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Category Archives: Business Reports

Business Report: State Of The Economy And Markets

Posted onApril 23, 2025
Michael Brodt, Senior Vice President, Wealth Management Director at Adirondack Trust.

By Michael Brodt
Quarter 1, 2025

During a radio address on his hundredth day in office, on June 12, 1933, our 32nd President, Franklin D. Roosevelt, coined the term “First 100 Days.” Since then, the first 100 days of a presidential term are closely watched and widely talked about. We typically see a flurry of activity during these first 100 days; these first 100 days have proven to be active indeed.

The early part of President Trump’s second term has been largely dominated by talk of tariffs, resulting in a highly volatile stock market, desperate for answers on how potential trade wars might impact our U.S. economy. While the implementation of tariffs (and, in return, the retaliatory tariffs on U.S. goods) should not come as a surprise, the magnitude of the tariffs and the inconsistent message from Washington is certainly causing angst.

U.S. Federal Reserve Chair Jerome Powell recently said that tariff increases would likely result in a slowing of the U.S. economy and a delay in the progress being made toward lower inflation this year. However, he did say that the expectation would be that the tariff-related impact on the economy would be transitory and work its way through quickly.

After a series of interest rate cuts during 2024, the Fed left rates unchanged at both its 2025 Committee meetings, indicating that it is too early to tell the full impact of higher tariffs on inflation and economic growth. The Fed’s outlook for 2025 economic growth was adjusted to 1.7% from 2.1% and its outlook for inflation to 2.7% from 2.5%.

The first trading days of 2025 saw the Standard & Poor’s 500 Index (S&P 500) advance from 5,868 at the beginning of the year, to an all-time high of 6,144 on February 19. Following this apex, the S&P 500 hit correction territory, declining 10% to 5,521 on March 13. More recently, the index has shown strength, advancing just over 3% from this 2025 low.

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Business Report: Tariff Tantrums: Forgotten Power Of Diversification

Posted onApril 23, 2025
Kenneth J. Entenmann, chief investment officer & chief economist with NBT Bank.
Courtesy NBT Bank

by Kenneth J. Entenmann, CFA®
4/10/2025

It is said that the markets hate “uncertainty.” Well, we have much uncertainty. The Trump administration has created great confusion as to the end game of the tariff wars. 

Is the purpose of tariffs to raise “billions and billions” to help reset our “unsustainable” fiscal debt and deficits? If that is the case, the tariffs will need to be permanent. 

On the other hand, the administration is busy telling us that over 70 countries have approached the White House to “negotiate” new trade deals. Hopefully, that will be the case, as the world will have more free and fair trade, which is a good thing. However, it also means the tariffs and the “billions and billions” are temporary. 

Which is it? Are the tariffs a permanent income stream or a tool for negotiation? Adding to the confusion is that the answer you get depends on which administration official is speaking. 

Trade Advisor Peter Navarro and Secretary of Commerce Howard Lutnick are adamant that the tariffs are permanent. National Economic Advisor Kevin Hassett and Sec. of Treasury Scott Bessent are clearly in the negotiation camp (As am I.) And the President has demonstrated an ability to make both cases at the same time. Confused? Me too. And so are the markets!

The markets have responded harshly to the inconsistent roll-out of the Trump tariffs. The S&P 500 has been down 11.54 percent in the last five trading days, 13.65 percent in the previous month, and 15.28 percent year-to-date. The market is speaking loudly. But maintaining a long-term view is helpful. Even after the recent carnage, the S&P 500 is up 5.15 percent annually over the last three years, 14.37 percent annually over the last fiveyears, and 11.09 percent annually over the last ten years. That’s pretty good! Especially when compared to the “safe” three-year, five-year, and ten-year bond aggregate returns of .94 percent, -.61 percent and 1.35 percent! Yes, diversification still works!

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Business Report: Compliance with the NY State Salary Transparency Law

Posted onFebruary 25, 2025
Jeffrey B. Shapiro, Esq., Associate Attorney at Bartlett, Pontiff, Stewart & Rhodes, P.C.

By Jeffrey B. Shapiro, Esq.

New York State has enacted the Salary Transparency Law (S.9427/A.10477), now in effect since September 17, 2023. This legislation requires employers with four or more employees to disclose the compensation or range of compensation in all advertisements for job, promotion, or transfer opportunities.

Employers need to be aware of the new salary transparency requirements to avoid fines and other legal consequences. There might be small businesses, especially those without regulatory compliance support, who might not be fully aware of these new requirements.

What Needs to Be Disclosed?

New York State Pay Transparency Law mandates private employers with four or more employees to disclose a salary or pay range in all advertised job, promotion, or transfer opportunities. This applies to positions performed wholly or partly in New York State, and even to remote roles that report to a New York-based supervisor or office. The law covers advertisements across various platforms, such as newspapers, social media, or job-listing websites. The pay range should be a good faith estimate of the employer’s offering, with a defined minimum and maximum, and if it’s a fixed rate, that rate should be specified.

Drafting the Pay Range

The New York State Pay Transparency Law outlines that a pay range, reflecting the minimum and maximum annual salary or hourly rate, must be included in job advertisements. If a fixed rate like $30 an hour is to be offered, it must be listed. Pay ranges can’t be open-ended (e.g., “$20+ an hour”) and should only reflect monetary compensation, not other benefits like insurance or paid leave, though these can be disclosed separately. For commission-based pay, it must be clearly stated in the advertisement. Employers are required to make a good faith effort in determining and presenting the pay range.

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Business Report: What should you know about RMDs?

Posted onDecember 16, 2024
Meghan Murray is a financial advisor with
Edward Jones Financial in Queensbury. Courtesy Edward Jones Financial

Provided By Meghan Murray

You may spend many decades contributing to your IRA and 401(k), but eventually you will likely need to take the money out — in fact, you must take the money out or face penalties. What should you know about these mandatory withdrawals?

Here are some of the basics:

• What are they called? Mandatory withdrawals are technically called required minimum distributions, or RMDs.

• When must I take RMDs? If you were born before 1951, you’ve probably already begun taking RMDs. If you were born between 1951 and 1959, your RMD age is 73. And if you were born in 1960 or later, your RMD age is 75. You can postpone accepting your first RMD until April 1 of the year after you reach your RMD age, but this will result in two RMDs for the year. After you take your first RMD, you must take subsequent ones by December 31 of each year.

• What penalties will be assessed if I don’t take all my RMDs? For every dollar not withdrawn, the IRS will charge a 25% penalty, but this can drop to 10% if you subsequently withdraw the correct amount within two years.

• Which accounts have RMDs? RMDs apply to traditional IRAs, as well as other types of IRAs, including SIMPLE and SEP IRAs. RMDs don’t apply to Roth IRAs. RMDs also apply to traditional 401(k)s, but not Roth 401(k)s.

• Can I withdraw more than the RMD for any given year? Yes, you are free to take out as much as you want. However, if you take out more than the RMD for one year, you can’t apply the excess to the RMD for the next year. 

• How are RMDs calculated? Typically, your RMDs are determined by dividing your account balance from the prior December 31 by a life expectancy factor published by the IRS. Your financial professional should be able to perform this calculation for you.

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Business Report: Securing Your Retirement Future

Posted onDecember 16, 2024
David Kopyc, president of Retirement Planning Group LLC in Glens Falls.
Courtesy Retirement Planning Group LLC

By David Kopyc

Retirement, once a distant dream, can quickly become a tangible reality.  As you navigate the complexities of modern life, it’s crucial to prioritize financial planning to ensure a comfortable and secure retirement.

Understanding Your Retirement Needs

The first step in effective retirement planning is to assess your financial needs.  Consider the following factors:

• Desired Lifestyle:  What kind of lifestyle do you envision in retirement?  Will you travel extensively, pursue hobbies, or volunteer?

• Healthcare Costs:  Factor in potential healthcare expenses, including insurance premiums, prescription drugs, and long-term care.

• Inflation:  Account for the impact of inflation on your future spending power.

• Dependency Ratios:  If you plan to support dependents, include their needs in your calculations.

To determine the amount you need to save, you can use various retirement calculators or consult with a financial advisor.  Here are some key factors to consider:

• Time Horizon:  The longer your investment horizon, the more time your savings have to grow.

• Expected Rate of Return:  Estimate the average annual return on your investments.  

• Social Security Benefits:  Factor in the potential income you will receive from Social Security.

• Pension Income:  If you have a pension, include it in your calculations.

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Business Report: Consider Tax-Smart Charitable Gifts

Posted onNovember 18, 2024November 18, 2024
John M. Gable, financial adviser with Edward Jones Financial in Warrensburg.
Courtesy Edward Jones

Provided By John m. gable

As we enter the annual season of giving, you might be thinking of charities you wish to support. But you also might be wondering how to gain some tax benefits from your gifts.

It used to be pretty straightforward: You wrote a check to a charity and then deducted the amount of the gift, within limits, from your taxes. But a few years ago, as part of tax law changes, the standard deduction was raised significantly, so fewer people were able to itemize deductions. Consequently, there was less financial incentive to make charitable gifts. 

Of course, this didn’t entirely stop people from making them. And it’s still possible to gain some tax advantages, too. 

Here are a few tax-smart charitable giving strategies:

• Bunch your charitable gifts into one year. If you combine a few years’ worth of charitable gifts in a single year, you could surpass the standard deduction amount and then itemize deductions for that year. In the years following, you could revert to taking the standard deduction. 

• Make qualified charitable distributions. Once you turn 73 (or 75 if you were born in 1960 or later), you must start taking withdrawals from your traditional or inherited IRA. These withdrawals — technically called required minimum distributions, or RMDs — are taxable at your personal income tax rate, so, if the amounts are large enough, they could push you into a higher tax bracket or cause you to pay larger Medicare premiums. 

But if you donate these RMDs directly to a qualified charity, you can avoid the taxes. And because these donations, known as qualified charitable distributions (QCDs), will reduce the balance on your IRA, you may have lower RMDs in the future. 

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Business Report: Cybercrime And Small Business

Posted onNovember 18, 2024
Tucker Lounsbury, President, NBT Insurance, Glens Falls.
Courtesy of NBT Insurance

By Tucker Lounsbury

Cyberattacks on small- and medium-sized businesses (SMB) continue to rise and will only intensify over the next few years. With the increased prevalence and cost of attacks, the absence of a safety net like cyber insurance is no longer an option SMBs can afford. 

Assessing The Threat

Ransomware is one of the most common forms of hacking and includes the cybercriminal holding files or devices hostage in exchange for payment. Unfortunately, bad actors know that SMBs, in general, are less likely to have the full spectrum of safeguards in place, leaving them particularly vulnerable to this growing threat. 

According to Astra, ransomware attacks have risen by 13 percent in the past five years, with an average cost of $1.85 million per incident. By 2031, it is predicted that a ransomware attack will happen every two seconds.

While training employees and requiring measures like strong passwords, regular password resets and multi-factor authentication are critical lines of defense, these steps are no longer enough.

Establishing a Safety Net  

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Business Report: Workplace Political Discussions Must Be Respectful

Posted onAugust 19, 2024
Renee Walrath, president, Walrath Recruiting Inc., Saratoga Springs.

By Renee Walrath

With the 2024 election drawing near, political tensions have increased and will only grow stronger over the upcoming months. Many Americans are bracing for these divisive political conversations, at home and work. 

Although there are always going to be some employees who are eager to share their opinions, a recent study found that over half of workers try to avoid having any discussion of politics in the workplace. That same survey concluded that 51 percent of workers believed that political discussions in the workplace hurt the work environment. 

While it should go without saying that the workplace is not an ideal place to have these conversations, it is unrealistic to expect discussions regarding political concerns not to crop up over the next several months. To help navigate political discourse in a professional environment, companies should be proactive in their approach. Ensure there are clear guidelines and expectations put in place to limit or eliminate any excessive political disruptions. Consider these practical recommendations to effectively navigate political conversations in the workplace. 

First and foremost, establishing clear policies or boundaries is essential. Formalizing policies set a framework of how conversations should be conducted to ensure no ostracizing of employees. 

Professional environments always require mutual respect among all parties. Employers should maintain vigorous anti-discrimination and anti-harassment policies to cover any protected characteristics such as race, gender, religion, etc., which often arise in political dialogue. 

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Business Report: Retirement Plans For Small Businesses In NY

Posted onAugust 19, 2024
Christopher K. Kelly, AIF®, QPFC, QKA®, CEBS; Sr VP, Retirement Services Mgr; Capital Bank.

By Christopher K. Kelly

Small business owners in New York face many decisions each day. Being part of a community bank, it’s not uncommon for us to be involved in conversations on how to best attract, retain, and take care of employees in terms of compensation, health benefits, vacation, and retirement.  This last item, retirement and financial security, is an increasingly common topic of interest. In our discussions with workers in New York, most understand there is a need for them to be saving for retirement. They know that people are living longer (meaning income will be needed for a longer period of time), Social Security benefits will not meet their income needs, and health insurance in retirement will be a significant expense.  These conversations often lead to two questions: (1) Does the employer offer a retirement plan and (2) Does the employee have the capacity to make saving for retirement a priority in their budget?  

Over the past several years, there has been an increased effort at the state and federal levels to help small businesses provide their employees access to a retirement savings plan. Small business owners have a variety of retirement plans to choose from, including: 401(k), 403(b), Profit Sharing, Pension Plans, SIMPLE IRAs, and SEPs.  Each of these programs offers its own set of features, requirements, varying complexity, and administrative costs. Knowing which type of retirement plan to implement is not an easy task, and often leads to no selection at all. The result is that many workers in New York are still not covered by an employer-sponsored retirement plan.

In an effort to give more employees access to a retirement plan, many state governments have developed their own programs. While these retirement programs differ by state, the common features include: mandates for businesses to participate based the number of employees, automatic enrollment for employees to save 3 to 5 percent of their pay into a Roth IRA, the ability for an employee to opt-out of saving, designated investment options, and low administrative fees.  

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Business Report: The Importance Of An Estate Plan

Posted onAugust 19, 2024
David M. Kopyc, CRPC®, is president of Retirement Planning Group LLC.

By David M. Kopyc, CRPC

The largest wealth transfer in the history of mankind will take place over the next three decades.  It is estimated to be in excess of 80 trillion dollars.  How will the Gen X and millennials manage this type of wealth and will they be able to work through the options they will need to take to protect these assets and minimize tax liability.

This transfer of wealth will take decades to play out, so most families will have time to take action to develop a plan to maximize their wealth transfer possibly for generations to come.  It is critical to have discussions on how this wealth can be utilized for all the future events that will take place in your family’s lives (weddings, college education, charitable intent, future income sources, etc.).

Regardless how big your pot of gold may be, you need to develop an estate plan.  A simple Will and beneficiary forms are important, but most of us will probably need to have a Trust or multiple Trusts.  Probate is expensive and if you want your money to follow your bloodline, there are options and strategies to take to accomplish this.

There are too many situations with families that ended badly because there was a lack of communication between the family members. It is critical that heirs have open, honest discussions about what they would like from the estate so conflicts do not arise.  While these conversations may be difficult and uncomfortable, it’s better to have your wishes known so there is absolutely no misunderstanding.

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