Monthly Archives: December 2019

Education, Illinois, QuickBooks Software, Software, Tips

Chicago Jan 2020 Business Education Workshops

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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, January 8, 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, January 10, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle St. – 11th Floor, Room 1103

Presented by the City of Chicago Departmentof 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. 

Accounting in Quickbooks
Wed, January 15, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St – 8th Floor, Room 805

Presented by Trak Patel, ARCC Consulting

Learn how to keep your financial record-keeping books using QuickBooks. We will identify the differences between QuickBooks Online vs. QuickBooks Desktop and list the important features and benefits.

Credit and Your Business
Fri, January 17, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103

Presented by AnnetteVega, CIBC Bank

This workshop will help the attendees understand the importance of credit,calculating their global cash flow, collateral and capitalization.

How To Really Start Your Own Business
Wed, January 22, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805

Presented by Score Chicago

Do you have what it takes to start and run a successful business? If so, what first steps should you take? This workshop will help you assess your prospects, give you the initial direction you need, and inspire you to move forward to realize your dream.  Workshop topics include myths, business opportunities, assessing your journey, organization, insurance, regulations, funding and cash management, business and marketing plan.

Facebook and Instagram Posts: Take Your Posts to the Next Level
Fri, January 24, 9:30 AM – 11:00 AM
City Hall, 121 N. LaSalle Street – 11th Floor, Room 1103

Presented by Francisco Ramirez, Chimbly Consultants, LLC

Have you been posting for some time, but struggling to reach or engage your audience? Are you confused by how the algorithms decide whether or not to show your posts? Participants of this workshop will examine Facebook and Instagram posts and compare what makes a post rise to the top and what knocks a post off news feeds. Participants will leave with tools to take their posts to the next level.

Resources for Women Entrepreneurs, by Women Entrepreneurs
Wed, January 29, 3:00 PM – 4:30 PM
City Hall, 121 N. LaSalle St. – 8th Floor, Room 805

Presented by the Women’s Business Development Center (WBDC) and Bossy Chicago

Are you a business owner tired of trying to search through all the resources that might benefit your business growth? There’s a lot of support out there for women-owned businesses, but it can be hard to find the right resources and community for your business. Join Bossy Chicago and the Women’s Business Development Center as they discuss the vast ecosystem of support services for women entrepreneurs. Participants will leave with a plan of action to start and grow their women-owned business.   

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, Illinois, Tips

Happy Holidays – Santa To Collect Sales Tax?

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Happy Holidays! I’ve been meaning to write a comprehensive post about the changes in state sales taxes since the June 2018 Supreme Court “Wayfair” decision — which as many of you know, overruled the physical presence rule.

“While having a physical presence in a state still establishes a sales tax collection obligation, physical presence is no longer requisite.” As a result, states won the right to tax remote sales.

As Accounting Web notes:

In the year and a half since the decision, 43 of the 45 states with a general sales tax (plus Washington, D.C.) have adopted economic nexus: They now require sellers with no physical presence but a certain amount of sales and/or transactions in the state to register with the tax department and collect and remit sales tax.

In the spirit of the holidays, Accounting Web reports that the City of North Pole, Alaska, is considering joining a local municipal league to tax online sales.

The Alaska Intergovernmental Remote Seller Sales Tax Agreement will “implement single-level, statewide administration of remote sales tax collection and remittance.” It will be overseen by the newly formed Alaska Remote Seller Sales Tax Commission.

During the December 2, 2019, North Pole City Council meeting, North Pole Mayor Mike Welch said “an online sales tax is something we have to do.”

Sorry for the extra administrative burden, Santa! If it’s anything like Illinois sales taxes, my guess is that it’s tougher than squeezing down a chimney — but seeing as you’ve mastered that challenge, I bet you’re up to this as well. Just make sure to consult with a small business tax professional first.

Source: Santa and Sales Tax: News from the North Pole | AccountingWEB

Education, IRS, QuickBooks Software, Tips

CPA Practice Advisor to Host Free Online CPE Conference for CPAs & Tax Pros: Dec. 12, 2019

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For CPAs and other Tax Professionals: please join CPA Practice Advisor on Thursday December 12, from 9 am to 7 pm EST, at www.ensuringsuccess.com —  its annual free live-streaming conference — to earn up to 10 hours of continuing professional education at no cost.

This free online conference is recognized by the AICPA, and NASBA for CPE credit, and certain sessions also qualify for IRS CE credit. The first session starts at 9 am EST, with sessions starting each hour, on the hour, until 7 pm.

Check out the full session list here — https://www.ensuringsuccess.com/2019-sessions — there are courses on marketing, payroll, sales taxes, tax planning, HR, tech advisory, auditing, accounting trends, financial planning and more.

Source: CPA Practice Advisor to Host Free Online CPE Conference for CPAs & Tax Pros: Dec. 12, 2019

IRS, Tips

When to Expect Your 2020 Tax Refund

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CPA Practice Advisor has released their annual estimated timeline for when a taxpayer is likely to receive their refund based on when they file, based on what we currently know about the upcoming tax season and projections based on prior years. They point out that the TCJA tax reform is still affecting many Americans’ ability to file timely, that Congress often delays tax season by issuing last-minute tax laws in December, and the IRS is also delaying refunds on tax returns that include the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). Barring any of these issues, here’s what they’re predicting.

IRS Accepts Between These Dates ===> Direct Deposit Sent (Or Check Mailed)

1/20/19 – 1/24/19 — >   Friday 1/31/20 *  

1/27/19 – 1/31/19   — > Friday 2/7/20

2/3/19 – 2/7/19   — > Friday 2/14/20 **  

2/10/19 – 2/14/19 — >   Friday 2/21/20 **  

2/17/19 – 2/21/19   — > Friday 2/28/20

2/24/19 – 2/28/19 — >   Friday 3/6/20

3/2/19 – 3/6/19   — > Friday 3/20/20 ***  

3/9/19 – 3/13/19 — >   Friday 3/27/20

3/16/19 – 3/20/19 — >   Friday 4/3/20

3/23/19 – 3/27/19   — > Friday 4/10/20

* = IRS may delay tax filing season by one week or more due to changes in tax law.

** = Returns with EITC or CTC may have refunds delayed until late February to verify credits.

*** = Filing during peak season can result in slightly longer waits.

3/29/19 – 4/3/19 — > Friday 4/17/20

4/6/19 – 4/10/19 — >   Friday 4/24/20

4/13/19 – 4/12/19 — >   Friday 5/1/20

4/20/19 – 4/24/19 — >   Friday 5/8/20

4/27/19 – 5/1/19 — >   Friday 5/15/20

5/4/19 – 5/8/19 — >   Friday 5/22/20

5/11/19 – 5/15/19 — >   Friday 5/29/20

5/18/19 – 5/22/19   — > Friday 6/5/20

5/25/19 – 5/29/19   — > Friday 6/12/20

6/1/19 – 6/5/19   Friday 6/19/20

IMPORTANT: If you file electronically (using an online tax program or preparer), the IRS will notify you of the actual date they “accepted” your return. This is often 1-3 days from the time you actually hit the “file” button, and it is this date that you need to use for the above chart.

Taxpayers who mail a paper version their income tax return can expect at least a 3-4 week delay at the front-end of the process, as the return has to be digitized before it can be processed.

Source: 2020 IRS Refund Chart: When to Expect a Tax Refund