Monthly Archives: March 2019

Education, Illinois, Tips

City of Chicago April 2019 Business Education Workshops

Leave a comment

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.

To register for a workshop, email BACPoutreach@cityofchicago.org or call 312.744.2086.

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.

And visit their Business Video Library here.

Source: City of Chicago :: Business Education Workshop Calendar

Education, Tips

One Page Business Plans: Simple and Highly Effective | SCORE

Leave a comment

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.

Source: One Page Business Plans: Simple and Highly Effective | SCORE

Illinois, Tips

Important Changes to Illinois Business Tax Payment Forms for 2019

Leave a comment

This has got to be the most self-referential blog post I’ve ever written. But the whole reason I started my blog in the first place was to create an easily-searchable resource to store the research I regularly perform for clients, as well as a one-stop reference location for important announcements I receive from the various tax and licensing agencies or professional organizations with whom I work. It was just a place I could store these items to make my own future searches easier — it was meant for my own use, with no idea it would become both popular and award-winning. (Thanks to all of you!)

In any case, today I was calculating quarterly estimated tax payments for an Illinois S-Corporation’s replacement tax for 2019 (which are pre-payments made toward the annual return total due — the same as quarterly estimated taxes for individuals, but these are voluntary), and I remembered that the old form had changed… and yet I couldn’t find an obvious hit when I googled what that replacement form was. But: I remembered that I’d blogged about it!

I couldn’t find the post after scrolling back through every post from yesterday through September 2018 and thought I was losing my mind. My husband taught me a neat google search trick:

“IL-516-B” site:thedancingaccountant.com

This means that I want google to look for my search term (the old tax form name), but only within my website. It worked! Turned out they posted this news for 2019 back in July of 2018, which is why I couldn’t find it when I looked back through my posts — I just didn’t go back far enough.

Anyway, here’s the post: Important Changes to Illinois Business Tax Payment Forms On 1/1/19 | The Dancing Accountant

And the jist is that the form is now specific to the type of entity, not the type of payment. So S-Corp pre-payments will use the same form they would use if it were a balance due payment or an extension payment. Done!

IRS

IRS Announces Additional Relief from Underpayment of Estimated Tax Penalties

Leave a comment

From today’s NATP newsletter:

The IRS just announced additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The usual percentage threshold is 90 percent to avoid a penalty.

Today’s revised waiver computation will be integrated into tax preparation software and reflected in the forthcoming revision of the instructions for Form 2210, Underpayment of Estimated Tax by Individuals, Estates, and Trusts.

Taxpayers who have already filed for tax year 2018 but qualify for this expanded relief may claim a refund by filing Form 843, Claim for Refund and Request for Abatement, and include the statement “80% Waiver of estimated tax penalty” on Line 7. This form cannot be filed electronically.

IRS, Tips

Searchable Directory of Federal Tax Return Preparers with Credentials

Leave a comment

The ongoing fight between the IRS and a group of tax preparers has finally gotten some resolution (though not 100%), as the IRS received a big win in its PTIN fees case. This Forbes article does a great job of laying out the history and reasons for the court action.

I’ll let you read about the details — it’s actually quite interesting. But the reason it inspired a post is that it reminded me that I’d never actually checked out the PTIN Database that the IRS uses these unique identifying numbers to maintain.

Sure enough — it’s simple and works like a charm… at least it did when I entered my own zip code and last name, and my information popped up as being a Certified Public Accountant (CPA). It took me many years of hard work on my Masters in Accounting and Financial Management and another nearly-two-year period of studying for and taking all four parts of the CPA exam to earn this designation, and I’m extremely proud of it. I was glad to see the IRS has me listed correctly.

I know a lot of folks are confused about the various designations out there — and the IRS doesn’t do an amazing job explaining the differences, though they try. Many of the professional groups opposed the annual program to register tax preparers, though I personally felt it was a good move. Since the courts ruled that option out (even though it was expressly requested by Congress), I appreciated the fact that at least the IRS was allowed to stick with this PTIN directory, so that taxpayers have a one-stop shop to be able to confirm which credentials (if any) their tax preparer holds. It has the added benefits of allowing the IRS to track tax preparers who file a large number of inaccurate returns, which I believe protects us all, as taxpayers and as ethical preparers.

So if you haven’t checked out your tax preparer (or yourself, if you’re like me) on the database yet, I recommend you do!

Sources:
Forbes – IRS Gets Big Win In Multimillion-Dollar PTIN Fees Case

Journal of Accountancy – Court Upholds IRS PTIN Fees

Cooperatives, Education

ESOP-Cooperative Hybrid Webinar Series

Leave a comment

A respected colleague of mine from the Co-op Professionals Guild has just released a FREE two-part webinar series on how to create an employee-owned/ cooperative hybrid.

(They had previously come out with Part One, but it sounds like it’s been enough of a success that they’ve made a series.)

ESOPs and employee-owned cooperatives share many similarities as well as differences, and each model can provide a distinct set of features for a business and their employees. Some businesses have found that each model has not been “enough”, and have taken parts of each  to create something new – the “ESOP-operative”.

So how would such a hybrid work? This two-part webinar series will help outline how its done, what to look for, and watch out for, as well as a case study from a company that has made it work for them.

This webinar is co-sponsored by the Groban Olson Law Firm; the Center for Community Based Enterprise (C2BE); the Ohio Employee Ownership Center at Kent State University (with support from the USDA’s Rural Cooperative Development Program); Horizon Trust & Investment Management; and Once Again Nut Butter Collective, Inc. 
These webinars are provided free of charge with support from the USDA’s Rural Cooperative Development Program. If you would like to support the OEOC’s continued work in this area, you can do so here.

Source: ESOP – Cooperative Hybrid webinar series | OEOC