City of Chicago May 2019 Business Education Workshops

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.

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

Distinguishing Investment From Business Activity

“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

I truly enjoyed this engaging article by Bryan Camp in his series “Lesson From the Tax Court” on TaxProf Blog (a member of the Law Professor Blogs network).

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.

Source: TaxProf Blog

AICPA Comments to IRS on Qualified Business Income Deduction

The AICPA has submitted comments to the IRS and Treasury Department providing recommendations in five areas of the new Sec. 199A:

  1. Safe harbor for rental real estate
  2. Deemed trade or business for all commonly-owned arrangements
  3. Allocation based upon gross receipts
  4. Unadjusted basis immediate after acquisition (UBIA) on section 734(b) adjustment
  5. 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.

Read the full article here: AICPA Comments on Qualified Business Income Deduction