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.
For the highest income taxpayers—returns showing adjusted gross income of $10 million or more–the audit rate dropped from 14.52% in 2017 to just 6.66% in the latest report.
By comparison, for households with AGI under $200,000, the audit rate dropped slightly, stayed the same, or climbed (from 0.48% to 0.54% for $50,000 to $75,000 AGI households).
It’s not a surprise that audits are dropping overall. The IRS’ budget is smaller these days and its staff of enforcement workers is lean. Technology upgrades and enforcement wherewithal are among the agency’s most pressing funding needs.
In her recent annual report to Congress, National Taxpayer Advocate Nina Olson listed audits (correspondence exams, field exams and office exams) among the nation’s most serious tax problems.
Still, the Government Accountability Office says the tax gap—the difference between tax amounts that taxpayers should have paid and what they actually paid voluntarily and on time—as 82% of owed taxes, leaving an annual gap of $458 billion.
Be a part of Crain’s 10th annual Small Business Week. The largest educational and business development event in the region—just for small business owners, entrepreneurs and those who want to join this world. The event finder page has programs to help all life cycle stages of business. Be sure to set time aside to take full advantage of five days of networking, fact-finding, building, sharing and celebrating your business success.
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, May 1, 4:00 PM – 5:30 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.
SBA Financial Assistance; What You Need, When You Need It
Fri, May 3, 10:30 AM – 12:00 PM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by the U.S. Small Business Administration (SBA) If you need access to capital to help you achieve your business goals, the SBA offers a variety of funding programs for all kinds of small business ventures. What kind of funding is right for you?
Small Business Center on the Road Expo Sat, May 4, 11:00 AM – 3:00 PM The Arturo Velasquez Westside Technical Instituite, 2800 S Western Ave, Chicago, IL 60608, USA 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
Resources to Start, Run and Grow Your Business Wed, May 8, 4:00 PM – 5:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the City of Chicago Department of Business Affairs and Consumer Protection (BACP) Whether you’re a startup, established or about to expand your business, find out what resources are available to entrepreneurs. In this workshop, we will provide an overview of the resources that are essential to launching or growing a business in Chicago, which include access to capital, supportive services and grants programs. Additionally, we will discuss small business resources that are offered by the City of Chicago, Chambers of Commerce and Business Service Organizations.
Resources for Creative Entrepreneurs
Fri, May 10, 10:30 AM – 12:00 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by the City of Chicago Department of Business Affairs and Consumer Protection (BACP) The City of Chicago’s Department of Business Affairs and Consumer Protection in collaboration with the Department of Cultural Affairs and Special Events will share tips and resources to assist the creative entrepreneur with launching their business. Presented by Kenya Merritt, City of Chicago Department of Business Affairs & Consumer Protection (BACP) & Frayne Lewis of the City’s Music Office.
How to Write a Business Plan – What you need to know!
Wed, May 15, 4:00 PM – 5:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Donna R. Rockin, Managing Partner of Rockin Enterprises, Inc. Learn how to create a comprehensive business plan. It’s easier than you think when you understand all the components that get included. You’ll receive a complete list of what to include to demystify the process. Writing a solid business plan is your roadmap to business success.
Meeting Your Cyber Security Challenges in 5 Steps
Fri, May 17, 10:30 AM – 12:00 PM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by the Better Business Bureau (BBB) Cyber crime targeting businesses is on- going and continues to be a major concern. Learn how five steps can build awareness and an action plan to deter cyber criminals and help avoid the problems that could destroy a business. This presentation uses the latest information about hackers and data breaches to educate businesses how to protect themselves. Better Business Bureau teamed with National Cyber Security Alliance and National Institute for Science & Technology, along with local cyber security experts to create a scale-able program that any size company can use to create an individualized cyber security program.
How to Open a Concession at O’Hare or Midway Airport
Wed, May 22, 4:00 PM – 5:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by the Chicago Department of Aviation – Concessions Department Are you interested in operating a restaurant or shop at O’Hare or Midway International Airport, but don’t know where to begin? Come and learn about the Request for Proposals (RFP) process, how to operate a business at the airport, and a summary of the Airport Concessions Disadvantaged Business Enterprise (ACDBE) program.
Nuts and Bolts of Creating a Charitable Organization
Fri, May 24, 10:30 AM – 12:00 PM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by the Community Law Project Attend this workshop to learn about the legal steps to becoming a charitable organization, the differences between a for profit and a nonprofit and provide an overview of the legal process of creating a not for profit corporation, developing a board of directors, explain bylaws, and obtaining recognition of 501c3 income tax exemption for the organization.
Accounting Best Practices
Wed, May 29, 4:00 PM – 5:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805 Presented by Michelle Ringold, Ringold Financial Management Services, Inc. At the end of this training, participants should have a better understanding of the importance of accurate financials, requirements, and best industry practices including obtaining financing. The main topics will be as follows: Role of a Certified Public Accountant (CPA), Accounting System Basics, Financial Statement Overview, Budgeting/Financial Projections, Securing Banking/Bonding/Proper Insurance and Understanding What it Takes to be Successful.
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.
“The facts about how a taxpayer conducts their investment activity are more important than whether they are pursuing long-term or short-term results.” -Bryan Camp
The author does a nice job navigating us through three historical tax court decisions, comparing the first two and then using the most recent to explain why the first two still make sense in the context of today’s world and tax code. His reconciliation of the first two cases to (in a sense) produce the third gives us a long history of facts and circumstances that I feel can be used as a pros-and-cons scale (if not an actual template) for arguing a client’s position one way or the other.
If you have any interest in the grey area where “continuity, constant repetition, regularity and extent of effort” comes up against short-term versus long-term investments (stock, real estate, or otherwise), I highly recommend giving it a read.
The AICPA has submitted comments to the IRS and Treasury Department providing recommendations in five areas of the new Sec. 199A:
Safe harbor for rental real estate
Deemed trade or business for all commonly-owned arrangements
Allocation based upon gross receipts
Unadjusted basis immediate after acquisition (UBIA) on section 734(b) adjustment
Expansion of the definition of QBI
Of these, I feel the one that applies most directly to small business clients and their tax preparers is the recommendation about allocating deductions proportionately based on QBI, not gross receipts:
Allocation based upon gross receipts – Treasury and the IRS should modify Treas. Reg. § 1.199A-3(b)(1)(vi). Specifically, the AICPA recommended that taxpayers allocate the various deductions, which are not direct deductions of the trade or business, proportionately to the businesses based upon relative positive QBI – not gross receipts.
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, April 3, 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.
Business Licensing 101 Fri, April 5, 9:30 AM – 11:30 AM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by City of Chicago Department of Business Affairs and Consumer Protection (BACP) Attendees will learn the 3 steps to obtain a business license and access free business resources to start or expand their business.
Paying Hourly Employees Properly
Wed, April 10, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Noah Frank, Labor & Employment Attorney in SmithAmundsen’s Chicago Office The U.S. and Illinois Departments of Labor are increasingly scrutinizing companies to make sure their employee pay procedures and policies are compliant with federal, state, and local laws. Indeed, after years in the making, on March 7, 2019, the U.S. DOL announced its new proposed “Final Rule” for salary exempt employees. Join attorney Noah A. Frank of SmithAmundsen for an engaging, fast-paced discussion on properly classifying employees as exempt vs. non-exempt, making valid wage deductions and reimbursements, and more to stay compliant!
Building a Compelling Brand Marketing Strategy!
Fri, April 12, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by Dorothy Muszynska, DM Marketing Group Businesses must have a compelling Brand Marketing Strategy in place before creating and implementing tactics such as print, digital, social, or event marketing. More often than not, smaller businesses skip the “strategy” step resulting in an unsuccessful tactical execution. In this workshop, we will go through the steps of a simple Brand Marketing Strategy for a product or service. The presenter will be able to answer one-on-one questions in English and Polish after the workshop.
5 Tips To Double Your Online Reviews And Build A Stellar Online Reputation Wed, April 17, 3:00 PM – 4:30 PM City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Thomas B. Varghese, eBizUniverse Attend this workshop and you will have an understanding of why your online reviews matter. You will learn about understanding your audience and how to build a reputable and profitable brand along with tips on how to build a stellar online reputation. You will also learn about specific tactics for improving the reputation of local businesses and what to do when your online reputation is attacked.
How To Get Money For Your Business Fri, April 19, 9:30 AM – 11:00 AM City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103 Presented by Craig Feldman, Bloom Lending Without positive cash flow, it is difficult to take care of the everyday functions of the business or have the ability to buy things such as equipment or materials. Let’s have a critical conversation about the importance of getting funding and discussing the key indicators of why working capital and equipment leasing are crucial in all areas of your business. You will learn about different types of funding that will be available, programs for all types of businesses regardless of your credit score, and about the required documents needed to apply for funding.
Press Release Basics
Wed, April 24, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by Independent Writers of Chicago Three experienced media professionals will teach the do’s and don’ts of how to write an outstanding press release that will attract media attention – and increase the chances of getting coverage. Also, learn what to do with a press release once it’s written. If you have a press release you would like critiqued, bring it! Speakers: Journalists David Steinkraus and Jeff Steele, and Advertising/Marketing specialist Laura Stigler of Shebang! Creative Content-2-Consulting.
How To Be A “YouTuber” For Your Business, Video Marketing 101
Fri, April 26, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805 Presented by JinJa Birkenbeuel, Founder, The Honest Field Guide Podcast and CEO, Birk Creative This YouTube workshop is for small business owners with a working website who want to learn how to create custom content and also create YouTube ads for your business. Learn how to create a business YouTube channel, understand the anatomy of a YouTube channel, learn how to use tags, and best practices for shooting a basic video. You will also learn how to promote your video on YouTube and other channels.
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.
Although I can’t say I entirely agree with the “one-page business plan” being either a more effective approach or the “wave of the future,” I certainly have noticed that many folks are so daunted by the prospect of writing up a full business plan that instead they do nothing — which is not a healthy approach to starting your own small business. As such, I’m recommending this webinar recording offered at no charge by SCORE.
If your past business planning efforts have left you frustrated, you are not alone. Business planning does not have to be complicated and time-consuming. In this webinar produced by SCORE, a resource partner of the U.S. Small Business Administration, creator of The One Page Business Plan® Jim Horan will teach you how to simplify and make your planning process effective. You’ll learn:
How the discipline of having a plan on a single page can significantly change your mindset and behavior.
How to write a complete business plan in the equivalent of 29 tweets (or less) on a single page using key words and short phrases.
Three simple techniques for creating a first draft in 90 minutes.
Inside secrets on how to get others to polish and finalize your plan at no cost.
