2012 January Newsletter
Jan
1
Written by:
1/1/2012 7:32 AM
Happy New Year to all of you from your friends here at Falco Sult. We hope you are warm, safe and sound following all of this tumultuous weather. Thanks to technology, our office has been open and active all week despite Mother Nature trying to shut us down. Our only delay has been US mail service (the delivery of our paper tax organizers to our individual clients) but otherwise, we are moving ahead full steam.
For our corporate clients, you should have already received your year-end forms and information. If those have not reached you, please contact us and we'll make sure they get to you right away. We're working hard to help you wrap up another year before the corporate filing deadline of March 15.
In this issue, we're happy to share some positive economic insights with you, in addition to an invitation to host you at our upcoming business owner's event and reception on February 1. Please read on for this information and more as we kick off 2012.
Join us in Bellevue on Wednesday, February 1 starting at 4:00 PM for a complimentary business presentation and key advisors panel designed for business owners. We'll be discussing the planning strategies your business simply can't live without - how to plan, strategize, and succeed not just for the immediate, but for the future as well.
Following our presentation, we'll be hosting a wine and appetizer reception where you will be able to meet our panel members and ask them any questions that relate to you and your business.
Visit our website for more information about our speakers or to RSVP or contact Mary Sult by January 27 to reserve your spot. Guests are also welcome with RSVP.
Last year, our firm was one of the members that helped launch and form the PNWBBI non-profit trade organization for professionals involved in all aspects of business brokerage and mergers & acquisitions. Their main focus is to provide networking, education and synergy in the Puget Sound markets.
If you are involved in any aspect of the business sale process, you are welcome to join the group at their next event on Tuesday, February 7th from 11:30 AM - 1:00 PM in Bellevue. Non-members are welcome to attend; annual membership is $100 with a quarterly meeting and event frequency, as well as some informal networking events throughout the year.
Visit their website for more information about this group and/or to register for this next event.
Joe Quinlan, Chief Strategist of Bank of America, and Chuck Temple of TIP Strategies, both recently spoke about the local, national and global economy at the annual Eastside Economic Forecast Breakfast hosted by the Bellevue Chamber of Commerce.
Joe spoke mostly on the global and national economic outlook and is forecasting a good 2012, estimating 3% growth in the U.S. during the first six months of the year. He sees the private sector as the bright spot in the U.S. economy which has remained resilient through the downturn (despite negative stories in the media to the contrary). Strong sectors include retail, automobiles, information technology (IT) and manufacturing with exports being the most robust and businesses actively hiring in all of these sectors. He sees opportunities for the U.S. and Washington State centering on developing more trade relationships with China and India, and matching innovation with manufacturing. Still troubling on a global scale are the issues in Europe with both high unemployment and their debt crisis therefore, it is unforeseen how deep their recession will run. IT and aerospace will certainly be affected by these global markets.
From a regional perspective, Chuck provided insight as to which occupational groups are expected to add the most jobs in our area. Business/finance, sales, healthcare practitioners, and computer science are at the top. On the IT front, there is global competition for programmers which will see a decrease between 3-4% over the next few years, but we'll see a rise in network administration within the next ten years (up 20% by 2021). IT in Washington State is at twice the national average so it still has a very strong impact to our area. Nursing is also expected to increase by 25% in that same time frame with a strong 35-50% growth overall in medical sciences.
Talent development, retention, engagement, and attraction will continue to be critical for our region. Local educational opportunities are also necessary to keep up with the anticipated growth in these sectors. Also noteworthy is the amount of foreign students currently in the United States - over $725,000 (mostly from China) that are competing for both educational opportunities and jobs.
Overall, the outlook for 2012 is positive (which is always a plus) with slow and steady growth predicted.
For more detailed information regarding our Greater Puget Sound and Eastside economies, please feel free to visit the Prosperity Partnership webpage - part of the Puget Sound Regional Council - and the Bellevue Chamber of Commerce 2012 Eastside Economic Strategy Guide.
Gov. Chris Gregoire has asked the Washington State Department of Revenue (DOR) to grant tax return filing extensions to Washington businesses affected by the recent winter storm.
"The heavy snowfall and freezing rain resulted in road conditions and power outages that clearly affected the ability of some businesses to file their state excise tax returns on time," Gregoire said. "I have asked DOR to grant filing extensions to these businesses, and to waive penalties for those unable to meet the deadline. This request won't impact the state's tax collections. It merely pushes it back a bit to give our business owners who need it a much needed break."
Revenue Director Brad Flaherty said businesses needed to request the extension prior to the Jan. 25 due date for monthly filers or the Jan. 31 due date for quarterly and annual filers; however, Flaherty added, "We realize this is short notice for monthly filers. A business that is not able to request an extension prior to the due date may still request a penalty waiver for late filing penalties due to circumstances beyond their control."
Businesses should call the Department at 1-800-647-7706 to request an extension. Penalty waivers must be requested in writing and can be submitted in the department's electronic filing system or emailed to communications@dor.wa.gov.
Resolution 5K Run/Walk Fitness Challenge and Chili Feed Benefiting Hopelink: February 26, 2012 - at The Redmond Athletic Club
Kirkland Shamrock Run Benefiting Kirkland Downtown Association: March 17, 2012 - Downtown Kirkland
Tuxes & Tails Dinner & Auction Benefiting Seattle Humane Society: May 12, 2012 - at the Hyatt Regency Bellevue
With another busy season kicking into full gear, we wanted you to be aware of our office hours and availability so that we can best meet your needs.
Our phone lines are answered by reception Monday through Friday between the hours of 7:00 AM and 5:30 PM PST. You are always able to bypass our reception and reach a specific staff person directly by calling (425) 869-9532 and using our dial-by-name directory. Each staff person has their 3-digit phone extension listed in their email signature for convenient use and access.
In person, our office doors are open at 7:00AM Monday through Friday with staff people in the office until 6:00 PM most weeknights. Saturday and later afternoon appointments are available in some cases and can be individually scheduled with your main point of contact here at the firm.
You can always reach us 24/7 online with an issue via our website if you are unsure who to reach directly, or can email us at fscps@falcosult.com.
We hope you find this information helpful and look forward to serving you and yours this season!