifetime (up to earnings you paid Social Security FICA payroll taxes on). Those historical earnings are adjusted for inflation and your lifetime average monthly-earnings amount is determined, from which your base benefit is calculated. Just as you and your wife helped pay for those getting SS benefits while you were working and paying into Social Security, those now working and paying into the program will help pay benefits to you and your wife.

You may be interested to know that studies show most workers get back everything they’ve personally contributed to Social Security within about three to five years of starting their benefits.

One study I’m familiar with looked at how long it would take the average Social Security recipient who starts benefits at full retirement age (FRA) to get back money equal to what he or she paid into SS. That study looked at four different hypothetical earners — one who earned only half of the national average wage index (AWI) for his/her lifetime; another who earned 100 percent of the national AWI for a lifetime; another who earned 150 percent of AWI for his/her lifetime; and yet another who earned the maximum annual payroll tax cap for his/her entire lifetime. The study then figured how much each of those individuals would have paid in Social Security payroll taxes over their 35 highest-earning years (which is what SS benefits are computed from). Then, the study looked at what their SS benefit would be at full retirement age and calculated how long it would take for each to recover the Social Security FICA taxes paid over their lifetime.

The analysis revealed that the lowest-earning beneficiary would get back everything paid into Social Security within about 34 months, and the highest-earning beneficiary would get back everything paid within about 63 months. For clarity, this study looked at employed workers who pay Social Security FICA taxes. Note: those who are self-employed and who must pay both the employee and employer portion of SS tax must collect benefits longer to break even.

So, the answer to your specific question is that the money you and your wife contributed to Social Security while you were working has already been used to pay benefits for others who were getting benefits at the time you paid into the program. Hopefully, by the time you and your wife pass you both will have received considerably more in Social Security benefits than the taxes you paid into the program while you were working. If you were an employee, you only need to collect benefits for about three to five years to be ahead of the game.

One final note for those who contend they could do better investing that money on their own — Not paying Social Security tax on employment earnings isn’t a personal option.

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4 million member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

VIEWPOINT: Four Reasons to Use your Accountant Year-Round

Law, Accounting & Taxes, Subscriber Only

The end of tax season is no reason for small-business owners to retire their accountant’s number until the new year rolls around. In fact, doing so can leave a business without critical counsel in even the best of economic climates — let alone one ravaged by the unpredictable impacts of a global pandemic. Far more

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Far more than just bean counting, the accountant’s role has been shifting to one of strategic advisor — an evolution that started long before the arrival of COVID-19. Business owners have begun to lean on accountants more than ever to help navigate a precarious and profoundly unfamiliar economic landscape. And if it wasn’t clear before the pandemic, it certainly is now that good accountants, with their understanding of business and operations, planning and execution, are capable of counseling on virtually any economic issue a business may face. Among other things, they can help with tax planning, budgeting, and investing, as well as offer strategies on how to manage cash flow.

If you are not already using your accountant as a valuable year-round resource for your business, here are four reasons to start.

1. Accountants know the ins and outs of your business

A good accountant brings an understanding of business and operations to the table that often exceeds that of other professional partners. With that expertise and their firsthand knowledge of your business, they can provide guidance on critical matters that’s consistent with the specific needs and goals of your organization. A good accountant can assess how your business is doing, identify the factors that got you there, and help you create and execute a strategy to get you where you want to be.

2. Accountants bring solution-based thinking

If interactions with your accountant are limited to sharing numbers and reviewing reports, you’re not getting the most out of your professional relationship. Conversations with your accountant should be solution-based consultations — and they should happen on a regular basis. The more your accountant understands your business goals, the better they can help strategize for the future and propose solutions that make the most business sense for you.

3. Accountants know the latest regulatory requirements — so you don’t have to

In a constantly changing regulatory environment, compliance can be a real challenge for businesses. Your accountant, on the other hand, is continually monitoring relevant federal and state laws and regulations to stay current on the processes you need to remain compliant. And that means you focus your time and energy on operating and growing your business.

4. Accountants offer diverse skill sets

When you are choosing an accounting firm, it’s important to look for one that employs qualified accounting professionals from a variety of backgrounds and advisory skill sets. Doing so ensures that you’re getting the best advice possible for any scenario your business might face, whether you need to increase profitability, maximize operational efficiencies, minimize organizational risk, or solve complex business problems stemming from regulatory-compliance issues.

Accountants have proven their value in countless ways over the past year, stepping out of their tax-advisory role to help guide business owners with everything from securing loans and applying for tax credits to transitioning to remote-work environments, restructuring their workforce, temporarily closing their doors, and safely reopening. And they did it all while navigating constantly changing guidelines and funding opportunities.

While the pandemic itself will someday end, it has forever changed the business landscape. As business owners work hard to understand and meet the evolving needs of their customers and employees in the post-pandemic environment, the role of accountant as trusted advisor will be more important than ever.

Denise Neamon is a CPA and partner with The Bonadio Group. Contact her at dneamon@bonadio.com.

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