Page 88 - BusinessWest May 2, 2022

Summer Jobs
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also get into a company that can offer a full-time position if that is what they want to do.”
The Job at Hand
Cruise has long been an advocate of summer jobs — not only as a way to introduce young people to the workforce, specific lines of work, and the soft skills needed to succeed long-term, but also as a way to help at-risk young people find alternatives to the streets and the trouble often found there.
But the YouthWorks initiative has always been a win-win-win, he went on, adding that the ini- tiative has benefitted several sectors of the econ- omy — manufacturing and the broad hospitality sector, to name a few — as well as individual businesses and nonprofits, and area cities and towns as well.
And at a time when many sectors are still contending with an ongoing workforce crisis, there are more opportunities for young people and businesses to benefit, with young adults participating in Youthworks now having a bet- ter opportunity to find a job that will last longer than the five-to six-week program.
“I believe there are some opportunities in the private sector, because many companies are having a difficult time finding the sufficient staff to do their work,” said Cruise. “It’s hard in the summer to bring someone on for five to six weeks, but if we do a good job matching the young people to the particular site, that five-to six-week summer program can potentially turn into something full time. We’re pretty confident that some of that is going to happen with our older groups.”
Meanwhile, a main focus for YouthWorks is to teach young adults the importance of work and the employability skills they will need to not only find a job, but to keep that job moving forward. Young adults will learn the importance of com- municating with your work colleagues, showing up on time, being open to constructive criticism,
Cryptocurrency
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1040 regarding cryptocurrency to better regulate the taxation of cryptocurrency and hold tax- payers accountable for reporting their taxable transactions. The box on the tax return should be checked for all taxpayers who received, sold, exchanged, or disposed of any financial interest in any virtual currency. If you buy and are hold- ing onto virtual currency and have not done any of the above, you do not need to check this box. If you select “No” and are involved in the active buying and selling of cryptocurrency, this could be considered perjury on an official government form.
Do you have recommendations that make tax reporting easier?
Dissimilar to publicly traded securities, most cryptocurrency platforms do not issue a Consoli- dated 1099 statement tracking gains or losses.
A taxpayer will most likely receive a 1099 MISC or 1099-K. These two tax forms do not provide enough information to make determinations
which will only add to the learning experiences. “We want young people to not only experi-
ence hybrid and remote work and how that hap- pens, but see it as something they have to adapt to and deal with as they deal with their career path,” he noted.
Meanwhile, Cruise emphasized that, despite the name of the program, those within the extended age range will not be treated like chil- dren. The purpose of the program is to help people — whether they be adolescents or adults — realize their potential and become successful members of the workforce.
working in a team concept, developing critical thinking and judgment skills.
“The technical skills they learn on the job
are really important also, and we don’t consider them to be secondary,” Cruise went on. “We want to be sure the young folks are getting a real sense of the value and the importance of work — that work is good, work is healthy. It’s very exploratory with our 14-and 15-year-olds but those soft skills are just as important as they are for the 21-to 25-year-olds.”
Focusing on urban areas allows young adults to provide for not only themselves, but also for their families, said Cruise. Participants between
“
are getting a real sense of the value and the importance of work.”
the ages of 16 and 25 will be working 100 to 220 hours over the five-to six-week program, making $14.25, Massachusetts minimum wage.
“It’s a job where ... they won’t get rich, but they’ll earn money to help continue to sup- port their families and themselves,” he noted. “They’re not taking their check and running to the Apple store — they have other priorities.”
Young adults will be placed in one of the three organizations working with YouthWorks. They have placement opportunities at New Eng- land Farm Workers Council, MassHire Holyoke One Stop Career Center, and Valley Opportunity Center. The goal this summer, as noted, is to provide 740 jobs for the summer program and about 130 jobs during the fall.
Due to the COVID-19 pandemic, many of
the jobs secured by young people through the YouthWorks program were remote in nature, said Cruise, adding that as workplaces return to something approaching normal this year, par- ticipates should see a mix of working conditions,
“
question to page 1 of the Form 1040 regarding cryptocurrency to
better regulate the taxation of cryptocurrency and hold taxpayers
”
it. Contact your accountant for additional infor- mation about cryptocurrency and what that may mean for your specific tax situation. u
Jonathan Cohen-Gorczyca, CPA, tax manager, has been with Melanson for 10 years andspecializes in individual and business tax returns, compilations, and review engagements; Tyler Pickunka is a recent graduate from Westfield State University who has been a part of the Melanson tax team since 2020.
We want to be sure the young folks
“It’s hard to take a 25-year-old or an 18-year- old and call them a youth,” he said. “I don’t make that mistake calling them youth; they’re young adults ... they’re adults, peri- od. We treat them like adults. We respect them as adults.”
The summer program is going to begin the weekend after the Fourth of July. Applications are still available at the three organizations partnered with YouthWorks, online, and in most high schools in Hamp-
den County.
Beyond a Paycheck
Since it was launched decades ago, the sum- mer-employment program has been all about opening doors for young people, said Cruise.
These open doors lead to learning experi- ences on many different levels — from acquiring a specific skill, to understanding the importance of showing up for work on time, to discovering well ... how to make a living.
Sometimes, these open doors lead to much more — not just a summer job, but a career. And with the expansion of the SummerWorks program to a broader age group this year, the hope, and the expectation, that more doors will be opened and many more young people will march through them u
36 MAY 2, 2022
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BusinessWest
In recent years, the Internal Revenue Service (IRS) has added a
accountable for reporting their taxable transactions.
such as if the cryptocurrency was held short- term or long-term, but rather just an aggregate of all activity. One option is to find an online platform that provides this report at year-end.
Another option is to use a third-party soft- ware where you can consolidate your trading activities and can generate a report at year-end to hand to your accountant. If you are just pro- vided with multiple ledgers, it is very difficult (almost impossible) to decipher your activity throughout the year.
Understanding the tax implications for cryp- tocurrency is a must if you have or plan to have