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  Rocky’s
Continued from page 9
Hardware in Stamford, Conn. and Clarke’s Ace Hardware in New London, N.H. “In both those cases, individuals owned them, they were family busi- nesses, and they didn’t have other family members ready or willing to take over the business when the own- ers were stressed out with COVID and wanted to sell,” Falcone said.
Those acquisitions followed expan- sions into Bath, Maine; Washington, N.J.; and Forks County, Pa. over the past five years.
“We’re in a growth mode now; we’re looking to continue to grow our busi- ness, continue to expand business,” he said. “There is this little pocket of hard- ware stores, where the people who own them are in their 60s and 70s, and this whole COVID situation has done them in. They’re just stressed out; they’ve created a nest egg and want to unlock the capital they’ve created in their busi- ness by selling.”
Rocky’s, on the other hand, thrives in an attractive niche between the big boxes and those individual owners, with an economy of scale that allows it to roll with industry change, always innovating, while focusing on cus- tomer service in ways Home Depot and Lowe’s aren’t necessarily known for, and which are impossible on the internet.
“People don’t want to buy paint online,” Falcone told BusinessWest. “You could, but you want to match the
Agawam
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these small-business owners with some relief until they can open their doors again,” Strange explained. “The grants help businesses that didn’t have access to other funds to help them.”
Meanwhile, the community is look- ing to support its beleaguered restau- rants with an ordinance that will allow outdoor dining on a permanent basis.
“In the early days of the pandemic, outdoor dining was a lifesaver,” Sapelli said. “Now, going into the third year,
Crypto
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taxpayers as the IRS increases oversight for cryptocurrency.
Starting in 2023, the IRS will require that 1099-Bs are issued to taxpayers who invest in cryptocurrency. These forms will capture the proceeds and cost basis from the cryptocurrency investments. Taxpayers should be mindful of tracking these items inde- pendently to ensure accuracy.
The IRS is already issuing an increased number of notices to tax- payers who are known or suspected to invest in cryptocurrency. These notices typically are numbered 6174, 6174-A, and 6173. Only notice 6173 requires
The Falcone family was honored by BusinessWest as Top Entrepreneur for 2006 for both their success with the hardware chain and their real-estate developments.
uct at a store (and get that lesson in how to use it, too).
Even the way stores are laid out has changed over the years, Falcone added, noting that making it easy to find prod- ucts is part of customer service, too.
Hammering It Home
The fourth generation has joined the Rocky’s team, Falcone said: his son Johnny currently works in merchandise and buying — as noted earlier, a job with some added challenge these days.
Staffing can be a challenge as well, and it varies by store. “We try to treat people fairly,” Falcone said, and that goes beyond pay and benefits, and involves a culture of training.
“Our people tell us amazing stories: ‘I’m a homeowner, and now I know how to fix all these things — a light fix- ture, toilet, under-sink repair — where I’ve never done that type of thing before.’ That great training helps peo- ple grow over time as individuals. You can’t understate the value of that.”
It’s another way Rocky’s Ace Hard- ware is making people’s lives a little easier. Its success in doing so, and continued growth as it approaches a century in business, is a testament to a model — and a willingness to change it when necessary — that has seen this family business survive recessions, the big-box home-improvement boom, and a whole lot more. u
Joseph Bednar can be reached at [email protected]
fortable going in person, and for those not yet ready, we offer a remote option so they can log on and enjoy the whole event from the safety of their home, remote office, or wherever.”
Wozniak reported the hybrid meet- ings have been successful because they help bring people face-to-face.
As she mentioned earlier, these have been times when business owners have been “learning and growing together.”
These efforts will hopefully yield dividends for the day when ‘normal’ is not a goal, but a reality. u
situations that come with entering the cryptocurrency marketplace.
This material is not intended to serve as tax or finance advice. You should obtain any appropriate profes- sional advice relevant to your particu- lar circumstances by consulting an advisor. u
Brendan Cawley, EA, is a tax supervisor with the Holyoke-based accounting firmMeyersBrothersKalicka,P.C.,
and Ian Coddington, CPA, is a senior associate with MBK. Lauren Foley, MSA, and Anthony Romei, MBA,
both associates with the firm, also contributed to this article.
 right color, and you want someone to reassure you that you’re making the right decision. We have high-service, high-touch paint experts.”
Then there’s power equipment. “We teach the customer how to use it and not hurt themselves, how to use the right fuel, the right mixture, things like that. People don’t want to buy chain- saws on the internet.
“And some gas grills are big and
it’s so popular, we are proposing an ordinance to make it permanent in Agawam.”
Giving Back
As for the chamber, its grant pro- gram is part of a broader effort to expand and diversify its support pro- grams for businesses. For the past two years, the chamber has put its focus on keeping members up to date on health regulations, helping them identify grants they might qualify for, and any
a response, but each notice indicates that the IRS is watching the taxpayer for cryptocurrency investments. In addition, the IRS requires that Form 8300 be filed by a taxpayer who receives more than $10,000 in digital assets starting after Jan. 1, 2023. Failure to report these details could result in civil penalties or felony charges.
Finally, please remember that the IRS’s definition of cryptocurrency and digitalassetscouldchangedramati- cally in the coming years. In fact, as of this past week, there has been a new court case that resulted in a decision that contradicts the IRS’s previous posi- tion on staking rewards.
bulky,” he went on. “We assemble them, and assemble them right, so the gas connections are done properly. Now we’re coming up with white-glove delivery; instead of dropping it at the mailbox, for a slight added fee, we set it up on your deck and take away the old grill.
“We’re finalizing that now,” he added, along with the ability to buy from Ace online and pick up the prod-
other information to keep them going. “The last couple years have been all uphill for many of our members,” Woz-
niak said. “The chamber board feels the need to start giving back to our small businesses.”
Staying connected through events has been a long-time business model for chambers of commerce. Wozniak said she has reintroduced networking events with a hybrid twist where peo- ple can attend in person or take part remotely.
“We welcome those who feel com-
Additionally, while cryptocurrency is currently viewed as property, if the IRS recharacterizes these investments as securities, then that could result in sig- nificant tax implications. For example, cryptocurrency is currently not sub- ject to wash-sale rules presently due
to its classification as property. This is an ever-evolving environment and requires prudence.
While some trends at the beginning ofthepandemic,suchaswhippedcof- fee and banana bread, seemed to dim their lights, the cryptocurrency market is continuing to blaze new trails. It’s important to work with a qualified tax preparer to navigate the complex tax
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