By: Amanda Graves

Photos Provided

Robert (Bob) Bullock’s classroom is painted in school colors, inspirational quotes line the walls, and, today, it’s filled with students eager to learn. This all sounds pretty conventional of a college classroom— the only difference is his long walk through security and the corrections officers who are always present. As an adjunct business professor for SUNY Adirondack (ADK), Bob teaches classes to people serving time in the Washington Correctional Facility. Despite the unusual circumstances of his students, his classes are the same as those taught at any other school, and his students excel in their studies. 

Bob studied economic geography at SUNY Potsdam, earning his bachelor’s degree. After graduating, he started to think about a career and the military was extremely appealing to him. “Every generation of my family going back to the war of 1812 had been a commissioned military officer either in the British Army or in the United States Army,” Bob shared, “So being in the military going back to the war of 1812 was an important part of my family legacy.” His father and grandfather had both graduated from West Point, and Bob decided he wanted to continue his family’s history of service. After making his decision to join, he talked with some recruiters and decided that the Air Force was the right fit for him. “It really sounded like something that was tailor made for me and they weren’t wrong,” Bob explained, “I was looking for a career that was going to give me a great deal of responsibility and an opportunity to lead or to command.” 

In 1979, Bob graduated as a lieutenant from the Air Force Officers Training School in San Antonio, Texas. After graduating, he worked as a public affairs officer; working with reporters, government officials, and community officials to help them understand the missions of his organizations. He was first stationed at Hill Air Force Base in Ogden, Utah where he worked on the 388th Fighter Wing for two years. He was then transferred to Sumter, South Carolina where he was assigned to a 363rd tactical fighter wing. He also spent time in Saudi Arabia where he was assigned to the Airborne Warning and Control Systems Program (AWACS). This program provided military support to the government of Saudi Arabia during the Iran-Iraq War, protecting the oil refineries. When he returned to America, he went into the Individual Ready Reserve (IRR), meaning he was no longer in active duty, but could be called upon in the future should the military need him. Every year, he went to the 109th Airlift Wing to register for the IRR. On one of these occasions, he found himself talking to a few officials that were looking for a public affairs officer. Missing service, Bob returned in 1994 and was commissioned as a Captain. He was assigned to the U.S. Arctic research program. He also worked as the public affairs officer for the New York Air National Guard, the largest state Air National Guard program. After his 20 years of service, Bob retired as a lieutenant colonel. “I had the most amazing career and I think that the greatest testimony to the quality of one’s service is your interest and belief in the mission of the military after you leave it and also the friendships that you’ve made along the way,” he said. 

During his civilian career, Bob had several jobs, the first being the Director of Institutional Advancement at the Franklin D. Roosevelt Presidential Library. He then became the President of the NYS Archives Partnership Trust. A few years later, he became the Deputy Director for the Nelson A. Rockefeller Institute of Government. He has also worked as the Chief Operating Officer for the Make-A-Wish foundation. After his civilian career, Bob found himself in the position to retire. But a call from John Jablonski, the vice president of academic affairs for SUNY Adirondack, would change that. John asked if he would be interested in teaching a few classes. Bob initially began teaching two classes, one of which was at Washington Correctional Facility. “I loved that program because I had done teaching at McGregor Correctional Facility,” explained Bob, “I enjoyed my work at McGregor so I kind of became a prison specialist and now teach six separate courses over the course of the year in our associate degree program.” His work and experience earned him the title of prison education coordinator for SUNY ADK, where he continues to help lead and educate those behind bars. His courses cover a variety of different topics including management, marketing, consumer behavior, human resources management, small business management, social media, advertising, and promotion. He also manages the freshman seminar which is designed to help those just beginning their academic career adjust to the school environment. 

Despite their situation, Bob’s students receive the same high quality education, and are given the opportunity to earn a degree like any other college student. “The different part is just where you are,” explained Bob, “I have to go through four different gates to actually get onto the facility and at the same time I’m surrounded by corrections officers who are there to ensure my safety.” However, SUNY ADK’s program focuses on providing the necessary classroom environment and resources to create a typical college setting. “What we endeavor to do is make this as normal a college experience as it can possibly be,” explained Bob. With a collaborative teaching style, Bob enjoys hearing what his students think about different topics, and encourages them to participate in discussions about what they are learning. “For me, it’s having that class where all of a sudden you are getting as much back from the students as you’re giving them,” he shared. Recently, he earned the President’s Award for Excellence in Teaching based on feedback that the chair of the business division had received from Bob’s students and how much he cares about what he teaches.

Outside of the classroom Bob works part-time as a polo announcer for the Farmington Polo Club in Farmington, Connecticut. He also loves reading business books and staying up to date on what is occurring in the world and how he can incorporate it into his classes. Continuing with his passion for business, Bob heads SUNY ADK’s program Start-Up ADK. This program provides training to entrepreneurs looking to start their own business. He also enjoys activities like golf, bilking, and tennis. “I just try to stay in good shape because I would like to be teaching for many years to come,” said Bob. 

By: Amanda Graves

Photos by Michael Nelson

After several years of creating the perfect trio, the Greenwood Hoff team is thrilled to launch their own brand. Stemming off of their parent company, Cetera Investors, Matthew Greenwood, Lorissa Hoff, and Dana Cafaro are eager to share their combined 45 years of experience with their clients and help them navigate the world of financial planning. Between their passion for their field and dedication to being an active member within the community, they can’t wait to see where this journey takes them. 

Matthew began his career after graduating from Siena College in 1995 and earning a bachelor’s degree in finance.  Originally, he worked for First Investors that later was changed to Foresters Financial. Throughout his career, he has consistently tried to improve the lives of those around him by setting them up for success. “The idea of always wanting to help families and people plan for their future is where I started my career and still am today,” he shared. In 2008, he decided to shift from working independently to creating a team. Dana joined Matthew as the registered practice operation coordinator. She has a bachelor’s degree in economics and business from the University at Albany, holds Series 6, 63, 66, and 7 licenses, and a life insurance license. Additionally, Dana is a Notary Public in New York State. Her expertise and experience helped grow the company, which expanded to include educational seminars, client appreciation nights, and charitable events. In 2018, the team grew again and became complete with the addition of Lorissa. During her time as a student at SUNY Oneonta, she completed an internship with Foresters Financial where she met Matthew. After earning her bachelor’s degree in economics and finance, she accepted a full-time position with the firm. In 2019, Foresters Financial was acquired by Cetera Investors, and their team was completed. 

Each person brings a unique skillset to the group, which has allowed the Greenwood Hoff team to provide the best services to their clients. All three value the people they help and want to see them succeed with their financial goals. Matthew shared that, “It’s not how many can we get this week, it’s how can we help the most this week.” Dana assists Matthew and Lorissa by overseeing daily business operations, and managing both event planning and marketing efforts. Her role is crucial in providing every client with exceptional service and maintaining strong communication between the team. Planning for the future, Lorissa is focused on building relationships with every client, reassuring them that they are set for years to come. “It’s not just a pass off— if and when Matt retires, they already have that relationship,” said Lorissa.  

This commitment to forming a close relationship with their clients is what differentiates Greenwood Hoff from the Cetera brand. All three members of the team wanted their firm to be an active part of the community, and they saw an opportunity when Lorissa got married and changed her name.  “It just gave us the opportunity more than just changing her last name on paperwork to really rebrand and really emphasize who we are within the Cetera structure and that is the Greenwood Hoff Wealth Management. It allowed us to be more personalized, create our own brand, just a refresh,” explained Matthew.  Dana continued to explain how they wanted to emphasize, “Our more personalized approach versus the generic Cetera brand. That’s not us.” Since their start, the Greenwood Hoff team has been working endlessly to not only help their clients, but the community in which they live. They actively participate in countless charities including: Toys for Tots, the Regional Food Bank of Northeastern New York, and the Ronald McDonald House. “Community giveback is an important part of who we are and speaks to what we like to do,” explained Matthew. Overall, Dana, Matthew, and Lorissa have built a hard-working team that is focused on doing right by their clients, and helping their community thrive. For more information about the Greenwood Hoff Wealth Management firm visit their website: https://www.teamgreenwood.ceterainvestors.com/. 

By: Brian Stidd, CPA, CVA, Owner of Stidd CPA

As 2025 approaches, tax planning is more important than ever. With recent changes in tax laws, inflationary pressures, and evolving financial circumstances, being proactive about your taxes can save you significant money. Whether you’re an individual taxpayer or a business owner, adopting smart strategies before year-end can make a big difference when tax season rolls around. Below are some key tax strategies for the balance of 2024 that will help you minimize your tax liability and make the most of the current tax landscape.

1. Maximize Retirement Contributions

Contributing to retirement accounts is one of the most effective ways to reduce taxable income while securing your financial future. Here are the key contribution limits for 2024:

– 401(k) Contributions: The contribution limit for 401(k) plans is $23,000 for 2024, with an additional catch-up contribution of $7,500 for individuals aged 50 or older. Contributions to traditional 401(k) plans are made pre-tax, reducing your taxable income.

– IRA Contributions: For 2024, the maximum contribution to an Individual Retirement Account (IRA) is $7,000, with a $1,000 catch-up contribution for those aged 50 and older. Contributions to a traditional IRA may be tax-deductible, depending on your income and whether you or your spouse is covered by an employer-sponsored retirement plan.

– SEP and SIMPLE IRAs: For self-employed individuals and small business owners, contributing to a Simplified Employee Pension (SEP) IRA or a Savings Incentive Match Plan for Employees (SIMPLE) IRA can significantly reduce taxable income. SEP IRA contributions can be as high as 25% of your compensation, up to a maximum of $69,000.

2. Leverage Health Savings Accounts (HSAs)

If you’re enrolled in a high-deductible health plan (HDHP), contributing to a Health Savings Account (HSA) is a tax-efficient strategy. HSAs offer a triple tax benefit: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

– For 2024, the HSA contribution limit is $4,150 for individuals and $8,300 for families, with an additional $1,000 catch-up contribution for individuals aged 55 or older.

– HSAs are an excellent way to save for future healthcare expenses while lowering your taxable income. Contributions can be made up until the tax-filing deadline (April 15, 2025) to count toward your 2024 taxes.

3. Take Advantage of Capital Gains and Loss Harvesting

Capital gains tax planning is crucial for investors with taxable investment accounts. If you’ve experienced significant gains in your portfolio, consider these strategies:

– Harvest Capital Gains: If your income places you in the 0% capital gains tax bracket (for single filers with income up to $44,625 or married filers with income up to $89,250), consider selling investments with gains to avoid paying federal taxes on those gains.

– Harvest Capital Losses: If you’ve experienced losses in your investments, selling those assets can help offset capital gains. This strategy, known as tax-loss harvesting, allows you to offset an unlimited amount of gains and deduct up to $3,000 of excess losses against other income. Losses exceeding this amount can be carried forward to future tax years.

4. Charitable Contributions

Making charitable donations is not only a way to give back but also a powerful tax-saving tool. Under current law, you can deduct charitable donations if you itemize your deductions. However, there are ways to enhance the tax benefits of charitable giving:

-Bunching Donations: If your itemized deductions do not exceed the standard deduction ($14,600 for individuals and $29,200 for married couples in 2024), consider bunching several years’ worth of charitable donations into a single year. This can push your deductions above the standard deduction threshold, allowing you to benefit from itemizing.

– Donor-Advised Funds: If you want to make a large charitable contribution now but spread the donations to specific charities over time, consider contributing to a donor-advised fund (DAF). You can take the tax deduction in the year you contribute to the DAF, even if the money is not distributed to charities until later.

5. Review Tax Credits and Deductions

Certain tax credits and deductions can significantly reduce your tax bill. Make sure you’re taking full advantage of the following:

-Child Tax Credit (CTC): For 2024, the Child Tax Credit is $2,000 per qualifying child under the age of 17. The credit begins to phase out for single filers with income over $200,000 and joint filers with income over $400,000.

-Earned Income Tax Credit (EITC): The EITC is a refundable credit for low- and moderate-income earners. For 2024, the maximum EITC is $7,830 for a family with three or more qualifying children.

-Energy Efficiency Credits: If you plan to make energy-efficient improvements to your home, such as installing solar panels, energy-efficient windows, or insulation, you may be eligible for the Residential Clean Energy Credit. This credit allows you to claim up to 30% of the cost of qualifying home improvements through 2032.

-Education Credits: If you’re paying for higher education expenses, the American Opportunity Tax Credit (AOTC) provides up to $2,500 per student for qualified education expenses. The Lifetime Learning Credit offers up to $2,000 per tax return for education expenses at eligible institutions.

6. Consider Estate and Gift Tax Planning

If you’re concerned about estate taxes or want to pass on wealth to family members, 2024 offers opportunities to gift assets while reducing your taxable estate. The annual gift tax exclusion is $18,000 per recipient. You can gift this amount to as many individuals as you like without triggering any gift tax or affecting your lifetime estate and gift tax exemption (set at $13.61 million in 2024).

7. Use Tax-Deferred Investment Accounts

If you’ve maxed out your 401(k) and IRA contributions, consider tax-deferred investment vehicles, such as 529 Plans for education savings or tax-deferred annuities. These accounts allow your investments to grow without being taxed until funds are withdrawn, potentially lowering your overall tax burden.

8. Roth IRA Conversions

If you expect your income to be lower in 2024 or foresee higher taxes in the future, consider converting a portion of your traditional IRA to a Roth IRA. Although you’ll pay taxes on the amount converted now, future withdrawals from the Roth IRA are tax-free, provided you meet certain conditions. This strategy is particularly useful if you expect to be in a higher tax bracket later or want to leave tax-free income to heirs.

9. Plan for Changes in Tax Laws

While many provisions from the Tax Cuts and Jobs Act (TCJA) are still in effect, some may expire or change in the coming years. It’s essential to stay updated on potential legislative changes that could impact your tax planning. Working closely with a CPA can help you navigate these uncertainties and optimize your tax strategies for future years.

Conclusion

The tax landscape in 2024 presents several opportunities for taxpayers to reduce their liabilities and maximize savings. By strategically contributing to retirement accounts, leveraging tax credits, utilizing charitable giving, and considering capital gains planning, you can minimize the taxes you owe and keep more of your hard-earned money. Consulting with a CPA is the best way to ensure you’re taking full advantage of these tax-saving opportunities and staying compliant with IRS regulations.

If you have any questions or would like personalized advice, contact your CPA to discuss the best tax strategies for your specific situation.

Brian Stidd has nearly 20 years of experience in both public accounting and
the private sector. His experience in both public and private sectors gives
him a unique ability to assist businesses. Brian specializes in business and
individual tax planning, advisory and preparation as well as general business
accounting and advisory.
To learn more or get in touch, visit stiddcpa.com

By: Charles Amodio, CPA, CFF, MAFF, MBA, Partner at FAZ Forensics

Business interruption, is the temporary cessation of business operations on either a partial or complete basis, as the result of a specific and sometimes catastrophic event. In terms of insurance coverage, the loss event is the result of a covered peril, i.e., fire, hurricane, or tornado.

Often, falling under business interruption coverage are separate components, such as the insured’s business income loss as well as coverage for extra expenses incurred to mitigate the loss. The business income loss, which at times is used interchangeably with business interruption, is the portion of the coverage that indemnifies the insured for the loss business income which the insured would have earned but for the loss. The term “but for the loss” is an important concept to consider for a moment, as it is often misunderstood and becomes a point of contention.

The insurance contract between the insured and the insurer is designed to make the insured whole, and to not unduly enrich the insured through an insurance recovery. Often, an insured operates under a faulty assumption that the insurer will pay them for the lost profits during the period of interruption, less any actual profit or loss, the difference being the recoverable loss. This is incorrect as the coverage is for actual loss sustained; accordingly, deductions must be taken for certain expenses that were not incurred during the loss period. The concept of discontinued expenses is sometimes an area that is difficult for some to understand.

The forensic accountant should examine the insured’s profit and loss (P&L) statement for a period of time ending prior to the date of loss. The closer the period end date of the P&L statement is to the date of the loss, the more timely the information will be and a better metric to help in the determination of the loss.  The fixed or variable expenses are analyzed, and the variable expenses (those that vary directly with sales), are segregated from fixed expenses to determine the discontinued expenses. These expenses are typically expressed as a percentage of sales, although in some instances, averages are also used.

The variable expenses attributed to the lost sales during the loss period become the basis for the discontinued expenses that are deducted to calculate the business income loss, cost of sales being one of the best examples of such an expense.  In some situations, the line between a fixed or variable expense is not straightforward, as these expenses have both fixed and variable components. These semi-variable expenses, depending on their materiality to the insured’s operations as well as the claim, often require additional analysis. An insured’s payroll is an example of one such item that requires further scrutiny, specifically to determine the divide between hourly and salaried employees.

Another point of contention can be the issue of indemnity period versus loss period.  Specifically, if there is a difference between the length of time taken or should have been taken to repair the damaged property to pre-loss condition, or the condition of the property, but for the loss. Careful consideration should be taken in regard to any potential improvements and betterments to the damaged location during the restoration period.  In this instance, if the length of time to complete the repairs exceeds the period of time it should have taken, either because of the improvements or because the insured has not taken measures to mitigate the loss, the indemnity period would be shorter than the actual loss period, and the insured’s recovery would be based on the shorter period.

In regard to the measurement of the insured’s actual loss sustained, the forensic accountant should be cognizant of the insured’s ability to mitigate their loss either during the loss period or shortly thereafter. Specifically, the insured may be able to mitigate the lost sales either through a resumption of partial operations at the damaged location or temporary location. The insured may also shift production to an undamaged portion of a manufacturing facility, add additional shifts, or temporarily outsource production to a competitor. The insured may be able to make up a portion its lost sales for the rescheduling of appointments, in the case of a professional service provider.

Often, an insured has additional coverage for the reimbursement of certain expenses that are incurred as a direct result of the loss. Common examples of such an expense are the additional rent incurred to shift production or sales to a temporary location and the rental of equipment, such as portable generators, to continue partial operations at the insured’s affected location.  The extra-expense coverage reimburses the insured for the expenses incurred during the loss period which exceed normal operating costs. Consideration should be given to the extent and type of expenses for which the insured is reimbursed.  A determination must be made to ensure that the expenses are actually “extra” and are not ordinary to everyday operations of the business. An example of this would be the differential between employee overtime that exceeds normal pre-loss overtime, or the payroll of salaried employees incorrectly included in extra expenses. 

As a forensic accountant, communication is essential to the amicable settlement of the loss.  Although claims adjusters and forensic accountants have handled numerous business interruption claims, this is typically the first experience for many insureds.  Therefore, the forensic accountant needs to take the time to make sure the insured fully understands the process.  This level of communication on the front end will foster a smoother settlement process.   

At FAZ Forensics, we handle property and casualty claims resulting from fires, auto accidents, water damage, mechanical breakdown, power outages, fraud, terrorist attacks, employee theft, natural disaster and more. Our insurance experience has allowed us to help successfully settle claims involving coverage issues and circumstances such as business interruption, inventory losses, loss of rents, subrogation, coinsurance and employee theft claims.  

The insurance community relies on our team of experts on insurance cases for our extensive knowledge of commercial and no-fault insurance concepts and contracts and our familiarity with both first-party and third-party liability insurance claims. In addition, we have worked with adjusters, claims representatives, insureds, claimants, attorneys and public adjusters to successfully resolve thousands of complex insurance claims.  For claims not settled amicably, we have a thorough understanding of, and participation in, the appraisal process as both appraisers and umpires, and have testified as experts at arbitration and mediation.