Glens Falls Business Journal

Business Report: Estate And Tax Planning During COVID-19

June 19, 2020June 19, 2020

Jennifer M. Boll of Bond, Schoenecke and King PLCC.

By Jennifer M. Boll, Esq.
In the last several months, we have seen the drastic impact of the COVID-19 crisis on our health, way of living and the economy. While these times may feel uncertain, there are still many factors in your control and even opportunities for those who seek them out. This is especially true as it relates to your estate and tax plan.
The current environment of low interest rates and depressed asset values presents several unique estate planning opportunities for individuals to make the most of their hard-hit assets and leverage the transfer of wealth and business interests. There are a few items to consider.
• Federal gift tax exemption and annual exclusion remain at all time highs.
In 2020, the federal gift and estate tax lifetime exemption amount is $11.58 million per individual, and the annual exclusion for gifts is $15,000 per recipient per year.

Business Report: Explaining The 2020 W-4 Form

June 19, 2020June 19, 2020

Jeannine Dubiac, FPC is a partner at Priority One Payroll in Malta.

BY JEANNINE DUBIAC, FPC
Employers be aware. The IRS has updated the 2020 Form W-4 Employee’s Withholding Certificate.
This new version of the W-4 form is required for all new hires in 2020 and for employees who want to make a change to their withholding for 2020. Employees hired prior to Jan. 1 are not required to submit a new form.
This new 2020 W-4 form will look different! There is no longer the ability to select withholding allowances to account for additional income, deductions and tax credits. The new form include lines where employees can enter those amounts directly that will be used in calculating the withholding amount.
The IRS is not requiring all employees to complete the new W-4. Only those employees that are new hires or those that would like to make changes to their withholdings will be required to use the new revised form. The IRS has designed the tax tables to work with both the new form and the prior year versions of the form.

Small Business Recovery Fund Set Up To Help Glens Falls Businesses In Danger Of Closing

June 19, 2020June 19, 2020

The Glens Falls Local Development Corp. has announced a Small Business Recovery Fund (SBRF), that provides forgivable loans of up to $7,500 to those experiencing hardship during the coronavirus pandemic.
Priority will be given to ground-floor storefront businesses open to the general public. The funds would be used to help them stay in business. Eligible businesses are those where the owner receives their primary source of income from the business.
Loans will carry a zero-interest rate, a 12-month term and be forgiven for businesses that remain open and in operation through July 1, 2021, that have complied with the program rules, according to the SBRF guidelines.
The goal of the fund is to provide emergency relief to help business owners retain their businesses and their employees as a bridge of support before additional state and federal resources become available and the mandated pause on business operations is relaxed.

Area Builders Continue Projects After ‘Pause’ Order; Next Year’s Season Is In Question

June 19, 2020June 19, 2020

MLB Construction has continued building a two-tired concession building at SPAC.

by Lisa Balschunat
Elated about New York state’s relaxing of COVID-19 restrictions as it proceeds with reopening the economy in phases, Tom Albrecht, president of Hilltop Construction Co., said “I’m digging holes again and playing in the dirt.”
His company ran a bare-bones crew on a few jobs deemed essential businesses by Gov. Andrew Cuomo’s office during the state’s Pause. But Hilltop and other area builders are moving on with projects that came to a halt due to the pandemic.
“Hilltop had a few essential jobs, so we were able to continue working on some projects,” Albrecht said. “During the Pause we signed over $3 million worth of work. This year we are booked with contracts. Next year, I think the economic impact will be felt. I am an optimist, but also a realist. When the dust settles, our region will be affected. Some businesses won’t open long term or at all. The impact will be great.”

Garnet Hill Lodge In North River Purchased; New Owner Does Structural Upgrades

June 19, 2020June 19, 2020

Garnet Hill Lodge has redecorated guest rooms and renovated bathrooms.
Courtesy Garnet Hill Lodge

By Susan E. Campbell
April and May are the quiet months when resorts normally prepare for the summer season and the influx of visitors who contribute to a $1.3 billion tourism industry in Warren County. But Adirondack restaurants, hotels and resort areas have been slowed by the coronavirus pandemic.
Jim Rucker, who owns and operates Garnet Hill Lodge in North River with his wife, Frances, sees cause for optimism, however.
The owners recently acquired an additional 110 acres in Warren County, securing control of much of the resort’s 30-plus miles of skiing, snowshoeing and hiking trails.
Their original purchase of Garnet Hill Lodge in 2016 came with less than 300 acres of land. This April, the Ruckers purchased another 110 acres. The resort is now able to provide many more miles of trails for hiking and mountain biking during the summer and fall.

Northway Exit 16 Self Storage Offers Climate Controlled Units, Around-The-Clock Access

June 19, 2020June 19, 2020

Tom Samascott, left, and son Wayne Samascott, recently built a new climate-controlled storage center on Ballard Road, near Northway Exit 16.
©2020 Saratoga Photographer.com

By Rachel Phillips
The father and son team of Tom and Wayne Samascott recently built a new climate-controlled storage center on Ballard Road, near Northway Exit 16.
Northway Exit 16 Self Storage offers clients a convenient access as it is located just 1,000 feet down from the exit.
Tom and Wayne Samascott are president and vice president, respectively, of Malta Development Co. They opened the storage center in March.
“I have been interested in doing self-storage for the past several years and the opportunity to by this project came along,” Wayne Samascott said. “We liked the location. Ballard Road gets a lot of traffic.”
The center contains 48,400 square feet of rentable space, with units ranging from 5×5 feet, up to 13×20 feet. In addition to heated and air-conditioned units, clients will have 24/7 access.
Units are monitored by a security camera system that covers every part of the building. Renting units can be done online at northwayexit16selfstorage.com. Upon rental, clients receive a code to access the building without ever having to interact with anyone. The center even accepts package deliveries for clients, and will place the deliveries in their units for them.

JAG Group LLC Planning To Build Four Warehouse Buildings Near Northway Exit 18

June 19, 2020June 19, 2020

By Jennifer Farnsworth
A steady need for warehousing has been a green light for JAG Group LLC of Glens Falls to continue with its plan to build four new warehouse buildings on 33 acres of land near Northway Exit 18 in Queensbury.
JAG Group President Tim Barber said he and his business partners are looking to have the warehouses ready for tenants by fall.
They are currently awaiting final approval from the town of Queensbury and expect no issues with the project going forward. Barber and his partners at Native Development Associates are seeking approval from planners to split the former Native Textiles knitting mill site into a total of six lots. Five of them will range from 2.01 acres to 11.32 acres. The sixth lot will be used for road expansion, aiding in site accessibility.

CDPHP Is Facilitator In A New Medical Complex To Be Open Sometime In 2021

June 19, 2020June 19, 2020

By Andrea Harwood Palmer
CDPHP is acting as partner facilitator for a new multi-practice medical specialty complex located at 1785 Route 9 in Clifton Park.
“CDPHP, in partnership with a number of independent physical practices, is building what we consider to be the medical park of the future,” said Ali Skinner, CDPHP vice president of strategic communications. “The goal is to provide the ultimate patient experience in a state-of-the-art complex.”
Though April groundbreaking plans were delayed due to the COVID-19 crisis, the plan remains for the facility to open in late 2021.
Some ancillary services being considered are valet parking, a meditation room, an in-house pharmacy, a café and a centralized check-in area regardless of which practice someone is coming to see.
“We’re focusing on enhancing the patient experience with all the bells and whistles you get when you go into a non-medical facility. What are all those things a consumer wants and needs, and what does that look like when they go into a doctor’s office?” said Skinner.

Hudson Headwaters Renovated Women’s Center Has More Comprehensive Services

June 19, 2020June 19, 2020

A staffer works at the newly renovated Women’s Center in Glens Falls.
Courtesy Hudson Headwaters Health Network

By Susan E. Campbell
Women’s Health, part of the Hudson Headwaters Health Network, reopened its doors following months of interior renovation.
The changes make the center at 90 South St. in Glens Falls “an optimal experience” with more comprehensive services for women and their families, according to practice leader Sally Howard.
“We expanded up and down,” said Howard, who has been with the practice for three years. “The physical expansion of the facility creates an environment where patients and providers feel they will get the best care.”
Hudson Headwaters Health Network has centers from Champlain down to Moreau and west to North Creek. The recently re-named Women’s Health became a part of the network in 2013, said Dr. Ted Denious, who co-leads it with Dr. Danielle Goertzen.

Saratoga And Glens Falls Hospitals Get Aid As Part Of the Federal CARES ACT

June 19, 2020June 19, 2020

The federal government in May distributed more than $100.7 million to health care providers in the Capital Region as part of aid prompted by the pandemic.
Hospitals lead the regional list of recipients, with Albany Med’s $20.3 million at the top. But funds also went to providers such as physician groups and nursing homes. The non-hospital group that received the largest payment was New York Oncology Hematology, which received $3.5 million.
Glens Falls Hospital received $4.9 million. Saratoga Hospital received $7 million.
Inpatient and outpatient skilled nursing groups received some of the largest payments, including Wesley Health Care Center with $733,715.
The U.S. Department of Health and Human Services is allocating $50 billion to providers as part of the CARES Act. Congress approved the funds to help health care providers offset lost revenue and increased expenses because of the COVID-19 crisis.
Health systems and physician groups have said