I’ll be giving a presentation this Wednesday, June 26th at 5:30 pm at Ampersand Cowork in Logan Square (Chicago) for their series Drink & Think: Entrepreneurship @ Ampersand! The topic is, “Thinking About Starting a Small Business – Side Business – Freelance Gig? Here’s What You Need To Know First.”
From the SBA (June 16, 2019) — In case you missed the 2019 National Small Business Week Virtual Conference, you are still in luck. The seven webinars are available to watch on demand. The topics include SBA funding programs, driving growth with customer obsession, online marketing and ads, mastering your cash flow, government contracting and disaster preparedness.
To be honest, I’ve read and re-read this article about four times — and I’m still not sure I entirely understand how property tax assessment works. Here are the highlights, for those of you who want to know more. Click the link at the bottom for access to the chart showing assessment levels by class. And for anyone who really “gets” the process, please feel free to share with us in the comments section.
The Illinois Department of Revenue announces the final 2018 equalization factor of 2.9109 for Cook County. The department is required by law to calculate the factor, also called the multiplier, to achieve uniform property assessment throughout the state.
The department determines the final equalization factor for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.
A Cook County ordinance requires that residential property (homes, condominiums, apartment buildings of six units or less) be assessed at 10 percent of market value; all other residential property (apartments with more than six units), 10 percent; vacant lots, 10 percent; property owned by not-for-profit corporations, 25 percent; commercial property, 25 percent; industrial property, 25 percent; and commercial or industrial property being developed in economically deprived areas, usually 10 percent.
After second-quarter taxes are over and I’m caught up on extended tax returns, I plan to reach out to clients who got surprised with a 2018 tax bill and do a “Paycheck Checkup” with them, to make sure the same thing doesn’t happen for 2019. I’ve had a couple clients already meet to go over their tax returns to figure out “what happened?” The results have most commonly stemmed from the limitation on state/local/property tax deductions to the elimination of the unreimbursed employee expense deduction. However, in some cases it was simply that the new TCJA tax law is too complex to use a regular W-4 to calculate withholding.
So, if you haven’t done a Paycheck Checkup, consider now a good time for it, before it gets too deep into the calendar year to make up the difference via paycheck withholdings.
My colleague Jean Bittner-Brandt had this to say recently, and it’s making me wish I’d been able to attend the meeting with her!
Was at an IAAI meeting last week and the speaker spoke about the latest tax act for Illinois. As part of the act, the state is going to implement a tax amnesty program for debts from 07/01/2012 to 06/30/2018. The tax amnesty period will be from October 1, 2019 to November 15, 2019.
I’ve written my state representative to ask for clarity on the proposed tax brackets, which don’t seem right to me — instead of doubling the income brackets for MFJ like in the federal tax code, they are the same as for Single folks up until $750,000. Hoping this is a typo.
In any case, big changes coming to Illinois taxation!
I totally identify with this recent article from Accounting Today‘s weekly e-newsletter. And from chats with colleagues, and now this article, it sounds like I wasn’t alone.
Some clients have always needed more time to get in returns, but this tax season saw an avalanche of extension requests. Just hours before this year’s deadline the IRS warned that 50 million taxpayers had yet to file their returns.
The IRS today issued a draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate (PDF), that will make accurate withholding easier for employees starting next year. “The new draft Form W-4 reflects important feedback from the payroll community and others in the tax community,” said IRS Commissioner Chuck Rettig. “The primary goals of the new design are to provide simplicity, accuracy and privacy for employees while minimizing burden for employers and payroll processors.”
The IRS expects to release a near-final draft of the 2020 Form W-4 in mid-to-late July to give employers and payroll processors the tools they need to update systems before the final version of the form is released in November. To make additional improvements to this initial draft for 2020, the IRS is now accepting comments for 30 days. To facilitate review of this form, IRS is also releasing FAQs about the new design.
Insightful Accountant just released their annual awards list of the Top 100 ProAdvisors, and it reads like a who’s-who of the QuickBooks accounting industry. Many congratulations to my many colleagues and friends who are featured this year! The Categorical Winners and “ProAdvisor of the Year” will be announced during one of the Main Stage Events at next month’s “Scaling New Heights” conference in Salt Lake City.
Insightful Accountant identifies and recognizes the Top 100 QuickBooks ProAdvisors each year in its annual Top 100 ProAdvisor awards program. This awards program recognizes the leading ProAdvisors and ultimately the ProAdvisor of the Year based on a thorough vetting.
Humblebrag: I was honored to be nominated this year for my first time (no, I have no idea how many total nominees they had to choose among) and was shocked and humbled to be held in such highly-esteemed company! My very warmest wishes to all the winners. You really are the best of the best!
Join us next week in Chicago at the 5th Annual Conference Of The Cooperative Professionals Guild! The theme is “New Horizons and Best Practices for Cooperative Professionals”. $250 registration fee includes breakfast, lunch and snacks each day. Agenda and details in the link below.
Each month the City of Chicago offers twice-weekly (Wed & Fri) FREE business education workshops presented by experts in private practice as well as representatives from various city departments. There are quite a few good ones this month — see the list below — and they’re all offered at City Hall (right downtown and near public transit). To register for any of them, email BACPoutreach@cityofchicago.org or call 312.744.2086.
City Inspections – Ask Questions, Get Answers Wed, June 5, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the City of Chicago To operate a successful business in Chicago you need to know what it takes to maintain compliance. Officials from several City departments will provide insight on how to operate safely, stay compliant, help prepare for inspections and highlight the do’s and don’ts of operating a business.
Is Your Business In Compliance With The City’s Wage And Sick Leave Ordinance?
Fri, June 7, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by the City of Chicago Department of Business Affairs & Consumer Protection (BACP) Did you know that the minimum wage in Chicago will increase to $13 per hour on July 1, 2019? Learn which employers and workers are affected by the Minimum Wage and Paid Sick Leave Ordinance, how employers can calculate sick leave, and what is required to abide by the ordinance.
Overview of Workplace Harassment & Discrimination Wed, June 12, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Charles Krugel, a Management Side Labor, Employment and Human Resource Attorney A round-table discussion with labor and employment lawyer Charles Krugel, about all forms of workplace harassment and protected class discrimination. As a business owner, learn how to prevent, create policies, investigate, and find solutions to employee misconduct.
Executive to Entrepreneur – Lowering Card Processing Costs for Your Business Fri, June 14, 9:30 AM – 11:00 AM City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by Jonathan Simon, Horizon Payments LLC Would you like to learn how to lower an important but often overlooked cost in your business? Unfortunately, the majority of business owners do not understand what they are paying for or why when they get their credit card processing statement. This workshop is designed to introduce you to the basics of credit card processing: industry and pricing structures, interchange fees, equipment and leases, contracts, surcharging and cash discounting, and how you can make simple changes to save your business money. Current business owners are encouraged to bring a processing statement so they can do their own analysis while new entrepreneurs will learn what to look for in a processor and equipment. Never be caught off-guard by a sales call again!
Executive to Entrepreneur (Part of ‘Hear Us Roar: Women’s Workshop Series’) Wed, June 19, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Moderated by Kenya Merritt, Chicago Chief Small Business Officer Are you ready to make the leap from corporate executive to entrepreneurship? If you’re thinking about taking this step, or have already launched your business, come and learn from experts who have transitioned from working for someone else to being their own boss.
Podcasting 101 for Small Businesses Fri, June 21, 9:30 AM – 11:30 AM City Hall, 121 N. La Salle Street – 11th Floor, Room 1103 Presented by Google Digital Coaches & Led by JinJa Birkenbeuel, Founder, The Honest Field Guide Podcast with Special Guests Jessica Kupferman and Elsie Ecobar, Co-Founders of She Podcasts Learn about the benefits of a podcast for your business and how to create, record, launch and distribute a podcast. Discover the easiest platforms to launch and how to select affordable equipment to record your podcast. You will also learn about types of content formats and to how to name, brand, market, and monetize your podcast.
Record Keeping, Compliance and Winning Strategy Wed, June 26, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by Al Beheary, M.S., LUTCF, GRI, Financial & Insurance Consultants (F.I.C.) This class will pave the way for anyone who wants to start a business endeavor or has an existing, to learn good financial habits. You will get a chance to learn how to keep your records, how long to keep them and best practices that may help you start or keep your business. Do not be victim to audits or compliance reviews. Be ready and proactive. Bring your questions, forms and paperwork and ask as many questions as you can.
Small Business Center on the Road Expo Thu, June 27, 5:00 PM – 9:00 PM 1871, 222 W Merchandise Mart Plaza #1212, Chicago, IL 60654 The Small Business Center on the Road Expo is free and open to the public. It provides new and existing entrepreneurs resources to start or grow their business here in Chicago. For more information and to register go to www.chibizexpo.com
Ten Practical Legal Tips for Small Business Success
Fri, June 28, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by Lema Khorshid, Fuksa Khorshid, LLC Running a small business takes a lot of work. Often, a handful of employees fill a variety of roles, meaning that everyone has to bring serious hard work, dedication, self-motivation, and multitasking skills to the table. Amid all this, it can be easy to forget about the legal aspects of running a business. However, attending to these matters sooner rather than later is likely to save you time, stress, and expense in the long run. Join us in this workshop to learn our top 10 legal tips for small business success.
Also, in case you weren’t aware, BACP offers a Business Start-Up Certificate Program, designed to give business owners the essential elements in starting and growing a business. Attend nine workshops at BACP and learn the essentials of business planning, financing, marketing, legal issues, technology and more. Complete the program workshops within six months and earn your certificate, as well as get free advice on your business plan. You can register for the Business Start-Up Certificate Program at any BACP workshop. Learn about the full set of BACP offerings here.
