Worcester Business Journal

wbjournal.com | November 22, 2021 | Worcester Business Journal 23 operate in the evolving digital economy, absorbing increased supply costs, and wage increases. ERTC allows employers to receive a refund of up to $5,000 per employee in 2020 and up to $7,000 per employee per quarter in 2021. Before the infrastructure bill passed, the benefit prior could be up to $33,000 per employee. e IIJA moves up the end date of the incentive from Jan. 1, 2022, to Oct. 1, 2021, stripping a significant source of capital from companies overnight. e cash flow By Cheri Carty Cheri Carty, of Brookfield, is the vice president of finance and treasury at Bay State Savings Bank in Worcester. She is the president of Paul Revere Toastmasters in Worcester, where she has earned the Distinguished Toastmasters Award. Effective public speaking is a necessary skill in all walks of life. Whether you are giving your first speech or your 100th, the preparation and process is the same. However, the difference between ho-hum and Hooray! is what you know about public speaking and how you incorporate that knowledge into your presentations. 10) Glossophobia, or fear of public speak- ing, actually means fear of tongues. In his TV show, Jerry Seinfeld joked, "According to most studies, people's No. 1 fear is public speaking. No. 2 is death. Death is No. 2! This means, to the average person, if you go to a funeral, you're better off in the casket than doing the eulogy." 9) A little humor makes a big impact. A little humor inserted into a speech makes even a dry subject more enjoyable. 8) Public speaking is not new. Public speaking, or oration, dates back further than Shakespeare's "Friends, Romans, countrymen, lend me your ears." History has shown great leaders speak well. 7) Career enhancing. Effective public speaking is confidence-boosting and ca- reer-enhancing. 6) Verbalize what you've envisioned. Effective public speaking gives your best ideas the words they deserve. 5) Personal not perfection. Effective public speakers add personal stories and treat a speech like a conversation with a friend. 4) Inspirational call to action. Effective public speaking hones your motivating and negotiating skills. 3) Practice, practice, practice. Effective public speaking takes practice and gets easier the more you do it. 2) Training does not have to break the bank. Research your options. Taking a high-priced public speaking course is not necessary to improve your abilities. 10 Get help while networking. My organi- zation, Toastmasters, is a nonprofit offering a learn-by-doing program in a welcoming and supportive environment with mentors who provide guidance and feedback. K N O W H O W Prepare for the end of the employee retention tax credit D EMANDS MADE IN ALL CAPS. Derogatory language. False accusations with colleagues cc'd. Rude work emails are unfortunately an issue most of us have faced at one time or another. Here are some things to know and ways to handle these unwelcome inbox invaders. They perpetuate harm. Nasty emails are not always read and forgotten. "Research … found that impolite emails can have a negative effect on work responsibilities, productivity and is even linked to insomnia … Passive email rudeness may create problems for employees' sleep, which further puts them in a negative emotional state the next morning, thus creating a vicious cycle," says Forbes' Bryan Robinson. Constantly checking for a response to your reply just exacerbates the impact. Have a response toolbox, suggests CareerContessa.com's Caileen Kehayas Holden. is may include realizing responding to a rude email is not an emergency – though it may feel that way. Step away from the computer, take a deep breath, and respond later. "Keep your tone professional and solutions based," she suggests. "Don't meet the sender at their level." Maybe have a three-strike rule before you attach past emails showing them where they were wrong. She recommends bcc'ing a trusted individual into an inflammatory exchange, such as a manager. Call the sender out, but also own up to your own mistakes, says Anna Verasai of HR Digest. She suggests killing a rude emailer with kindness in a one-to-one email, even if the initial email was a group message, answering each point raised. "Start the email on the lines of, 'Your email came across as a bit rude/harsh in tone. I'm not sure if that was intentional or not,'" she advises. "If you were in the wrong in any way, be sure to own up to it and apologize. For example, "I'm sorry that I missed your deadline. I've got a lot on my plate.'" 1 0 T H I NG S I know about... Public speaking BY SUSAN SHALHOUB Special to the WBJ 101: R U D E E M A I L S BY RYAN FOLEY Special to the WBJ T he Infrastructure Investment and Jobs Act passed both chambers of U.S. Congress and has been signed into law by President Joe Biden. e most significant tax impact of the bill is the early termination of the employee retention tax credits. Many business owners have needed ERTC as a lifeline to stabilize their workforce and fund the demand for increased wages over the past year. e early termination of this incentive will strip an estimated $8.2 billion in funding from small businesses. is retroactive law change has many business owners scrambling to recast their tax strategy, cash flow plans and, perhaps most importantly, ask the question, "What's next?" ERTC is a fully refundable tax credit employers can claim if they kept employees on payroll in 2020/2021 during the COVID-19 pandemic. e goal of the ERTC is to help employers bounce back from the fallout of the pandemic and regain economic security. rough several bills passed by Congress, businesses could claim retention credits through the end of 2021. Unlike the Paycheck Protection Program, the funding is realized as a direct cash tax refund. is provided latitude to business owners in how they used the funding. Organizations reinvested in the business, including technology upgrades to Ryan Foley is a partner at Worcester tax consultancy Cunningham & Associates, which helped businesses claim $150 million in retention credits this year. Reach him at rfoley@jec-llc.com and 508-400-5827. impact to an eligible organization with 100 employees will be up to $700,000. What business owners can do today, in response to these changes: 1) The elimination is a retroactive change. Organizations need to immediately and thoroughly vet their eligibility to ensure they have maximized the periods still covered under the current tax law. 2) Know how you may qualify for the credits. Many businesses are eligible for ERTC but have not filed their claims. is is mainly due to revisions to guidance documents and the abundance of misinformation in the market. To clarify, businesses can be eligible if they: A) Saw a revenue decline due to COVIC-19; or B) Experienced a greater-than- nominal business disruption due to government orders or mandates. Most businesses experienced significant disruption, including capacity restrictions, work-from-home requirements, supply chain disruption, customer closings, or travel restrictions. 3) If your business has been reducing its employment tax withholdings in anticipation of receiving the ERTC in the fourth quarter 2021, you need to prepare to pay those taxes back. 4) Reach out to trade associations and political leaders to encourage them to support reinstating the fourth quarter 2021 ERTC. 5) Winter is coming. e bulk of the tax provisions are still making their way through Congress under the Build Back Better Act. Companies need to evaluate their tax position as soon as possible to avoid any adverse tax impacts to their business or estate. W W W

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