The Inside Press

Magazines serving the communities of Northern Westchester

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Let ROCKS Rock your Holidays

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‘Tis the season … to make your ‘to do’ list and shop at ROCKS! From fine and fashion jewelry to the very best in tabletop and home décor, Rocks Jewellery Gift Home has you covered. Whether you are shopping for him or her (or even better, YOURSELF!), they have an amazing selection of items for every price point, starting as low as $25. Bling it on!
Known for having fabulous, affordable, and unique jewelry, ROCKS has also become the perfect place to glitz up the house. Winner of Best of Westchester for 2021, ROCKS now carries dazzling home accessories, stocking stuffers, and ideal hostess gifts. Their home selection includes the very best designers, from Jonathan Adler to Missoni to Arteriors, just to name a few.
This year, they are also introducing Finishing Touches, a complimentary service that will truly make your house a home. One of their personal home stylists will visit your house and suggest an array of decorative items, ottomans, art, side tables and consoles that will, well, provide the finishing touch that will make your home uniquely yours.
So RUN to ROCKS for a fabulous holiday season!

The All Important Focus on Togetherness During the Holiday Season

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Gordon Josey, owner/director of Breezemont Day Camp in Armonk, NY, was asked to share parenting advice to guide us through the holidays. He focused on the social and emotional side of things and advised parents to make sure their kids “focus on togetherness and gratitude in addition to the material things”. After all, “like camp, the success of the holidays are the social interactions more than the material gifts- kindness, listening, understanding, and acceptance will make for a wonderful holiday for all of us,” said Gordon Josey. This includes taking the time to give to others by donating or volunteering. The all knowing camp director also emphasized the importance of active listening and remaining open to different points of view as we gather with our families throughout this holiday season. 
 

Desires by Mikolay Suggests: Shop SMALL for BIG Impact!

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Shop SMALL for BIG impact!

November 23 through November 27, 10 a.m.-6 p.m, Daily

 Desires by Mikolay is full of wonderful Holiday gifts for everyone on your list. Shop to benefit the Mount Kisco Interfaith Food Pantry 11/23 – 11/27 in store, online or by mail order and guests will receive 10% off their purchase, knowing an additional 10% will be donated to help those who are food unstable.

Skip the malls and shop local on Black Friday (11/26) with their Holiday Open House! Guests will enjoy craft cocktails, fine wine, small bites and festive music while they shop! Bring your friends and family for a fun day celebrating ’the Season of Giving’.

Awarded Equity In Your Company? 5 Key Financial Considerations

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As we approach the end of the year, bonuses and tax planning are at the top of many employees’ minds.  Without proper planning, equity compensation grants can seem like a double-edged sword. On the one hand, the equity grants you’ve been awarded represent the potential for significant wealth. On the other, they may have a range of complex financial and tax planning considerations. So, what should you be thinking about when managing your equity compensation?

Here are five important things to consider when strategizing with your team of professional advisors on how to manage your equity compensation grants.*

1. Make sure you know what kind of equity grant you’ve received.

Knowing what kind of equity grant you’ve been awarded will help you understand when and how you may owe taxes. Nonqualified stock options (NQSOs) are a common type of equity grant that are awarded at a pre-determined exercise price, also known as the strike price. Other types of equity compensation may include incentive stock options (ISOs), restricted stock units, and performance shares.

2. Keep track of when your equity compensation grants vest.

The vesting period defines the amount of time you must hold the equity grant before it vests and generally is no longer forfeitable. Typically, the equity grant will vest over a period of time, achievement of performance goals or a combination of both.

3. Understand the tax consequences of your equity compensation grants.

NQSOs do not qualify for special tax treatment so the spread between the strike price and the fair market value (FMV) of the stock at the time of exercise is considered ordinary income subject to federal, state, and local income taxes and payroll taxes. ISOs do not generally result in taxable income when they are exercised, but they may result in ordinary income or capital gain at the time the shares are sold depending on how long the shares have been held. However, the spread between the strike price and the FMV of the stock at the time of exercise may be considered income for Alternative Minimum Tax (AMT) purposes.

With restricted stock units or stock performance awards, you are generally subject to ordinary income tax when the equity grants vest.  The type of equity grant and terms of your company’s  plan will determine when and how it is settled and taxed. 

4. Determine whether a section 83(b) election makes sense for you.

If you make a section 83(b) election, you recognize taxable income in the year the equity award was granted, rather than in the year it is no longer subject to a substantial risk of forfeiture. Typically, a section 83(b) election can only be filed in connection with the grant of certain types of equity awards, such as, restricted stock and performance shares. The section 83(b) election needs to be made within 30 days of receiving the equity grant. If you choose to make a section 83(b) election, you will recognize ordinary income on the excess of the FMV of the equity award at the time of grant over the amount paid, if any. By making an 83(b) election, you have the potential of reducing your overall tax paid if your company grows. When you eventually sell the shares underlying your equity award, you may recognize capital gain or loss. Assuming you sell the shares more than one year after grant, any gain would be treated as a long-term capital gain, which is taxed at a lower rate, than ordinary income. 

5. Find out if your shares qualify as Qualified Small Business Stock.

You may be able to exclude up to 100% of any gain from the sale or exchange of qualified small business stock (“QSBS”) acquired after September 27, 2010 and held for more than five years.  The maximum amount of gain excluded is generally allowed up to $10 million or ten times the cost of the stock. The five-year holding period is for shares–not options–so if QSBS treatment is a future possibility, exercising options early and along the way may make sense. It may also be useful to negotiate an accelerated vesting schedule to start the clock on the holding period. QSBS rules are complex and include some key requirements for taking advantage of this exclusion, so consulting a tax advisor for guidance is advisable.

Key Takeaways

Deciding how to manage your equity grants can be a complex undertaking, especially if they are a significant component of your compensation package and your company stock represents a large portion of your overall wealth. Understanding the financial and tax implications of your equity compensation–and how they impact your comprehensive wealth management strategy–is critical. Working closely with your professional advisors–including your CPA, attorney, and a financial advisor who understands the nuances of equity compensation plans–can help you create a customized plan for achieving the future you envision for yourself and your loved ones.

About the Author

Richard Bloom, CFP® is a Financial Advisor, Dedicated Equity Plan Specialist with The MayerGelwarg Group at Morgan Stanley. As a Dedicated Equity Plan Specialist, Rich utilizes a unique set of skills to help clients who receive compensation benefits in the form of company stock. His deep understanding of the tax ramifications surrounding stock awards and grants qualifies Rich to work cohesively with clients’ CPAs to develop long-term, tax efficient diversification strategies. He can be reached by email at Richard.Bloom@morganstanley.com or by telephone at (212) 893-7597.

* Strategies are subject to individual client goals, objectives, and suitability. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors or Private Wealth Advisors do not provide tax or legal advice. Only US federal income tax information is provided herein, and other taxes may apply depending on an investor’s particular circumstances. Investors should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters.  

© 2021 Morgan Stanley Smith Barney LLC. Member SIPC.

CRC 3754886 09/2021     

A Community Treasure: Carolyn Vento, Master Hair Colorist at the King Street Salon

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Carolyn Vento is a master hair colorist in much the same way your favorite artist is a master musician, painter, or sculptor. There are many who make a living doing what they do, but there are few who command the respect of the masters of the form. Vento likes to joke that hair is her canvas, but she’s right. Her 300-plus clients from all over Westchester and New York City seem to agree.

King Street Salon is owned by Vento’s sister, Rosemary Filancia, and her brother-in-law, Charles Fremolaro. Vento has been working with hair professionally for 37 years, and has an even longer history in the business. Her father was also a hairdresser. “I was eight years old, doing roller sets,” she said. Since her time at the family business, Vento has trained at the renowned Vidal Sassoon Sassoon Academy and has been certified by the American Association of Haircolorists. But Vento doesn’t rest on her laurels. When she’s not at work she’s at home watching new hair coloring tutorials on YouTube. “I learn from my assistant every day,” says Vento. With King Street Salon, you’re not just getting all the experience, you’re getting the lifelong pursuit of perfection.

Vento’s dedication is time consuming. “I work six days a week, 12 hours a day. What’s the alternative?” she says. You can expect to see her in the salon starting at 6:30 a.m., and you can expect her to still be there twelve hours later. After finally taking a much needed vacation, she said, by the second day, “I wished I was home.” Her dedication is unmatched. “My clients are my family. If they want to come in at 9 at night, I’ll do it.” All of Vento’s over 300 clients have her cell number, and that’s the only way she’d have it. It goes beyond merely running a business. Vento is part of the fabric of her community, and she knows it and takes it seriously.

Vento makes dreams come true in her own little corner of the world, and she’s fueled by it. Not only is it in her blood, it’s in her heart.

“I believe every merchant has the responsibility to serve the community in any way they can,” she says. This thought was running through her mind during the early days of quarantine when King Street Salon was shut down. Vento wondered what she could do to serve her community and to put food on her assistant’s table, when the idea came to her. If she couldn’t have people in her salon, she could do the next best thing and bring the salon to them with portable hair-coloring kits that she could drop off at her customer’s houses. It wasn’t as good as the real thing, but as Vento said, “It put a Band-Aid on the problem,” one that their hairdressers would thank her for later. 

“I made 147 kits, and did 147 tutorials for husbands and kids,” says Vento. The kits were a huge success, and Vento put in the effort to ensure that they were applied correctly. She would make five tutorials a night for whichever relative or friend happened to be acting as her proxy. The kits were successful in large part due to the Chappaqua Moms Facebook group. All of King Street Salon’s business comes in through word of mouth, and with the support of a large group, businesses like Vento’s can really flourish. And of course it helps that no one has a bad thing to say about her.

The affection between Vento and her customers is mutual. 

“I love this town,” says Vento. Growing up, she had lived above one of her father’s salons in Armonk. She returned to the area in 2012, leaving behind a highly successful salon in the East Village. Now, her former customers in Manhattan make the journey to Westchester to have Vento work her magic.

Vento is not only good at what she does, she really loves it. She adores what she’s able to do for her customers. She does it for that moment when, “A woman looks in the mirror and purses her lips, and for that split second she feels like a supermodel.” Vento makes dreams come true in her own little corner of the world, and she’s fueled by it. Not only is it in her blood, it’s in her heart. “I eat it, I drink it, I sleep it,” says Vento. It’s her whole life, and that’s the way she wants it. From the procedure itself to the customer’s reaction at the result, Vento is enthralled. After all, she must be worth every penny to bring city slickers to the suburbs.