Glens Falls Business Journal

Business Report: Contractors And The New Tax Reform

February 14, 2018February 15, 2018

Robert L. Kind is a CPA and shareholder with Teal, Becker & Chiaramonte CPAs, PC.
Courtesy Teal, Becker & Chiaramonte

By robert l. kind

As the new tax reform took shape in late 2017 and then was approved just a few days before Christmas, contractor services team were examining what elements could have the most impact on contractors and small business owners.

What is commonly being called the Tax Cut and Jobs Act (TCJA) of 2017 has caused a lot of discussion on whether companies will come out as winners or losers in 2018. While it has enhanced some tax breaks for contractors, it has also reduced or eliminated others.

Let’s start with the good news first. Here are some of the positive outcomes we think may be coming contractors’ way with the new law.

Expanded use of cash basis accounting method

Many contractors with average receipts over $10,000,000 have been required to use the percentage of completion method for tax purposes. The TCJA provides that, for tax years beginning after Dec. 31, 2017, taxpayers that have average annual gross receipts of $25 million or less during the preceding three years are not required to report on the percentage of completion method and can elect to be treated on the cash basis of accounting. The cash basis of accounting should present a more favorable deferral of income for a contractor.

Altek Energy Systems To Construct Building In Queensbury For Its Sprinkler Division

February 14, 2018February 15, 2018

By Jill Nagy

Altek Energy Systems Inc. is seeking bids for construction of an office, warehouse, and manufacturing facility in Queensbury. The new building would accommodate the former Fort Edwards Fire Sprinkler Co. that Altek purchased four years ago.

The sprinkler company was on the verge of going out of business when Altek purchased it, according to company president Mike O’Connor.

Altek has nursed it back to life and expects 2018 sales to be triple those of the year it was acquired. Currently, the sprinkler division accounts for about one-quarter of Altek’s revenues, he said.

The new building will be constructed on a 1.7-acre site in the Carey Industrial Park off Northway Exit 18.

Younger Employees Seek Work Environments Where There Is More ‘Employee Engagement’

February 14, 2018February 15, 2018

Gail Hamel of Hamel Resources LLC, an HR consultant based in Glens Falls.
Courtesy Hamel Resources LLC

By Jill Nagy

Young people want a safe work environment and “employee engagement” is a big buzzword these days, said Gail Hamel of Hamel Resources LLC, an HR consultant based in Glens Falls.

They want more feedback and they want it more often, she added.

Young adults tend to come from homes with close communication between parents and children and an opportunity to participate in family decisions, Hamel said. They were raised in a world of “helicopter parents” and “participation trophies” and expect to see some of that reflected in the workplace.

“They look for a workplace where they are included,” she said. They also seek growth opportunities and a chance to make a difference in their communities.

“Their defining moments have been horrific,” said Hamel, referring to incidents like 9/11, the Columbine shootings and others. At the same time, they have a smaller world at their fingertips, thanks to the Internet.

Properly Utilized Office Space, High Functioning Equipment, Help Workers Be More Productive

February 14, 2018February 15, 2018

Tim Seeley Jr. is part of the family team at Seeley Office Systems in Glens Falls.
GBJ File Photo

By Rachel Phillips

Businesses with cluttered offices or cramped reception areas might think that their poorly designed spaces are just a minor inconvenience, but one local business believes otherwise.

According to Dorothy Rogers-Bullis, owner of drb Business Interiors in Saratoga Springs, an office with properly utilized space has more benefits than being aesthetically pleasing.

“We make people very successful in their space,” said Rogers-Bullis.

Similarly, while a business can’t function without hardworking employees, there’s no denying the role equipment can play in deter. Whether it’s break room supplies, printer ink and toner, computer hardware, everyday office supplies, or cleaning supplies, Seeley Office Systems, which serves businesses in Saratoga, Washington and Warren counties, has a broad catalogue of wares available for business owners.

The business is an elite dealer of Konica Minolta copiers, which are available for sale or lease, and can be purchased new, or used. Megan Seeley, marketing director for Seeley Office Systems said, “We have noticed a huge uptick in demand for pre-owned copiers and refurbished toner. Businesses are realizing that this is both environmentally conscious and cost-effective- since you are no longer sacrificing quality with many used or refurbished devices and products. The Konica Minolta brand is really strong, and we are market leaders in the area with used machines.”

Business Report: Why Reference Checks Matter

February 14, 2018February 15, 2018

Michael Cruz is president of Lighthouse Advisors LLC, Queensbury.

An overlooked part of the hiring process is the reference checks. In large companies, we sometimes leave this to HR. In smaller companies (and the large ones too) we leave this to the end of the hiring process. You know, when you say, I want to make an offer to this person, “Let’s check references.”

This shortchanges the reference process is several ways. First, we have fallen ‘in love’ with this candidate. That makes us have ‘happy ears’. We don’t hear warning signals. We ask inane questions. “would you hire this person again? What were his/ her challenges in their position? And others like that.

And, we are asking these questions of the people that the candidate gave us. Face it, the candidate can find three people to say nice things about them. Even then, they have been trained by lawyers never to answer real reference questions.

Business Report: Banning Salary Inquiries Can Be A Benefit

February 14, 2018February 15, 2018

James Marco, president of Saratoga
Human Resources Solutions Inc.
Courtesy Saratoga Human Resources Solutions

By James Marco

On Nov. 6, 2017, Albany County Executive Daniel P. McCoy signed an amendment to Albany County’s Human Rights Law that prohibits employers from inquiring about a job applicant’s wage history until after a job offer has been made.

The law went into effect 30 days later. Albany County now joins the cities of New York City and Philadelphia, and states of Massachusetts, Delaware, Oregon, and California who have similar laws.

While salary inquiries have often been used by employers to weed out candidates they consider too expensive, or as a checkpoint for someone that is simply looking to increase their salary, this new law is really an opportunity for employers to take control of this topic.

Without accurate market data, a sound compensation philosophy, and a strategy by which to execute a well-designed compensation system, employers may guess wrong and either miss out on a qualified candidate, or pay too much for a skill set they think they need.

AAMCO Company to Open Eight New Stores In 2018, Including A Shop In Queensbury

February 14, 2018February 15, 2018

AAMCO Transmissions, Inc. has plans to open eight new service center locations with new and existing franchisees across the country, including one at 599 Aviation Road in Queensbury.

Company officials said that over the next several months, AAMCO locations will open in Queen Creek, Ariz.; Upper Marlboro, Md.; Lauderhill, Fla.; Winchester, Va.; Hackensack, N.J.; Spring, Texas and Cutler Bay, Fla. in addition to Queensbury.

“Over the past year, we’ve been extremely focused on growing AAMCO’s presence across the country, particularly in markets where there is a need for very specialized auto repair shops,” said Brian O’Donnell, senior vice president of franchise sales at AAMCO Transmissions, Inc. “This announcement is a true testament to the momentum we have gained through our efforts and we look forward to entering 2018 with an even stronger focus on aggressive growth as the leading powertrain specialist.”

RetrofitNY Program To Fund Ideas To Bring Energy Efficiencies Into Older Structures

February 14, 2018February 15, 2018

New York state has launched RetrofitNY, a program intended to create standardized, scalable energy-efficient retrofit solutions that can be replicated throughout the entire housing industry.

State officials said it is a first-of-its-kind program in the U.S.

The program will further the state’s greenhouse gas emission reductions and climate goals by renovating multifamily affordable housing properties to dramatically improve their energy performance, officials said.

RetrofitNY will help support Gov. Andrew Cuomo’s goal to reduce greenhouse gas emissions 40 percent by 2030.

The New York State Energy Research and Development Authority (NYSERDA) has issued a Request for Proposals seeking experienced design/construction teams to develop high-performance retrofit solutions for up to six multifamily affordable housing buildings across the state. Design solutions will be required to exclude the use of fossil fuels onsite, demonstrate they are cost-effective, be standardized, scalable and aesthetically pleasing.

Sen. Betty Little of Queensbury, chairperson of the Senate Committee on Housing, Construction and Community Development, ssaid energy costs “are a significant share of a family’s household budget and have a direct impact on housing affordability. RetrofitNY will make multi-family rental housing more efficient, which will in turn reduce that cost burden, particularly for low-income households. This program advances our state’s clean energy goals, but equally as important ensures greater housing affordability.”

After 40 Years, Moore Family Sells Econolodge-Lake George To Hospitality Group

February 14, 2018February 19, 2018

MD/Muroff Daigle Hospitality Group announced the sale of The EconoLodge-Lake George. The transaction closed on Feb. 5, said Mitchell B. Muroff, Esq., principal with the hospitality group. The seller, Moore Fun Enterprises Inc., was represented by Muroff, who also secured the buyer, Amber Hospitality Group. The Econolodge boasts 50 updated guestrooms, an indoor pool...

Economic Development Initiative Brings $7.9M To Warren, Washington Projects

January 10, 2018January 11, 2018

Some $7.9 million in economic and community development funding was awarded to projects in Warren and Washington counties through Round VII of the New York state’s Regional Economic Development Council initiative.

The funds include money going to the village of Lake George and Warren County for projects that will ultimately help protect the lake’s water quality.

The village gets $2.5 million to upgrade its wastewater treatment plant to better treat its effluent. The project will improve the quality of the discharged effluent, preventing the release of nutrients and bacteria into the lake. Another $200,000 will help initiate a regional winter de-icing program among several municipalities using road brine as an alternative to traditional rock salt. This project will lessen the stress on the local environment including wetlands, local streams and Lake George.

Warren County will get $600,000 to advance efforts to eradicate aquatic invasive species in the Lake George basin. The project will implement a three-year strategy to assess and remove all dense beds of Eurasian watermilfoil from Lake George utilizing benthic matting, hand harvesting, or other accepted method of removal. In addition, the project will support the staffing of five boat inspection/decontamination stations to ensure that vessels entering Lake George do not contain aquatic invasive species.

Other funded projects include $400,000 to West Mountain Ski Area to invest in infrastructure improvements, new snowmaking equipment and facility enhancements to expand winter sports, year-round activities and amenities.