THE PORT ANGELES GLOBE: MONDAY'S BUSINESS AND FINANCE

Monday, August 28, 2017

MONDAY'S BUSINESS AND FINANCE

From the US Chamber of Commerce: Building a 21st Century Workforce
Blog posting by, THOMAS J. DONOHUE, President and CEO, U.S. Chamber of Commerce.
(Link source)

With school starting back up, this is a good time to think about how we train and equip our students for success. It’s no secret that the skills needed in our economy have changed dramatically in recent years. Millions of lower-skilled jobs are disappearing, and millions of higher-skilled jobs are being created in their place. As businesses and workers struggle to adapt, it’s time to have a serious discussion about how to build a 21st century workforce.

To understand what’s at stake, let’s look at the manufacturing sector. Over a million new American manufacturing jobs have opened up over the past seven years, but about 390,000 of them have yet to be filled. This is because most of these jobs require specialized skills and technical know-how. They involve supervising complicated computer-directed machinery, using software to track inventory, or assembling increasingly intricate high-tech products. Workers displaced from old jobs by automation often don’t have the skills needed for these new positions, and many new graduates haven’t learned them either.

The problem extends far beyond manufacturing. Today, 50% of available positions in America go unfilled because qualified candidates aren’t available, and 40% of businesses can’t take on more work because they can’t fill the jobs they have. The skills gap is a complex challenge affected by many factors. The U.S. Chamber of Commerce is advocating for policy changes and exploring practical steps that communities and employers can take.

For example, we’re advising the administration on workforce training and apprenticeship issues. The U.S. Chamber Foundation Center for Education and Workforce has been building a signature workforce development initiative called Talent Pipeline Management. This initiative empowers businesses to communicate their employment and skills needs to education providers. It’s designed to put the business community in the driver’s seat of education and workplace partnerships. In addition, the Foundation is rolling out a localized consumer information tool called Launch My Career, which helps identify hot jobs in a state, the skills necessary for those jobs, and the programs and institutions that can offer those skills.

When it comes to building a 21st century workforce, there are no easy solutions. Our government leaders and policymakers must take a cue from our private sector economy and think creatively. Businesses and workers face modern challenges that require modern solutions. The Chamber looks forward to continuing to spark discussion, explore options, and develop solutions to the workforce challenges our country faces. Few issues are as important to the health and growth of our economy—or to the future of our nation’s schoolchildren.

US CHAMBER OF COMMERCE Article: Young African Fellows Highlight Opportunities to Transform the Continent
By, RACHEL OGUNTOLA, Fellow, U.S. Africa Business Center
LINK SOURCE

Last month, I attended the Africa Business Forum, a partnership with the U.S.-Africa Business Center and the Presidential Precinct hosting 25 Mandela Washington Fellows from 18 African countries. The Mandela Washington Fellowship, the flagship program of the Young African Leaders Initiative, empowers Africa’s best and brightest youth through academic coursework, leadership training, and networking.

The Africa Business Forum convened global business executives, government officials, academic leaders and the fellows to discuss opportunities for spurring economic growth, strengthening good governance, and accelerating private sector investment.

The forum was packed with moderated panel discussions, roundtables on business themes, and an informal networking lunch. The panels reinforced ways in which youth empowerment would drive significant change in Africa by highlighting crucial aspects of trade facilitation, workforce development, and small and medium enterprises.

Participating in the forum brought me back to my time at the African Leadership Academy, a top-notch two-year pre-university program in South Africa aimed at developing the next generation of African leaders. At the Academy, I met and interacted with youth from all over the African continent. Through those interactions, I developed a network of life-long friends and a deep fondness for expanding my personal and professional network.

Moving to the United States and being so far away from the African continent, I have actively sought out avenues to continue interacting with African youth and contributing to a robust African narrative. Over the past four years, I have become more observant of the one-sided and dominant Africa perspective that only focuses on the challenges faced by the continent. As fellow Nigerian and acclaimed author, Chimamanda Adichie, eloquently said in a TED Talk, “the danger of a single story is not that they are untrue but that they are incomplete.” While Africa has its challenges, the opportunities on the continent are so vast and it is important to recognize that side of the story.

The Africa Business Forum provided such recognition. As a fellow at the U.S.-Africa Business Center, listening to the Mandela Washington fellows talk about the change they are driving in their hometowns and the many ways the U.S. business community is driving change for mutual economic benefit was very inspiring.

I also interviewed some of the fellows participating in the forum, whom expressed gratitude for the opportunity to engage U.S. business leaders in an intimate setting. . Responding to a question on economic growth, Christian Fonye, a Cameroonian human rights and peace lecturer, said the public and private sector should join forces to resolve conflict as a mechanism to spur economic growth on the continent. Focusing on women rights, Kyapalushi Kapatamoyo, a Zambian national, encouraged the business community to provide women with the tools needed to contribute to the global value chain in retail and other sectors.

To see other energetic young Africans like me passionately engaging about U.S. business growth in African markets gave me a sense of pride and comfort, and restored my belief in Africa’s bright future. Youth are the true change makers on the continent with the transformative power to rewrite the tired African narrative. As such, it becomes increasingly important that the onus to provide the necessary tools they need to create change does not rest solely on the government, but also on the business community. By organizing a forum like this, the Chamber’s U.S.-Africa Business Center and the Presidential Precinct made strides to challenge that one-sided view of Africa and emphasize the opportunities that abound on the continent.

I remain grateful for the many opportunities I have to network with Africa’s youth and senior U.S. business leaders, who understand the unique challenges of operating on the continent but also see the upside potential.

US DEPT. OF LABOR BLOG: Maine Marine Electrician Helps Power Navy Ships
Article posted 8/ 25/ 17 (link source)

Thirty-seven-year-old Matt Maher has found a career and pride in his work as a graduate marine electrician at the Portsmouth Naval Shipyard (PNSY) in Kittery, Maine. Matt, a married father of four, completed a four-year apprenticeship at the shipyard in February.

As an apprentice at PNSY, he learned to operate specialized automated rewind machines, as well as the programming skills that are specific to the motor generator windings the shipyard manufactures to ensure U.S. Navy sailors have the power they need to sail on the open ocean. Motor generators are units that convert electrical power and are used to help energize many components on a ship, such as the main propulsion system that drives a propeller.

Today Matt is in charge of the motor shop’s motor rewind department. “Working for the Navy means a lot to me and I feel like I’m contributing to the defense of our great nation,” he said.

As a new father, the Maine native began searching for a new career path. Friends who worked at the shipyard told him about the stability, benefits, and opportunity for promotion they had found there, so Matt applied and hasn’t looked back since.
This job has changed my life, giving me the ability to support my growing family, and peace of mind knowing that I don’t have to worry about the next paycheck so I can relax and truly enjoy my free time at home,” he said. “I’ve never felt the sense of security that I feel working for the Portsmouth Naval Shipyard.”

The apprenticeship program includes paid academic and trade training, and on-the-job learning at the shipyard. Graduates receive journey worker certificates from the U.S. Department of Labor and the Department of the Navy, as well as college credit toward an associate degree from either York County Community College or Great Bay Community College. Benefits include vacation and sick time, a retirement plan, and health and life insurance.

To find out more about apprenticeship opportunities in your area, or to learn how to start a program, visit www.dol.gov/apprenticeship.

THE FED: Federal and state banking agencies issue statement on supervisory practices regarding financial institutions and borrowers affected by Hurricane Harvey
PRESS RELEASE ISSUED 8/ 26/ 17 (link source)

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and state bank regulators recognize the serious impact of Hurricane Harvey on the customers and operations of many financial institutions and will provide regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions in the affected areas to meet the financial services needs of their communities.

A complete list of the affected disaster areas can be found at www.fema.gov.

Lending: Bankers should work constructively with borrowers in communities affected by Hurricane Harvey. The agencies realize that the effects of natural disasters on local businesses and individuals are often transitory, and prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism. In supervising institutions affected by the hurricane, the agencies will consider the unusual circumstances they face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound banking practices as well as in the public interest.

Community Reinvestment Act (CRA): Financial institutions may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, institutions should review the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.

Investments: Bankers should monitor municipal securities and loans affected by the hurricane. The agencies realize local government projects may be negatively affected. Appropriate monitoring and prudent efforts to stabilize such investments are encouraged.

Regulatory Reporting Requirements: Institutions affected by Hurricane Harvey that expect to encounter difficulty meeting the agencies' reporting requirements should contact their primary federal regulatory agency to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies' regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of the effects of Hurricane Harvey. The agencies' staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution's particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.

Publishing Requirements: The agencies understand that the damage caused by the hurricane may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal regulatory agency.

Temporary Banking Facilities: The agencies understand that many banks face power, telecommunications, staffing and other challenges in re-opening facilities after the hurricane. In cases in which operational challenges persist, the appropriate primary federal regulator will expedite any request to operate temporary banking facilities to provide more convenient availability of services to those affected by the hurricane. In most cases, a telephone notice to the primary federal regulator will suffice initially. Necessary written notification can be submitted later.

IRS PRESS RELEASE: Don’t Take the Bait, Step 7: Protect e-Services Accounts, EFINs
RELEASE ISSUED 8/ 22/ 17 (link source)

WASHINGTON – The IRS, state tax agencies and the tax industry today reminded tax professionals that they are responsible for protecting access to their IRS e-Services account and safeguarding their Electronic Filing Identification Number (EFIN) from thieves.
National and international criminal syndicates routinely attempt to steal tax professionals’ usernames and passwords so they may access IRS e-Services to obtain the EFIN, which allows a criminal to steal clients’ sensitive information.
Increasing awareness about protecting e-Services and EFINs is part of a “Don’t Take the Bait” campaign, a 10-part series aimed at tax professionals. The IRS, state tax agencies and the tax industry, working together as the Security Summit, urge practitioners to learn to protect themselves from password thefts. This is part of the ongoing Protect Your Clients; Protect Yourself effort.
“For tax professionals working with the IRS, protecting these account numbers is critical,” said IRS Commissioner John Koskinen. “Practitioners should maintain, monitor and protect their Electronic Filing Identification Number. Failing to do so can be disastrous for their business and their clients.”
Protecting Clients and Their Businesses from e-Services/EFIN thieves
Cybercriminals routinely use spear phishing emails to target tax practitioners. The emails impersonate IRS e-Services, trying to trick practitioners into disclosing their username and password. Once the thieves have these credentials, they access e-Services accounts and steal EFINs to file fraudulent tax returns. Cybercriminals also are savvy enough to know to steal Centralized Authorization File (CAF) numbers, which are unique, nine-digit ID numbers assigned to those who represent others before the IRS. The con artists also know how to file fraudulent powers of attorney documents to access clients’ accounts.
Password thefts are one reason the IRS has moved to Secure Access, a two-factor authentication process, to offer more protection for online tools. Secure Access requires not only a username and password but also a security code that is sent to a mobile phone previously registered with the IRS. The IRS is moving toward multi-factor protections for e-Services as well, and hopes to have this system in the near future.
In addition, the IRS is working with Security Summit partners in the states and the private-sector tax industry to help protect taxpayers and their tax filings against these threats.
Maintain EFINs
Once the EFIN application process is complete and an EFIN has been issued, it is important to keep accounts up-to-date. This includes:
Review the e-file application periodically. The e-file application must be updated within 30 days of any changes, such as individuals involved, addresses or telephone numbers. Failure to do so may result in the inactivation of the EFIN.
Ensure proper individuals are identified on the application and update as necessary. The principal listed on the application is the individual authorized to act for the business in any legal or tax matter. Periodically access the account.
Add any new principals or responsible officials.
Update any business address changes, including adding new locations.
An EFIN is not transferable; if selling a business, the new principals must obtain their own EFIN.
There must be an EFIN application for each office location; if expanding a business, an application is required for each location where e-file transmissions will occur.
Tax Professionals: Monitor EFINs
Help safeguard the EFIN. During the filing season, check on the EFIN’s status to ensure that it is not being used by others. The e-Services account will give practitioner’s the number of returns the IRS received, which can be matched to practitioner records. The statistics are updated weekly. Contact the IRS e-help Desk at 866-255-0654 if there’s a higher volume shown than the number transmitted by the practitioner.
After logging into the e-Services account, follow these steps to verify the number of returns electronically filed with the IRS:
Select practitioner name,
In the left banner, select ‘Application,’
In the left banner, select ‘e-File Application,’
Select name again,
In the listing, select ‘EFIN Status,’ and on this screen the number of returns filed based on return type is displayed.
Protect EFINs
Increasingly, identity thieves are targeting tax professionals to gain access to client data or other sensitive information. A common scam involves efforts by criminals to steal the tax professional’s e-Service account password and EFIN. Here are some steps to protect the EFIN:
Learn to recognize and avoid phishing scams that claim to be from the IRS or e-Services.
Do not open any link or attachment received in a suspicious e-mail.
Periodically change the e-Service password and use a strong password consisting of letters, numbers and special characters.
Periodically change the password to the email address used to correspond with clients.
Please note: The IRS continuously reviews EFINs and takes the necessary actions to inactivate any EFINs that are found to be compromised by an un-authorized firm or individual. The firm using the invalid EFIN will encounter Business Rule 905 when it e-files returns. The firm must call the e-help Desk at 866-255-0654 to request a new one.
Maintain Contact with the IRS
Authorized IRS e-file providers should maintain contact with the IRS to learn of any e-file updates. E-Service users can subscribe to Quick Alerts. Tax practitioners also can sign up for e-News for Tax Professionals or e-News for Payroll Professionals.