From the Editor's desk at Route 422 Business Advisor — Relevant news and information of interest to business owners and operators along the Route 422, Route 100 and Route 30 corridors in Southeastern Pennsylvania. Please visit www.422bizmag.com

Identity Theft

On Thursday, September 7th, Equifax, one of the largest credit-reporting companies in the US, said 143 million people could be affected by a recent data breach, involving credit card companies, banks, retailers, and lenders.

In 2017, data stored by hospitals, cell phone companies, health insurance and government agencies is being targeted more than ever. And the reality is, no matter how safe we are with our information, we can’t control the security of these databases. So, it’s only a matter of time before we’re personally affected by a serious company or government breach.

IRA Distribution Basics – Taxation of Distributions

Most IRA accounts hold pre-tax contributions and rollover amounts from employer plans. For purposes of this article, I am going to assume that there are no after-tax amounts held in any IRA, including SEP and SIMPLE IRAs.

Workers’ Compensation File Basics

In the last two articles, we reviewed Personnel and Medical file basics including what should and should not be in these files, where and how they should be stored and who has access to them. Medical documents, including documents about workers' compensation, should not be kept in the personnel file. Instead, a separate filing system to manage the workers' compensation process and materials should be set up and maintained.

Let’s look at a physical filing system option for managing the files:

Economic Development in Pottstown Gaining Momentum

Pottstown has been rediscovered and is being appreciated for all that it has to offer. Businesses are moving into and choosing to stay in Pottstown due to its increasing assets. One such asset is the diversity of properties that are available for development. There are many buildings that still have the beauty of original architectural features that display craftsmanship not found today. There are traditional office structures in an office park setting and lots which are blank slates.

Employee Personnel File Basics – Part II: Storage and Access

In the previous article, we reviewed the basics of employee personnel files – what should and should not be filed in the personnel files. Items such as W4’s, performance appraisals, applications and resumes are all to be maintained within the employee personnel file. Any document of a medical nature should not be contained in the employee personnel file. Rather, a separate employee medical file should be created to hold items such as doctor certificates, disability related documentation, and completed Family Medical Leave forms.

Must You Pay Income Tax on Inherited Money?

The good news is, generally inheritances are not taxed as income.

An inheritance can be a windfall in many ways—the inheritor not only gets cash or a piece of property, but doesn’t have to pay income tax on it. Someone who inherits a $500,000 bank account doesn’t have to pay any income tax on that amount.

Employee Personnel File Basics — Part I

Many small companies, for purposes of this writing, small refers to companies with 125 employees and under, do not have a Human Resource Department. The HR responsibilities generally land on someone in management, or sometimes even an employee in a clerical position, to contend with. In these cases, the most common basic mistakes are within the files. Oh, the dreaded employee personnel file. For some, the personnel file represents the catch‐all file where every document, paper, note, etc., from the employee, finds its final resting place.

The Next Healthcare Reform — The American Heathcare Act (AHCA)

Much anxiety and concern surrounds the proposed changes to healthcare in the United States. This is easily understood considering healthcare has already gone through significant changes over the last several years. Some of these changes have been helpful while other changes have caused hardship to Americans.

In addition to anxiety and concern, there is also confusion surrounding the current House Bill. Let us take a look at a few of the most predominant features of the Bill:

Documents Everyone Must Have

Once you become 18 you are now considered an adult and can make your own decisions. There are certain documents that everyone must have. If you don’t, it could cost you dearly in several ways. These must-have documents are: a Living Will, A Durable Power of Attorney for Finance, and for Health, also called a Health Care Directive or DPOA.

Berks County “Ride to Prosperity” Update — Entrepreneurship and Innovation

Through an initiative titled “Ride to Prosperity” (RTP), eight leading Berks County organizations began collaborating in 2009 to develop an economic development plan for Greater Reading and Berks County.

Change: Ability to Say What You Think II

In a stunning development Big Tech, which monitors every word posted on their site, now gives "hate speech” waivers. So, it is now okay to advocate death for the President of the Russian Federation. I believe that giving the so-called "hate speech" a waiver invalidates the entire theme of "hate speech” as we know it. The modified definition would condemn "hate speech” but allows it if Big Tech says it is okay.

Recognizing Spatial Separation Resulting in Racial Segregation

There is a spatial separation of minorities in Chester County. Minorities are not evenly distributed throughout the county. The information in this column is from a National Institute of Health (NIH) study which was published and later interpreted in a book by Massey and Denton in 1993. I gleaned the information from that book.

Three Tips for Better Video Conferencing: How to Look Like a Pro

Sitting in front of a webcam for hours a week is now normal (both for business meetings and personal calls, like virtually celebrating someone’s birthday). Making a good impression during a video call is important, which means figuring out how to appear presentable on your colleagues’ laptop screens, and learning the importance of camera angles, a good internet connection, and clear, understandable audio.

Want to master video conferencing? Here are our three tips to help you video call like the professional you are:

Change — The Isolation Blues

Life in America has changed for a while. Now we know how people encountering the black death (Plague) felt. When in school, we were all freaked out about learning about the Plague; the teacher said to us, "now it is not a problem we have antibiotics." Time is a cure-all, both in memory and in science.

Change in Habits

Change has hit the world. The Coronavirus has everyone in hiding. There has been a necessary change in the way we live our lives. All of the challenges and reactions around the virus are certainly dominating the news. The body counts, and the local effort will no doubt dominate the headlines for the near future, as no sports, no concerts or entertainment events will be happening.

Recognizing a Cyberattack: Save Your Data by Looking for These Signs

It may not have hit the headlines like the Coronavirus or election season, but the United Nations recently suffered a major security breach. A vulnerability in their system — caused by a failure to patch a known problem! — was exploited by hackers to hit a variety of targets world-wide. What does the fact that the UN is lagging behind on necessary cybersecurity precautions mean for the rest of us?

The Gold Whistle Award

In August of 1963 I entered the Freshman Class at Lock Haven State College to pursue a degree in Health and Physical Education. At Freshman orientation, we were made aware of a prestigious award that was presented each year to the outstanding Male and Female graduating Physical Education Major. This award was based on academic achievement, participation in sports, clubs and extracurricular activities and finally a vote of faculty members and the other PE Majors. It was like the Academy Awards of Physical Education and a lofty goal to culminate four years of a College Education.

Lead Like a GOOSE

There have to be thousands of resources out there on the topic of Leadership. I have accumulated a library of my own and have used them frequently over my 50 years of being in business. However, about 15 years ago my wife and I were browsing through an antique store and I found an old picture frame with a picture of a gaggle of geese flying in formation. Under the picture was an interesting story about why geese fly in formation and I couldn’t help not to see a correlation between their story and a very important, but sometimes overlooked, role of a great leader — Sharing Responsibility.

A Few “Take Homes” After 50 Years in Business

If someone had of asked me 50 years ago, “Why are you going into business for yourself and what do you expect to get out of it?”, I probably would have responded, “ Because I want to be my own boss and I want to control my future.” Fifty years later, I can honestly say, my journey was far more than being my own boss, and the future turned out totally different than I expected. Actually, What I have learned about myself and, what the real meaning of being a “boss” was, totally changed my life.

Change in the Way Americans Interpret the Past

Change is random. One might say that one random event leads to another. Recently something happened that gave me pause, as the Philadelphia Flyers removed the statue of Kate Smith as part of an effort to respond to people outraged that she sang a song in 1931 which had racist lyrics.