Month: December 2018

Owner Of Gross Electric Inc. Buys Industrial Park Property, Eyes Development Options

December 13, 2018December 14, 2018

Joseph Gross owns Gross Electric Inc., shown here, in Queensbury’s Carey Industrial Park. He recently purchased 25 acres in the park, not far from this facility.
Courtesy Gross Electric Inc.

By Jill Nagy

Joseph Gross, owner of Gross Electric Inc. in Queensbury, recently acquired a 25-acre parcel of industrially zoned land adjoining the Carey Industrial Park on Carey Road.

It abuts a seven-acre parcel he already owns, giving him more than 30 acres of vacant land ready to be developed. Gross now owns the last two vacant lots in the approximately 100-acre industrial zone near Northway Exit 18.

Gross said there has been some interest in developing the newly acquired land. He is willing to build to rent or to sell. He said he may build something on speculation or, if a tenant or buyer is interested, build to suit.

However, “nothing is inked yet,” so, for now, the identity of any prospective developer remains confidential.

Small Business Index: Economic Outlook Is High Despite Experiencing Hiring Difficulties

December 13, 2018December 14, 2018

A Q4 MetLife and U.S. Chamber of Commerce Small Business Index released in December reflected general optimism from the small business community about the economy.

Optimism on the health of the national economy has continuously increased since the second quarter and is at a new high with 58 percent of small business owners believing the U.S. economy is in good health, the Chamber said.

Optimism on the local economy also improved this quarter to 56 percent of small business owners noting their local economy as good, up six points from he third quarter 2018.

“Small businesses are the growth engine of the American economy, employing half of the nation’s private sector workforce,” stated Jessica Moser, senior vice president, Small Business Solutions in MetLife’s Group Benefits business. “The owners of those businesses make crucial decisions about expansion and hiring every day, so their level of optimism is a good indicator of future growth. The findings of this quarter’s Index show they are still bullish, which bodes well for our economy as a whole.”

Business Briefs – December 2018

December 13, 2018December 14, 2018

Whiteman Osterman & Hanna LLP has been named a Tier 1 firm in Albany by U.S. News—Best Lawyers “Best Law Firms” in 2019 in the following practice areas: corporate law, education law, employment law—management, environmental law, litigation—trusts and estates, and trusts & estates law.

Firms included in the 2019 Edition of “Best Law Firms” are recognized for professional excellence with consistently impressive ratings from clients and peers. Achieving a tiered ranking signals a unique combination of quality law practice and breadth of legal expertise.

Moreau Community Center Has Programs For Senior Citizens And School Children

December 13, 2018December 14, 2018

Kelly Obermayer, director of development at Moreau Community Center, right, and Sarah Egan, billing assistant, prepare for the agency’s annual Holiday Caring program.

By Jill Nagy

For more than 40 years, the Moreau Community Center has served the people of Warren, Washington and Saratoga counties. Located in the heart of South Glens Falls, in a former Methodist church, the center sees more than 500 people a month, ranging from pre-schoolers to seniors, come through its doors.

The center’s programs for youth include a pre-school and before and after school programs for children as well as summer camp and recreational activities. Seniors come in for exercise programs, meals, and just to hang out and socialize and sign up for field trips.

The seniors are the most active group during the day, according to Executive Director Donna Nichols.

A third aspect of the center’s program is a range of community services: a food pantry, referral services and a thrift shop, among them. A backpack program provides weekend meals for school children and the center also sponsors a summer meal program.

The Hyde Museum Offers Discount On Membership During Month Of December

December 13, 2018December 14, 2018

Kayla Ditlefsen, administrative assistant at The Hyde museum, displays information on membership, which is being offered at half-price to anyone living in the 12801 postal zip code.

The Hyde Collection is offering to put something extra in the stockings of city residents for the holiday season. In addition to its annual Pay as you Wish program throughout December, the museum is offering half-price membership to anyone living within the 12801 postal zip code.

This is the museum’s fourth year of Pay as you Wish, when admission fees are waived and guests are encouraged to answer a brief survey and make a donation based on their experience. The feedback is used to help The Hyde staff improve the visitor experience and the by-donation admission ensures everyone has access to the art museum.

“Pay as you Wish is a great way for us to learn how we can improve The Hyde experience,” said Anne Saile, interim director. “Over the past few years, we have learned a lot about what visitors want from the Museum and we have been able to make changes based on suggestions offered.”

Catering Holiday Meals Gives People A Stress-Free Holiday Option For Hosting Family And Friends

December 13, 2018December 14, 2018

Deliciously Different owner Robin Getchell-Smith says they love helping people cope during the holidays by catering dinner parties, including intimate dinners hosted at family homes.

By Jennifer Farnsworth

Local caterers have advice for those entertaining during the holidays: Leave the cooking to them.

From last minute appetizers, to brunch, to full-scale, sit-down dinners, local restaurants and cafes are up to the challenge of ensuring a stress-free

Deliciously Different owner Robin Getchell-Smith said they love helping people cope with the holidays. During this time of year they are busy with dinner parties, including intimate dinners hosted at family homes.

“Our clients find it is such a more intimate way to celebrate rather than making dinner reservations. They can come early and stay late surrounded by their closest friends,” said Getchell-Smith.

They also do many larger cocktail-style events this time of year. Getchell-Smith said showing off a decorated home for the holidays and hosting a cocktail party is all part of the holiday fun.

SPAC Offers Holiday Ticket Packages For Ballet, Jazz, Orchestra Performances

December 13, 2018December 14, 2018

SPAC holiday promotion sales include tickets to Freihofer’s Saratoga Jazz Festival.

Saratoga Performing Arts Center is again offering its popular Holiday Collection—customizable gifts for classical music lovers, jazz fans and aspiring ballerinas, alike.

The 2018 Holiday Collection includes the Trustco Bank Classical Season Flex Pass, which features a lawn seat for all performances of New York City Ballet and the Philadelphia Orchestra and the opportunity to upgrade to the best available amphitheater seat for $5 for any performance, up to five times ($165 through Dec. 31); gift certificates, which can be redeemed for tickets to any SPAC performance, Live Nation show or the Saratoga Wine & Food Festival; the flex ticket option for the Freihofer’s Saratoga Jazz Festival ($56 through Dec. 31); holiday gift subscriptions to Chamber Music Society of Lincoln Center at SPAC and SPAC memberships.

For those who prefer to purchase tickets in person, SPAC will open the Hall of Springs Box Office (108 Avenue of the Pines) on Saturday, Dec. 15. from 10 a.m. to 2 p.m. The regular Holiday Collection discount will apply with a one-day-only discount for purchases of the Trustco Bank Classical Season Flex Pass (available for $150, in person only) and no processing fees or facility fees.

Audiences can also enjoy hot chocolate and holiday cheer while making their purchase.

North Country Orthopedics Joins Glens Falls Hospital Medical Group; Services Expanded

December 13, 2018December 14, 2018

Glens Falls Hospital is undergoing a major expansion in orthopedic and surgical services for the region.

Privately-owned North Country Orthopedics has joined the Glens Falls Hospital Medical Group and is now an employed physician practice of Glens Falls Hospital, officials said.

The surgeons and physician assistants from North Country Orthopedics will be collaborating with Glens Falls Hospital’s Orthopedic Specialists of Glens Falls.

Members joining Dr. Thomas Varney, and Jordan Haskins, PA-C are Dr. Mark Kircher; Dr. Doug Kirkpatrick; Dr. Andre Johnson; Dr. Adam Brod; Dr. Michael Rozell; Richard Robertson, PA-C; Patrick McDermott, PA-C; James Todt, PA-C; Christopher Stephens, PA-C; Laura Gosnell, PA-C; Jameel Ali, PA-C ; Adria Newberry, PA-C; and Tara Manny, PA-C.

Financial Advisers Help Clients With Valuable Year-End Advice About Retirement Planning

December 13, 2018December 14, 2018

Paul Dowen, partner, Whittemore Dowen and Riccaiardelli LLP.
Courtesy Whittemore Dowen and Riccaiardelli

By Susan E. Campbell

December is good time for business people to meet with investment, accounting and tax professionals to look at the year behind and the one ahead.

At Paul Dowen’s office, Whittemore Dowen and Riccaiardelli, LLP in Queensbury, the team is working to manage retirement accounts in a way that maximizes deductions and minimizes tax liabilities under the new rules.

Even though all individual tax brackets, except the 10 percent bracket, are lower because of the Tax Cuts and Jobs Act, the experts can offer some tried-and-true tips for managing the tax burden.

“The biggest jump in the new tax tables is from the 12 percent bracket to 22 percent, so the challenge is how we keep more income at the 12 percent rate,” said Dowen. “The first step is to make sure the maximum amount allowed has been contributed to the company’s 401(k) plan.”

These plans must be funded by salary deductions before year-end, so time is running out to play catch-up.

“The new tax laws mean a tax cut or a break-even for retirees,” said Don Tenne of Tenne Financial Group in Glens Falls. But for small proprietors and the self-employed who file a Schedule C, there are two hefty tax breaks now in the code.

“Starting in 2018 there is up to a 20 percent deduction in taxable income for those businesses,” said Tenne. “If net profit is $200,000, for example, $40,000 is not taxed, a savings of $12-13,000 or more. That’s huge.”

Business Report: Qualified Opportunity Zones

December 13, 2018December 14, 2018

Scott D. Shimick is a partner at Whiteman Osterman & Hanna LLP.

By Scott D. Shimick

As part of the 2017 Tax Cuts and Jobs Act, Congress added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code, creating the Qualified Opportunity Zone tax benefits. Owing in part to confusion over the provisions, the Qualified Opportunity Zone tax benefits have not been as widely publicized and discussed as most of the other provisions of the TCJA.

However, the IRS has recently issued proposed regulations and a Revenue Ruling that have brought clarity and interest to the Qualified Opportunity Zones.

Qualified opportunity zone benefits.

Congress’s purpose in creating the Qualified Opportunity Zone tax incentives was to promote private sector investment in economically distressed communities. Investors in the opportunity zones are eligible for the deferral of capital gains and possible reductions in total tax liability.

Investors in a Qualified Opportunity Zone Fund (QOZ Fund) can defer an unlimited amount of their capital gains. This deferral allows the investor to push back the recognition of capital gains to the earlier of (1) Dec. 31, 2026 and (2) the sale or exchange of the QOZ Fund investment.