HERE’S WHAT YOU NEED TO KNOW ON TUESDAY, OCTOBER 22nd, 2024

 

1. Historic Cultural Celebration Turned Deadly

WRITTEN AND CONTRIBUTED BY SYBIL WILKES

What You Need to Know:

Seven people were killed and at least eight others were injured following the collapse of a ferry gangway over the weekend on Sapelo Island in Georgia. Reports indicate around 40 people were on the gangway when as one official reported, “some kind of catastrophic failure,” that sent at least half of that group into the water. The people killed were identified as senior citizens between the ages of 70 and 93. Of the eight people injured, six were listed as critical as they were hospitalized.

The gangway collapse involved people going on to Sapelo Island, 60 miles south of Savannah, for the Gullah-Geechee celebration. 700 people were headed to the annual cultural celebration. Descendants of Black slaves still live on the island.

SavannahNow reports, “The Gullah Geechee people are descendants of African Americans who were enslaved on plantations along the lower Atlantic coasts.
Many came from West Africa’s rice-growing regions. Their isolation on these plantations led to the development of a unique culture with strong African influences, visible in their arts, crafts, food, music, and language.

Gullah Geechee is a creole language spoken in coastal areas of North Carolina, South Carolina, Georgia, and Florida. It developed as a way for people from diverse backgrounds, including European slave traders, slave owners, and various African ethnic groups, to communicate.”

An investigation is underway by the Georgia Department of Natural Resources as to what caused the aluminum gangway to give way. Officials report the gangway, built in 2021, is considered relatively new. However, one resident stated he recently reported his concerns about its structural safety.

READ MORE: Gullah Geechee Nation Mourns Heartbreaking Loss Amid Georgia Gangway Tragedy

Why You Need to Know:

If any good is to come out of this horrific event, there will be an investigation of all-things Sapelo Island: from the boats carrying people back and forth to the island to how the political and business leaders handle the needs of that community. There may be a need to bring investigations of and updates to the island into the 21st century and not regard residents and visitors in much the same way as their ancestors were hundreds of years ago.

2. War in Gaza Gets Personal

WRITTEN AND CONTRIBUTED BY KHAMERON RILEY

What You Need to Know:

The drone attack on Israeli Prime Minister Benjamin Netanyahu’s residence in Caesarea on October 19 is unlikely to alter the course of the ongoing Israel-Hamas conflict. The reported attack, allegedly carried out by Hezbollah, a militant group supported by Iran, targeted Netanyahu’s private home while he and his wife were away. Although the incident was dramatic, with one drone striking a building and two others intercepted, there were no casualties, and the extent of damage to the residence remains unclear.

Netanyahu’s response to the attack was resolute, describing the assassination attempt as a “grave mistake” and affirming that it would not deter Israel’s military objectives. The incident occurred amid heightened tensions, as Israel prepared to respond to Iran’s ballistic missile attack from earlier in the month. Defense Minister Yoav Gallant promised a “deadly, precise, and surprising” Israeli response, signaling that the drone incident would not distract from broader war strategies.

The ongoing conflict has seen extensive military activity, including ground operations, airstrikes, and missile exchanges, with humanitarian conditions worsening, especially in northern Gaza. The drone attack, while significant, serves more as a symbolic gesture rather than a strategic military development likely to shift the conflict’s trajectory. The complexities of the Israel-Hamas war, regional power dynamics, and Israel’s military response plans indicate that such an isolated incident is unlikely to halt or decisively change the course of the war.

Why You Need to Know:

As the Israel-Hamas war intensifies, the next U.S. administration will face significant pressure to navigate a complex and evolving conflict. The war’s devastating humanitarian toll, including the dire situation in Gaza, demands urgent diplomatic engagement. Any incoming administration must balance staunch support for Israel’s right to defend itself with advocating for the protection of civilians and humanitarian aid access. Given the war’s potential to escalate into a broader regional conflict, involving actors like Hezbollah and Iran, U.S. leadership will be crucial in containing the crisis and preventing further destabilization.

Strategically, the U.S. should leverage its influence to push for a ceasefire and foster negotiations that address the root causes of the conflict. This includes addressing longstanding issues such as the blockade on Gaza, settlement expansions, and the broader quest for Palestinian statehood. Failing to do so risks perpetuating a cycle of violence that could have far-reaching geopolitical implications. The next administration will need to approach the Middle East with renewed diplomatic vigor, recognizing that America’s stance will shape not only the trajectory of the conflict but also its standing on the global stage as a peace broker.

(SOURCE: BBC)

 

3. USDA Names Schools That May Be Affected by Recall of 11.7 Million Pounds of Meat and Poultry

What You Need to Know:

A recall of ready-to-eat meat and poultry items made by BrucePac has been expanded to include nearly 1.8 million pounds of additional products, for a total of more than 11.7 million pounds of products recalled over possible listeria contamination, the US Department of Agriculture’s Food Safety and Inspection Service says.

The products were distributed to restaurants and institutions nationwide, including ready-to-eat items that are “on store shelves or in consumers’ refrigerators or freezers,” the agency says. It has released a preliminary list of schools that received the products in Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Tennessee, West Virginia, Wisconsin and the District of Columbia.

The Food Safety and Inspection Service discovered the issue during routine product testing of finished poultry products, the agency said. BrucePac ready-to-eat chicken was identified as the source of the listeria bacteria, which may have affected other ready-to-eat meat and poultry items that were produced in Durant, Oklahoma, from May 31 to October 8. (READ MORE)

(SOURCE: CNN)

4. Charges Dropped Against Deaf Black Man With Cerebral Palsy, But What’s Next For The Officers?

WRITTEN AND CONTRIBUTED BY COY MALONE

What You Need to Know:

As previously reported in the What You Need to Know newsletter, Tyron McAlpin, a Black man who is deaf and has cerebral palsy, was violently arrested by Phoenix Police on August 19 after a White man falsely accused him of assault. Circle K employees originally called the police to report the White man causing problems and wouldn’t leave the store. Previously, McAlpin faced charges of felony aggravated assault and resisting arrest.

The top prosecutor in Maricopa County, Arizona dropped the charges against McAlpin.

The announcement comes after the police body camera video of McAlpin’s arrest was publicly released. “I have now completed my review and have made the decision to dismiss all remaining charges against Mr. McAlpin,” Maricopa County Attorney Rachel Mitchell said on October 17.

In the arrest video, Officer Benjamin Harris jumped out of his vehicle and punched McAlpin as Officer Kyle Sue rushed over. McAlpin was punched at least 10 times and tased repeatedly. Sue can be heard claiming McAlpin bit him and Harris claimed McAlpin swung at him in the police report.

During a recent preliminary hearing, Maricopa County Superior Court Commissioner Nick Saccone found probable cause for McAlpin’s arrest. Harris testified that everything could have been avoided if McAlpin indicated that he was deaf.

“Tyron is just trying to avoid getting hurt by an aggressive, out-of-control police officer,” said McAlpin’s attorney, Jesse Showalter. “He can’t hear any of the commands he’s being given and the assault never lets up and the officers never do anything to de-escalate the situation.”

Reactions from the NAACP and ACLU prompted Mitchell to announce she would “personally review the entire file, as well as the totality of the video.”

She also noted that she “convened a large gathering of senior attorneys and members of the community to hear their opinions as they pertain to this case.”

Why You Need to Know:

Looks like two Arizona officers are about to lose their job! That’s great, but we need them charged and convicted for battery and assault since they committed these crimes, unlike Tyron McAlpin, who is innocent.

(SOURCE: CBS NEWS)

5. Is an S Corporation Right for You?

WRITTEN AND CONTRIBUTED BY CATRINA M. CRAFT, CPA

What You Need to Know:

As a growth-focused business owner, understanding how to minimize taxes while maximizing profitability is key to your success. One powerful tool that many million-dollar coaches and creators use is the S Corporation. This special tax designation, granted by the IRS, allows your business to avoid double taxation while protecting your personal assets—making it a popular choice for high-earning women entrepreneurs.

What Is an S Corporation?
An S Corporation is a tax designation that lets corporations pass income directly to shareholders, who report it on their personal tax returns. This setup avoids the typical “double taxation” that C Corporations face—where both the business and its shareholders are taxed on the same income.

With an S Corp, you only pay taxes at the shareholder level, which can be a game changer for reducing your tax burden and increasing your cash flow.

Why Million-Dollar Coaches and Creators Should Consider an S Corporation

1. Tax Benefits: Reduce Your Burden by 25%**
One of the most attractive aspects of an S Corporation is the tax savings potential. By avoiding corporate tax and passing income directly to shareholders, S Corps allow you to keep more of your earnings. This is crucial for coaches and creators focused on increasing profitability. With the right customized tax strategies, you could reduce your overall tax burden by as much as 25%.

2. Asset Protection: Keep Personal and Business Finances Separate**
When you choose an S Corporation structure, you’re also protecting your personal assets. As a business owner, your personal finances remain safe if your business faces debts or legal issues—giving you peace of mind to focus on growth.

Challenges of S Corporations

1. IRS Scrutiny: Pay Yourself the Right Salary
The IRS pays special attention to how S Corporations compensate shareholder-employees. If you’re actively working in your business, you must pay yourself a “reasonable salary” before distributing any remaining profits as dividends. This means you can’t avoid payroll taxes entirely—but smart cash management can ensure that your salary and distributions are optimized to work in your favor.

2. Restrictions on Shareholders: Plan Your Growth
The 100-shareholder limit and restrictions on shareholder types might pose a challenge if you’re looking to grow your business quickly or bring in outside investors. However, for most women-owned businesses generating seven or eight figures, this is rarely a deal breaker.

You might be thinking, “I’m already busy running my business—can I really handle the added complexity of managing an S Corporation?”

You won’t be handling the change to an S Corporation alone.

At Craft More Cash, we serve as your virtual CFO, providing clear, actionable guidance and ongoing support to make sure everything is done correctly. We offer tools that simplify the process, like automated expense tracking and financial management platforms, so you can focus on what you do best—growing your business.

We also make sure that your salary and distributions are optimized, so you can enjoy the benefits of S Corporation status without getting bogged down by paperwork or IRS concerns. Our role is to guide you, help you take action, and ensure your business runs profitably, without unnecessary headaches.

Is an S Corporation Right for You?

For many million-dollar women coaches and creators, forming an S Corporation can be a smart move. The tax savings alone—when paired with proper cash management and over 100 customized tax strategies—can increase your business’s cash flow by 20%, fueling even more growth.

But the S Corporation structure isn’t for everyone. It requires careful planning, a commitment to compliance, and the right financial strategy. That’s where our virtual CFO services come in. At Craft More Cash, we guide our clients through every step of the decision-making process, helping you assess if this structure aligns with your business goals and long-term profitability.

Your Path to More Profit and Less Tax; as a coach or creator, you’re already dedicated to helping others succeed—now it’s time to set up your business for long-term success. Let us help you create a wealth-generating system that works for you. Our team specializes in customized tax savings strategies and business cash management for women business owners just like you.

Schedule a call today to see if forming an S Corporation could help you keep more cash in your business—and your pocket—while protecting your financial future.

(SOURCE: CATRINA M. CRAFT,  CPA FOUNDER)

Diane Abbott made history in 1987 by becoming the first Black member of the Parliament of the United Kingdom. Abbott was recently re-elected to her historic past last month amid worries that she might not return to her post.

Abbott was born in London in 1953 to Jamaican parents. She attended university at Cambridge’s Newhamn College ahead of her foray into politics in 1982. After an unsuccessful bid to the British Parliament in 1985, Abbott was elected to the Parliament’s House of Commons two years later.

During her tenure, Abbott has been painted as something of a firebrand in the British press and critics have bristled at her outspoken stances on racism and politics. With her stances against the Iraq War and invasive policies such as ID cards for citizens, Abbott branded herself a woman of the people. A member of the left-leaning moderate Labour Party, she’s become known for disagreeing with some of her party’s political choices. (READ MORE)

(SOURCE: BLACK AMERICA WEB)

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