By Debbie Gregory.

Suicide is a major public health concern. Suicide is among the leading causes of death in the United States.  It is also one of the greatest American tragedies for those who died, their loved ones and our nation.

VAMBOA believes this is a very important issue.  We work with and support organizations that are working to help military, veterans and their families with mental health problems.   “The Campaign To Change Direction” by Give An Hour is a valuable program.   Its goal is to remove the stigma from mental illnesses and treat it like any other illness so that those who need help will obtain it sooner than later and their mental health problems will not lead to suicide.

Give An Hour has a network of 7,000 mental health professionals that provide pro bono and confidential services to military, veterans and their loved ones.

VAMBOA founder, Debbie Gregory, serves on the Advisory Board of Give An Hour and supports other groups.   She is also one of the producers of the nationally televised annual concert in its fourth year, “America Salutes You”. America Supports You raises awareness for those who serve with focus on mental wellness.   This year’s concert will be take place late this year at the Kennedy Center in Washington, D.C.

According to the Centers for Disease Control and Prevention (CDC) WISQARS Leading Causes of Death Reports, in 2017:

• Suicide was the tenth leading cause of death overall in the United States, claiming the lives of over 47,000 people.
• Suicide was the second leading cause of death among individuals between the ages of 10 and 34, and the fourth leading cause of death among individuals between the ages of 35 and 54.
• There were more than twice as many suicides (47,173) in the United States as there were homicides (19,510).

It is tragic that too many military and veterans die by suicide and even one is too many.  In 2016, the most recent data available, the suicide rate for veterans was 1.5 times greater than for Americans who never served in the military.  Close to 20 veterans a day nationwide take their own lives.   This is unacceptable and everyone’s problem.

Veterans accounted for 14% of all adult suicide deaths in the United States in 2016, even though only 8 percent of our nation’s population have served in the military.   These statistics don’t address the human factor or the devastation that suicides caused to family and friends.  We must twork to prevent suicides and dedicate more resources.

Below, we have listed the warning signs of suicide as well as some resources for help.

Warning Signs:

• Talking about wanting to die
• Looking for ways to die
• Talking about feeling hopeless and having no purpose
• Talking about feeling trapped or being in unbearable pain
• Talking about being a burden to others
• Increasing the use of alcohol or drugs
• Acting anxious or agitated, or behaving recklessly
• Sleeping too little or too much
• Withdrawing or feeling isolated
• Showing rage or talking about seeking revenge
• Displaying mood swings
• According to the CDC, the more signs a person shows, the greater the risk.

If someone close to you is exhibiting warning signs, the CDC recommends ensuring that the individual is not left alone and taking the following steps: removing any firearms, sharp objects, alcohol and drugs from the area and getting immediate help.

A Few Resources to Help:

• Veteran Crisis Line at 800-273-8255 and press 1, Text 838255 or if you are deaf or hard of hearing, call 800-799-4889. This is confidential and you will reach caring and qualified responders, many of them are Veterans.
• National Suicide Prevention Lifeline at 1-800-273-TALK (8255), available 24 hours a day, 7 days a week. The service is available to anyone. All calls are confidential. http://www.suicidepreventionlifeline.org 
• Give An Hour: You can find a confidential and pro bono provider online by going to https://giveanhour.org/get-help/

By Debbie Gregory.

A family owned business faces unique challenges that other types of businesses do not face. The overly personal nature of family relationships can cause issues with hostility, nepotism, favoritism, and other morale-killing practices but if you are diligent and set (and adhere to) the same standards for all employees, those related or not, you can create an environment that is uniquely fulfilling and diverse.   Often Veteran Owned Businesses are a family affair.

The top five challenges for family owned businesses and how to make sure they are not negatively impacting your family owned business:

1.) Company Culture

Make sure that you clearly communicate the company’s values to all employees, both those related and those who are not. If people in the company feel that they are not part of the company’s culture they will not stay with the company very long.   It makes sense to be consistent and have the same policies apply to all.

2.) Compensation and Benefits

All compensation and benefits need to be set according to the position in the company and not according to the relationship between the people. If the business is viewed as simply paying a relative for doing little or no work, it can cause serious morale problems among the staff who are not relatives. You have to be careful and make it very clear that everyone at the company is on an equal playing field when it comes to salary and rewards for a job well done.   This policy can also protect you from litigation.

3.) Generational Issues

When a company employs multiple generations, it can be a serious boon to the company overall. The younger generation brings fresh ideas, new perspectives, and new technology. However, if the originators of the business are too rigid, they may not listen to the younger employees and those people will feel frustrated or feel that they are not valued and a welcome part of the team. This can lead to low morale. Each generation has something to offer and it is best to be open-minded and actively listen to all ideas presented.

4.) Business and Pleasure

Special problems arise from family members working together. Personal relationships come with conflict and arguments as well as kindness and affection. When at work it is best to keep personal feelings out of business dealings; and vise versa when at home it is best to leave business at work. This is another area where it needs to be made clear to every employee, those related and not, that every single person working for the company will be held to the same standards and the same consequences apply to everyone for breaking rules or poor performance.

5.) Succession Planning

Most family owned business do not survive long enough to be handed off to the next generation. It is best to come up with a solid plan for when the company owners retire or die. This includes who will be the next head of the company and training them for the position well in advance.  This is extremely important with Veteran Owned Businesses especially those who obtain the majority of their revenues from government contracts that provide Veteran preferences.

With all the challenges, working in a family owned business can be wonderful, enriching, and wholly satisfying experience for all involved… as long as everyone is treated fairly.

By Debbie Gregory.

What does the IRS have to say?

Every year the IRS releases a list of the most common taxpayer scams to help the general public identify and hopefully avoid falling victim to. The following is the list for 2019.

The IRS’ “Dirty Dozen” worst scams for 2019 (grabbed right from the IRS’ website):

• Abusive tax shelters, trusts, and conservation easements – See IR-2019-47
• Frivolous tax arguments – See IR-2019-45
• Failure to report offshore funds – See IR-2019-43
• Improper claims for business credits – See IR-2019-42
• Scams involving disasters and charitable causes – See IR-2019-39
• Inflating deductions and/or credits – See IR-2019-36
• Falsifying income and/or creating bogus documents – See IR-2019-35
• Promises of inflated tax refunds – See IR-2019-33
• Tax return preparer fraud – See IR-2019-32
• Identity theft – See IR-2019-30
• Phone scams – See IR-2019-28
• Pervasive phishing schemes –  See IR-2019-26

The IRS also has a quick intro video about the Dirty Dozen list:

For more information or to read the full text on any of the Dirty Dozen listed above, check out the official IRS website:

https://www.irs.gov/

VAMBOA, the Veterans and Military Business Owners Association encourages its members and supporters to be on the alert and protect all of your information.

By Debbie Gregory.

Identity thieves are constantly looking for and creating new scams to utilize other people’s information to their financial advantage. Tax-related identity theft broadens the criminal’s choices for fraud. Utilizing a business’s tax identification number instead of an individual’s social security number allows the criminal to file fraudulent business taxes, claim fraudulent tax credits, or obtain any number of business-related tax benefits.

How can you tell if your business is being used in a fraudulent way?

It is essential to understand that just like personal identity theft, when anyone’s identity can be stolen at almost any time, a business is just as vulnerable. Here are a few ways to tell if your business’s identity has been stolen:

• You try to file your business taxes and they are rejected by the IRS for “duplicate filings” yet you had not previously filed
• Your extension request has been rejected for a similar reason
• You receive an unexpected tax document with incorrect information

How can you safeguard your information?

There are many ways you can safeguard your information including these tips:

• Always use reputable tax professionals if you hire someone to do your taxes for you. Make sure that your professional is also diligently keeping your information safe.
• Look for a CPA who has training or certification in cyber security.
• Never share your passwords, security number, credit card numbers, or any other sensitive information with anyone that does not absolutely need to have this information.
• Be very wary of any email asking you for personal information.
• Never click on a link in an email that seems even slightly suspicious. Remember that the IRS is not going to email you that they will conduct an audit or something of that nature.
• Keep a close eye on your credit score.
• Never write your entire account number when paying for something with a check.
• Always shred documents that you do not need, don’t just toss them out. Criminals routinely go through trash bins looking for sensitive documents.

A Huge Red Flag:

Most emails sent by scammers contain quite a lot of misspelled words and terrible English grammar. A professional company or government agency is much more careful when communicating with their clients.

Worried something is amiss?

Immediately file a fraud alert on yours or your business’s credit report by calling Equifax (888-766-0008), TransUnion (800-680-7289) or Experian (888-397-3742). After you have filed your reports, make sure that you directly call the issuers of any credit cards that you feel may have been impacted.

By Debbie Gregory.

Small businesses generally don’t think they are able the to provide their employees with a retirement plan. Business owners are financially pulled in a multitude of different directions including wages, raises, bonuses, new equipment, new locations, marketing, hiring, training, and more. Large corporations understand that an attractive benefit package helps retain employees and saves them the costs of hiring and training a new employee. It makes a great deal of  business sense to include a retirement savings plan with your other benefit offerings for your employees.

Why does My Business Need a Retirement Plan?

If you currently don’t offer retirement there are three reasons why you should:

1. As the owner you may be thinking of selling your business to fund your retirement and perhaps when the time comes to sell, the value of the business may not be as much as you anticipated and funds necessary for a robust retirement.
2. Contributions to employee retirement plans are tax-deductible for the business.
3. One of the greatest benefits for an employee is retirement savings. They will often stay with a company longer if they are offered attractive benefits and this helps you compete against companies that want to hire your valuable employees.

How To Select A Plan?

The best way to choose the appropriate retirement plan for your company is to sit down with a specialist and go review options. There is not a one-size-fits-all plan. There are so many different types of plans available including IRA-based plans, defined contribution plans (401Ks), and pensions. Some of these plans are more expensive for the company than others so it is best to consult a professional.

Once you have decided to offer retirement benefits and you have selected the right plan with a professional financial advisor, it is time to inform your employees of their eligibility to participate in the plan. Each plan has its own specific rules for informing your employees of their eligibility (the financial institution will provide the specifics based on the plan you select).

Some of the information you generally need to provide your employees includes:

• the time frame to enroll in the plan,
• any costs or salary reduction on the employee’s part,
• how much the employer will contribute on an annual basis,
• an official description of the plan from the financial institution it will be with,
• a notice about balance transfer if the employee leaves the company or chooses to move the account to a different financial institution.

As most businesses know finding and keeping good employees is expensive and time consuming. Offering good incentives, such as a retirement savings plan, helps retain good employees which can save your company money in the long run. Plus, as a business owner you need to take care of your own retirement beyond the hope that your company will sell for enough to keep you comfortable once you choose to stop working.