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The Use Of Crowdfunding Sites By Self-employed People To Support Their Businesses May Have Tax Ramifications

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As a much-needed funding alternative to conventional financing methods like bank loans and venture capital investment, crowdfunding has changed the game for entrepreneurs. People who are self-employed in particular have been swarming to crowdfunding sites since they may fundraise for their enterprises there without giving up ownership or control. Crowdfunding has many advantages, but there are also some significant tax repercussions that self-employed people should be aware of.

Continue reading The Use Of Crowdfunding Sites By Self-employed People To Support Their Businesses May Have Tax Ramifications

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Kickstarter Plans to Move its Crowdfunding Platform to Celo blockchain

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the staff of the Ridgewood blog

Ridgewood NJ, Kickstarter has announced plans to create an open source protocol to decentralize the platform’s core functionality. Its goal is for multiple platforms to use the protocol. The company launched a new organization called Kickstarter PBC to develop the protocol and will be establishing an independent governance lab to engage with the public on the topic of protocol governance. It will use the Celo blockchain, which uses a consensus mechanism that is apparently carbon negative.

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Crowdfunding: Your Next Artistic Project


Crowdfunding is the practice of funding a project or venture by raising small amounts of money from a large number of people, typically via the Internet. *musicians, filmmakers, and artists have successfully raised funds and fostered awareness through crowdfunding”

Pre-Game : before you start its best to get organized

The essentials before you start a crowdfunding campaign are  :

Continue reading Crowdfunding: Your Next Artistic Project

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Representative Scott Garrett Pushes Legislation to Spur Small Business Formation, Income and Job Growth

Scott Garrett Bergen County

Chairman Scott Garrett Opening Statement for Hearing Entitled “Legislative Proposals to Enhance Capital Formation, Transparency, and Regulatory Accountability”

May 17, 2016
the staff of the Ridgewood blog

Ridgwood NJ,  Capital Markets and Government-Sponsored Enterprises Subcommittee Chairman Scott Garrett (NJ-05) delivered the following remarks at a hearing entitled, “Legislative Proposals to Enhance Capital Formation, Transparency, and Regulatory Accountability”:

Congressman Scott Garrett’s opening remarks as prepared for delivery:

Today, the Subcommittee meets to examine three important pieces of draft legislation that continue our work over the last five years to modernize our nation’s securities laws, promote transparency and competition in our capital markets, and bring real reform and accountability to the SEC’s rulemaking process

Recent polls indicate that roughly two-thirds of Americans believe our country is headed in the wrong direction, and a declining number of people believe that their children will be better off financially than they have been

So despite the big promises that have come with granting vast and in some cases unlimited authority to the federal bureaucracy, most Americans aren’t buying the argument that a bigger Washington leads to a bigger paycheck – or even to a paycheck at all

Fortunately, our Subcommittee has for five years tried an alternative approach which seeks to empower entrepreneurs, investors, and small businesses – not bureaucrats

This approach has led to some legislative successes – most notably with the JOBS Act of 2012 – but maybe more importantly it has led Congress and regulators to think in different ways than they historically have

So today we continue our important work with these three pieces of legislation:

First, we will consider the SEC Regulatory Accountability Act, which would require that the SEC determine that the benefits of any regulation they are considering actually outweigh its economic and regulatory costs

Even President Obama – through executive orders issues in 2011 – has recognized the importance of economic analysis in rulemakings; this legislation would merely codify much of the President’s executive order for the SEC

Second, we have the Investment Advisers Modernization Act from Mr. Hurt

This is a long overdue piece of legislation that would allow private capital to continue to play a critical role in our economy, and which reduces many of the unnecessary bureaucratic requirements that have the effect of starving middle market businesses of the capital that they need

Third, Mr. Duffy has put forward the “Proxy Advisor Form Reform Act of 2016” which would – for the first time in memory – provide some much needed sunlight to the way in which proxy advisory firms develop and distribute their advice

This Subcommittee has led the charge in Congress for reform of the proxy advisory industry, and this draft legislation is the next step in those efforts

So I want to thank all of the sponsors for their hard work on all of these bills and I look forward to hearing from our witnesses.

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Rep Scott Garret’s Bipartisian JOBS Act spurs business formation and jobs

House Budget Panel Holds Hearing to Receive  Views on Fiscal 2012
April 15,2016
the staff of the Ridgewood blog

Chairman Scott Garrett Opening Statement for Hearing Entitled

“The JOBS Act at Four: Examining Its Impact and Proposals to Further Enhance Capital Formation”

WASHINGTON, D.C. – Capital Markets and Government-Sponsored Enterprises Subcommittee Chairman Scott Garrett (NJ-05), delivered the following remarks at a hearing entitled “The JOBS Act at Four: Examining Its Impact and Proposals to Further Enhance Capital Formation”:

Congressman Scott Garrett’s opening remarks as prepared for delivery:

It’s not very often that Congress can look back at a major piece of legislation and be able to measure the tangible, positive impact it is having on peoples’ lives and on our economy

Too often, we find ourselves – particularly on this Committee – counting up the costs of misguided Washington mandates and comparing them with the phantom benefits promised by the bureaucratic class

Fortunately, that is not the case today

The Jumpstart our Business Startups – or “JOBS” Act – signed into law four years ago this month has by most measures been a resounding success for our economy and the future of innovation in America

The JOBS Act did this not by creating new federal mandates or spending taxpayer money on wasteful programs, but by empowering entrepreneurs and innovators who were struggling under a regulatory regime that was better suited for 1934 than it was for 2016

Just consider some of the following:

·        The JOBS Act has led to a resurgence in the initial public offering (IPO) market, with some 85% of IPO’s since April 2012 coming from emerging growth companies

·        Companies have raised some $50 billion under the new Reg D provision that allows business to solicit an offering to the general public

·        While the newly modernized “Reg A+” is only a year old, business are already beginning to issue securities under this exemption

·        And recent reports indicate that the SEC has already received up to 30 applications for portals under the new crowdfunding rules, which are set to go live next month

So while it’s clear that many parts of the JOBS Act are working as intended, the point of this hearing is not to pat ourselves on the back and say “job well done”

For starters, because the Senate tried its best back in 2012 to neuter the crowdfunding title and the SEC has taken some liberties with other rulemakings, the JOBS Act needs some “fixing”

So I want to thank the gentleman from North Carolina, Mr. McHenry, for putting forward the “Fix Crowdfunding Act” which makes some necessary changes to help ensure Title III reaches its full potential

Additionally, I have put forward a bill – the Private Placement Improvement Act – that will prohibit the SEC from implementing burdensome new rules for Reg D issuers that were uncalled for by the JOBS Act

We’ll also consider two other bills today

Mr. Emmer has introduced an innovative bill that would create a safe harbor for so-called “micro offerings”, and Mr. McHenry has another bill which would raise the threshold for when venture capital funds would have to register with the SEC

In addition to these targeted fixes, I’m also interested in hearing from our witnesses about further areas that Congress should be addressing in order to maintain the competitiveness of our capital markets

For example, we should be exploring the cumulative burdens that come with being a public company – including, unfortunately, some of the ridiculous disclosure requirements of Dodd-Frank as well as the outsized influence that proxy advisory firms have in the corporate governance arena

It’s also time to think more about the lack of research and liquidity that exists for certain public companies, and whether the equity research Global Settlement of 2003 swung the pendulum too far and has led to a dearth of research for small cap stocks

These are all important questions, and I look forward to hearing from our witnesses today.

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Muslim American community raises nearly $200K for families of San Bernardino victims


By: Kelly Taylor

POSTED:DEC 11 2015 07:02PM PST

UPDATED:DEC 11 2015 07:02PM PST

(FOX 11) – A collective of Muslim-American leaders have raised more than $194,000  for the families of those killed in the San Bernardino terrorist attack.

The initiative, called Muslims United for San Bernardino, was launched by Faisal Qazi, president of family-centered organization MiNDS Network and Tarek El-Messidi, founder of Islamic nonprofit CelebrateMercy.

“We wish to respond to evil with good, as our faith instructs us, and send a powerful message of compassion through action,” the founders said in a press release. “Our Prophet Muhammad, peace be upon him, said: ‘Have mercy to those on earth, and the One in the Heavens (God) will have mercy upon you.’ And the Quran teaches to ‘Repel evil by that which is better’ (41:34).”

The group initially hoped to raise $50,000, but exceeded that goal within 48 hours. As of Friday evening, $194,273 had been raised.

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The Ridgewood Concert Band :”Heartbeat of the RCB” Campaign


We had Black Friday, Small Business Saturday, and Cyber Monday. Did you know that today is Giving Tuesday? If you haven’t already, please donate to our “Heartbeat of the RCB” Percussion Fundraising Campaign!

The percussion (drums) section is the heartbeat of any musical ensemble and percussion section of the Ridgewood Concert Band (RCB) is no exception.   The percussionists of the RCB keep the pulse of the music and add color and texture to the music that we play each season.

The Ridgewood Concert Band is committed to making a substantial contribution to the music and artistic life of our community by providing audiences with the highest level of wind music performances.  In order to perform at the highest level our musicians need the highest level quality instruments.  Most band members provide their own personal instruments because they play just one instrument (eg. clarinet, trombone).  However, the percussion music includes such a wide variety of instruments (marimba, xylophone, timpani, bass drum, cymbals, snare drum….just to name a basic few!) that a percussionist may play three, four, or five instruments in the course of just one piece!  Because a percussionist simply cannot own, store, and transport EVERY percussion instrument, the RCB has a selection of percussion equipment that it owns for its members to use.  However, after 33 seasons the equipment being used is showing its age and it is time to provide instruments that match the quality of the percussionists playing them.

This Percussion Fundraiser is being spearheaded by the Ridgewood Concert Band Society (RCBS), which is a group of donors and members that are committed to supporting the creative endeavors of the ensemble and insuring that the RCB can be financially sound both today and in the future.   The RCBS has created this Percussion Fundraiser in order to purchase items off of the “Percussion Section Wishlist”, including a vibraphone and a set of timpani.

Please consider putting your support behind this endeavor to make sure the heartbeat of the RCB remains strong!

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North Jersey Duo looks to Crowdfunding for their third short film together


North Jersey Duo looks to Crowdfunding for their third short film together

September 04,2015

the  staff of the Ridgewood blog

Ridgewood NJ, Writer/Director Joseph Robert Redl and Executive Producer Nicholas Juzdan have started crowdfunding for their third short film together. They have produced short films like Daniel In The Lion’s Den (2014) and X’s On Trees (2015).

Both are local North Jersey residents Nicholas Juzdan of Woodland Park and Joseph Robert Redl of Ridgewood have teamed up again, producing their third  short film, entitled “Kingwood.” The duo’s first short film, “Xs on Trees,” was screened earlier this year to rave revues.


When Nick and Jeff’s father pass away, the vices they inherited fuel a story of greed, betrayal, and what it truly means to be on your own.

The film takes place on location at Joseph Robert Redl’s childhood farm house. Joseph likes to incorporate something personal from his life in all his work; and so the farm house was something he wanted to share.

This script is a draw in from the first line to the last and we can’t wait to bring it to the screen.

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Crowdfunding bill passes Assembly



Crowdfunding bill passes Assembly

MARCH 11, 2015    LAST UPDATED: WEDNESDAY, MARCH 11, 2015, 1:21 AM

* Up to $1 million could be raised for a start-up through small pledges

Small businesses and start-ups in New Jersey soon may have another avenue for reaching investors.

Legislation approved by the Assembly on Monday would enable emerging small businesses and start-ups to find investors through crowdfunding, a technique very much like an online fundraiser. The bill defines the process as the financing of a business venture using the Internet to raise small amounts of money from a larger number of investors.

The legislation, which passed 75-0 with one abstention, would allow businesses to invite small investors to offer capital through a pledge. Once pledges for a project reached a predetermined limit, the businesses would move forward with the funding. The funds will be released only if the target amount is reached.

To Mario Casabona, founder and chief executive officer of Tech Launch — a technology start-up accelerator in Clifton — crowdfunding offers an alternative way for start-ups to gain access to capital.

“It’s a good thing for entrepreneurs,” enabling more investors to fund a business, he said in a phone interview Tuesday. But, he added, “it doesn’t make it easier.”

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North Jersey moms inspired by parenting create products and businesses


North Jersey moms inspired by parenting create products and businesses

MAY 11, 2014    LAST UPDATED: SUNDAY, MAY 11, 2014, 1:21 AM

Every mother has been in a situation where she thinks, “There has got to be a better way.”

From easing separation anxiety to keeping your allergic child safe to easily finding a safe over-the-counter product when pregnant to solving the problems of the impractical beach bag — the issues are always there, and there are often ideas that follow. But who has the time to do anything with that creative thought?

Four North Jersey women are among the mothers who had those moments and acted on their inspiration. They created a product or product lines to help not only their families but other parents or future parents.

Audrey Storch, Iris Shamus, Rachel Katz-Galatt and Kimberlee Vaccarella share a strong belief in their ideas, a get-it-done attitude and a good support system required to be a parent, create a product and launch a business.

“The only difference between a dream and doing it is setting a goal — set a date for your dream and that’s how it becomes a reality,” said Storch, who created Huggs To Go in 1999. “Just go for it.”

Storch started her business — which made dolls that acted like a huggable picture frame — in a time before Google, never mind crowdfunding and social media. Tamara Monosoff was in a similar “Yellow Pages” situation more than a decade ago when the Bay Area mom wanted to create a product to keep kids from being able to unroll the toilet paper. She remembers making call after call to machinists with her daughter making noise in the background. She finally found an understanding soul.

“He said, ‘I’m a grandpa. Just bring her with you. Come on down,’ ” Monosoff remembered. “That changed everything for me.”

After she created the gadget and got some publicity, mothers with ideas continually sought her advice on how to go from idea to retail product. Those encounters led her to write “The Mom Inventors Handbook,” which recently released an updated edition, to help women find the resources they need.

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