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.
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.
