GTRCC response to COVID-19 from the Chairman and CEO

Dear Chamber Members,  We are living in unprecedented times and they are going to get worse, in the next couple of weeks, before they get better. We, as entrepreneurs and small business owners, will take the blunt of these hard times as orders get cancelled and supply chains dry up. The good news is that we are a resilient group. We here along the Jersey Shore have gone through tough times before. Just 8 years ago we faced the enormous destruction brought on by Sandy and four years before that we experienced the collapse of the stock market and the recession. Make no mistake; we will conquer COVID-19 but we must do it together. Remember that COVID-19 crises will not last forever. Within these crises may be opportunities for you and your business. Be on the lookout for ways that your business can pivot, form a strategic partnership or add new services.   The Greater Toms River Chamber of Commerce has had one mission and that is to connect the local businesses, individuals and nonprofits together. We have encouraged doing business with each other and that encouragement has never been more important than right now. If at all possible, do business

By | 2020-03-16T19:12:51+00:00 March 16th, 2020|Business Advice, Chamber News, Featured|Comments Off on GTRCC response to COVID-19 from the Chairman and CEO

PHILANTHROPY AND YOUR BUSINESS by Ralph Wolff

SERVICE DEPARTMENT PHILANTHROPY AND YOUR BUSINESS Want to make more money? Give more away! There’s no greater satisfaction than making a difference, and giving back can be good for your business. While it isn’t something we should do with the expectation of a return, giving back has collateral effects that are hard to ignore, such as attracting customers who share our cause. Philanthropy creates relationships with our present and potential clients, builds our brand, and promotes employee engagement. And, let’s face it, other good corporate citizens want to do business with those who share their values. How does giving back help your bottom line? A Harvard study of 30,000 American families found that a family that gives $100 more to charity earns about $375 more than a non-giving family that is similar in all other respects. Entrepreneurs tend to be more generous than other business leaders. On average, entrepreneurs give 2.53 percent of their gross profits, versus 1.27 percent for everyone else. And entrepreneurs give more in every income bracket, according to a study of IRS data by the Center for Data Analysis and the Heritage Foundation. Now, let’s talk about how philanthropy can make a difference for your business. PHILANTHROPY

By | 2020-03-06T21:16:56+00:00 March 6th, 2020|Business Advice, Featured|Comments Off on PHILANTHROPY AND YOUR BUSINESS by Ralph Wolff

The ABC’s of Worker Classification in New Jersey February 10, 2020

The ABC’s of Worker Classification in New Jersey February 10, 2020 by Frank Monetti, CPA, MAcct One of the many issues that New Jersey businesses with workers face is whether individual workers are classified as employees or independent contractors. Independent contractors in New Jersey are not entitled to the same benefits as employees, such as minimum wage, overtime, paid leave, and unemployment benefits. Businesses have a financial incentive to classify individuals as independent contractors. While there are additional costs associated with employee benefits, there are no additional costs associated with independent contractors. In New Jersey, the ABC Test is used to decide if an individual is an employee or if they qualify as an independent contractor. Under the ABC test, which is part of New Jersey Unemployment Compensation law, an individual worker is considered an employee unless all three parts of the test are met. In other words, a worker must meet all three parts of the test to be considered an independent contractor. Part A requires that “such individual has and will continue to be free from control or direction over their performance of such service, both under his contract of service and in fact”. For example, an independent

By | 2020-02-13T15:22:18+00:00 February 13th, 2020|Business Advice, Featured|Comments Off on The ABC’s of Worker Classification in New Jersey February 10, 2020

Jets and M&T Bank to Award Local Business with Sponsorship Assets Worth $100,000 as Part of Annual Small Business Showcase

The New York Jets are calling for all eligible* local small businesses to enter the New York Jets Small Business Showcase presented by M&T Bank. Following the application period, five small business finalists will be invited to attend Pitch Night at the Atlantic Health Jets Training Center during the week of July 22nd, where they will present to a panel of Jets and M&T Bank executives for final consideration. The winning small business will receive sponsorship assets valued at $100,000 with the New York Jets for the 2019 football season. Eligible small businesses must submit a completed application for consideration between May 2, 2019 and May 31, 2019. All eligible entries received during the submission period will be judged on the following criteria: Completion of application, depth of community involvement, worthiness of business and brand, business and sponsorship category “fit” to partner with the New York Jets and M&T Bank. For more information on the New York Jets Small Business Showcase please visit www.newyorkjets.com/smallbusiness. Assets (subject to change based on availability and brand fit) Include:** Ten EY Coaches Club tickets Stadium signage for all Jets home games Commercial units in Jets gameday radio broadcasts on 98.7 ESPN Opportunity to have an

By | 2019-05-09T11:23:42+00:00 May 9th, 2019|Business Advice, Chamber News, Featured|Comments Off on Jets and M&T Bank to Award Local Business with Sponsorship Assets Worth $100,000 as Part of Annual Small Business Showcase

The IRS has changed the rules for deducting business meals

One of the changes made by the Tax Cuts and Jobs Act passed last November eliminated the tax deduction for business related entertainment expenses.  Employee business expenses, such as meals & entertainment, travel, and dues were also eliminated.  The tax deduction for business meals wasn’t addressed, and many people also thought it was also eliminated. About a week ago, the IRS announced that the tax deduction for business meals had not changed.  If you’re interested, you can view the notice at https://www.irs.gov/pub/irs-drop/n-18-76.pdf . These are the rules in plain English: The meal has to be directly related to your business It can’t be extravagant You have to be there The meal has to be with a current or potential customer, or a business contact If the meal is provided during entertainment, the meal must be billed separately You have to keep a log of meal expenses to document the time, place, amount, reason, and who you met Only half of the cost of the meal is deductible There are of course limits and exceptions.  In some instances, such as client appreciation dinners or staff meetings, the rules and amount of the deduction are different.   Frank F. Monetti, CPA, MAcct

By | 2018-10-24T11:58:09+00:00 October 24th, 2018|Business Advice, Productivity|Comments Off on The IRS has changed the rules for deducting business meals

Guide To The New Paid Sick Leave Law, effective October 29, 2018

GUIDE TO THE NEW PAID SICK LEAVE LAW Assembly Bill No. 1827, concerning earned sick leave for employees, was recently signed into law and goes into effect October 29, 2018. General Information: Sick leave applies to all workers, full- and part- time, employed in the State of New Jersey, with the exception of: construction workers under contract pursuant to collective bargaining: per diem healthcare employees; or public employees already provided with sick leave. Beginning on October 29, 2018, or on the date that the employee is hired (whichever occurs later) employee earns one (1) hour os sick leave for every 30 hours of work. Sick leave must be paid at the same rate and with the same benefits that the employee normally earns. The pay rate shall not be less than minimum wage. Employees can use sick leave after 120 calendar days from start of their employment. Employees can earn up to 40 hours over a 12-month consecutive period, also known as benefit year. Employers cannot require the employee using sick leave to find a replacement to cover the hours that they are using sick leave. To learn more: State Chamber Paid Sick Leave Guide (1)

By | 2018-09-14T15:29:02+00:00 September 14th, 2018|Business Advice, Chamber News, Featured|2 Comments

A Commerce Wish List on Minimum Wage Issue

Higher minimum wage is coming; the question is how gradually it will be phased in, and whether some seashore tourism businesses will be exempted, commerce leaders said at a recent seminar. From the national and state chambers of commerce, area businesses heard the latest on that and other upcoming policies that will potentially impact small businesses. Thomas M. Sullivan, vice president of Small Business Policy, U.S. Chamber of Commerce, and Thomas Bracken, president and CEO of the New Jersey Chamber of Commerce, spoke at the luncheon held by the Ocean County Commerce Coalition and sponsored by TD Bank. A delegation from the Southern Ocean County Chamber of Commerce was at the event, held in Toms River. “We have a governor who campaigned heavily on a $15 minimum wage,” Bracken began. “I don’t want to speak for the room, but I think it probably scares the majority of folks sitting in this room who look at their business models and say, ‘What do I do with a $15 minimum wage, and how am I going to have to raise prices or who am I going to have to lay off?’ “Minimum wage is going to change; there is no two ways about it,” he

By | 2018-03-07T13:43:14+00:00 March 7th, 2018|Business Advice, Chamber News|Comments Off on A Commerce Wish List on Minimum Wage Issue

Greater Toms River Chamber of Commerce Economic Development Committee’s Statement on Federal Tax Reform

If you are following the news in recent weeks, there is no doubt that you have heard details outlining the pending tax reform legislation. The Greater Toms River Chamber of Commerce business community supports tax reform, but we cannot support the proposed legislation in its current form.   While the proposal may result in a net positive for the Country, that would not be the case at the State-level for people of New Jersey. Some of the direct downsides of the proposed legislation include the elimination of state and local tax deductions and limiting the property tax deduction to $10,000 (per the House GOP proposal - the Senate is looking for a plan that eliminates credits and deductions altogether).  Additionally, there are various business industries that would, specifically, be harmed by the proposed legislation including the healthcare and higher education sectors.   One of the largest, indirect, downsides of the proposed legislation is the continued, and potentially increased, outmigration that we are seeing  Outmigration results in the loss of jobs, economic activity, labor income, and household income.  Already staggering statistics put New Jersey near the top of the list for the highest, domestic, outmigration in the United States year after

By | 2017-12-11T22:45:41+00:00 December 11th, 2017|Business Advice, Chamber News, Featured|Comments Off on Greater Toms River Chamber of Commerce Economic Development Committee’s Statement on Federal Tax Reform

NJBIA’s Outmigration by the Numbers: How do we Stop the Exodus?

On the heels of the first Affordability Summit where serious issues about New Jersey’s economic future were presented, Opportunity NJ (ONJ) has released its white paper analysis of the event to the state’s gubernatorial candidates, Legislature and current Administration with an urgent call for a comprehensive state strategic plan for a more affordable New Jersey. For a copy of NJBIA’s outmigration report, visit https://www.njbia.org/wp-content/uploads/2016/05/njbiaoutmigrationreport.pdf.

By | 2017-10-26T17:42:44+00:00 October 26th, 2017|Business Advice, Featured|Comments Off on NJBIA’s Outmigration by the Numbers: How do we Stop the Exodus?

The time for tax reform is now.

For years, Congress has talked about their vision for tax reform. Now, we have a once-in-a-generation opportunity to fix our nation’s tax code, grow the economy, create more jobs, and put more money in the pockets of hard-working Americans.   The last time we had comprehensive tax reform was 1986 – Top Gun was the number one movie and Ronald Reagan was president. That’s too long for the American families and businesses who have suffered under a complicated and costly tax code.   The time for tax reform is now.   In partnership with the U.S. Chamber of Commerce, we’re pleased to announce the launch of www.TaxReformForAmerica.com to drive action and share real stories from your fellow taxpayers.   We encourage you to visit the site, contact your legislators, and give us your take on how tax reform could affect your business’s hiring, growth, planning, and strategy. Your testimonial may be included as part of our broader grassroots efforts to drive engagement with Congress.   Whether you believe that that real reform will create more jobs, help American families with the cost of living, or create a simpler, fairer system for all Americans, we appreciate your support in telling Congress that it’s

By | 2017-09-18T17:29:59+00:00 September 18th, 2017|Business Advice, Chamber News, Featured|Comments Off on The time for tax reform is now.
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