Worcester Business Journal

wbjournal.com | May 16, 2022 | Worcester Business Journal 7 A Sound Tax Structure? We Help Anticipate The Curves. FletcherTilton.com WO RC E ST E R | F R A M I N G H A M | B OSTO N C A P E CO D | P ROV I D E N C E Tax planning. It's a building block of business strategy and the cornerstone for informed decision making. Our tax attorneys have highly specialized knowledge and employ sophisticated tools. They look beyond general tax planning concepts to implement complex goals for charitable giving, succession planning, and more. And a good plan makes a strong structure. BUSINESS FORMATIONS | BUSINESS TRANSACTIONS NONPROFIT & TAX-EXEMPT ENTITIES | INDIVIDUAL TAX PLANNING EXECUTIVE COMPENSATION | ESTATE & GIFT TAX PLANNING TAXPAYER RESOLUTION SERVICES Dennis Gorman, Esq., CPA, LLM 508.459.8037 Michael Duffy, Esq., CPA, LLM 508.459.8043 EQUAL OPPORTUNITY LENDER Apply Now Recreational Vehicle Loans APR* 3.99 % rates as low as *3.99% Annual Percentage Rate (APR) is a limited time offer effective 4/15/22 - 5/31/22. Not valid for existing GFA auto renances. Rates quoted are lowest rate for highly qualied applicants with terms up to 48 months (3.99% APR). Rate advertised reects 0.25% automatic payment discount. Payment Example: Loan of $10,000 at 3.99% APR for 36 months = $295.71 monthly payment. Recreational vehicle must be model year 2012 or newer to qualify. Not valid with any other offer, non-transferable. Must meet credit union lending guidelines. Must apply directly to GFA to be eligible. Rate will be determined time of application. Other rates & terms available. Rates are subject to change without notice. Subject to credit approval. Up to 100% nancing available. $20 application fee waived. Documentation fee may apply at closing. Borrowers must become a member of GFA FCU. Membership to GFA FCU requires a $10 balance in a savings or checking account. situation in Ukraine closely and hope for a swi end to this conflict," IPG CEO Eugene Scherbakov wrote. "To be clear, our business and ability to fulfill orders are not heavily reliant on our supply chain from Russia. However, we are taking all necessary precautions to mitigate potential risks posed by sanctions." IPG has links to the U.S. government as well. Agencies such as the U.S. Department of Defense and NASA have contracted with IPG many times over the past years, with prime award contract amounts going as high as $3 million, according to federal spending data obtained from the U.S. Department of the Treasury. "IPG products are used either for advanced research with [U.S.] government agencies or for defense applications with the military," said Todorov. "e Russian government may see that as a threat, or in any sense a problem, and their Russian operations may face consequences for that." Over the past decade, the company has conducted 166 total transactions and received more than $23 million in prime contract awards and purchase orders with federal agencies, most of which fall under the Department of Defense. IPG has earned millions more in federal subprime contract awards, although these do not involve directly dealing with the U.S. government. e most recent government agency to contract with IPG is the U.S. Department of Commerce, which purchased a $25,000 laser for the National Institute of Standards and Technology on April 7. e U.S. Navy made two orders in early 2021 with end dates scheduled for March 2, 2022, aer Russia had begun its assault on Ukraine. is includes a $750,000 order for the company's fiber lasers, which were sent to the Naval Surface Warfare Center in Dahlgren, Va. An additional $85,000 order for a laser pulsing shaping system was made by the Navy during this time, an order with a scheduled end date of June. e Navy confirmed the purchases. In addition to its U.S. and Russian properties, IPG has operations in other countries, including Germany, Italy, and China. China serves as the largest market for IPG, making up for about 35% of its revenue, according to the company's most financial reports. Todorov said about 20% of all IPG's products for the Chinese market originate solely from its Russian facilities. IPG CEO Eugene Scherbakov W

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