We understand that the COVID-19 pandemic is rapidly evolving. We are monitoring the situation and are following the recommendations of our public health authorities, as the health of our employees and clients is a top priority.
 
We are also keeping up-to-date on the various resources being made available. As they come up, we will keep you informed. We have a dedicated page on our website we will also keep up to date:
 
https://www.glm-accounting-bookkeeping.com/covid-19-help.html
 
State of Illinois Resource
 
Illinois Emergency Small Business Grants and Loans Assistance
 
Under Governor JB Pritzker, DCEO is working with partners to launch emergency assistance programs for Illinois small businesses. For Suburban Businesses, these initiatives include:
 
Illinois Small Business Emergency Loan Fund: https://us.accion.org/small-business-loans/
 
DCEO and the Illinois Department of Financial and Professional Regulation (IDFPR) are establishing the Illinois Small Business Emergency Loan Fund to offer small businesses low interest loans of up to $50,000.
 
Businesses located outside of the City of Chicago with fewer than 50 workers and less than $3 million in revenue in 2019 will be eligible to apply. Successful applicants will owe nothing for six months and will then begin making fixed payments at a below market interest rate for the remainder of a five-year loan term. 
 
Get More Details Here

Small Business Administration Resource

Disaster Assistance Loan Program: https://www.sba.gov/funding-programs/disaster-assistance  
 
At first they were encouraging everyone to use the online application. Now they are asking to download the paperwork. Fill it out and upload it through their site. Please note if they are a Sole Proprietorship; they use a different Form (C)
 
Forms Available Here (If the Above Site is too Busy)
 

• SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

 

• These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.

 

• SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

 

• The idea is to show a before and after impact of Covid-19. Include the loan amount requested that you include a narrative and numbers to show justification of how your business was impacted.

 
Get More Details Here

What Congress' stimulus package would mean to local business:
 
The $2 trillion economic rescue package approved by the U.S. Senate late Wednesday night and passed today in the House includes a number of provisions and aid for businesses struggling to maintain normalcy during the COVID-19 pandemic.
 
Get More Details Here

Your Bank Can Help

Contact your banker and have a conversation about your business and what is happening with it. They may be able to adjust your current loans to add months to the end of the loan to by-pass making payments now.
 
If you have existing SBA Loans you may have a way to differ payments for up to 6 Months.
 
Again, contact your banker and talk with them.
 
Sooner is Better then Later.
 
Get More Details Here

 
Other Resources Available

Local Business Support

• Contact your town’s Economic Development Departments for local assistance.
• Contact your local Chamber of Commerce for additional information

 
Get More Details Here

WASHINGTON – The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.
 
The Act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus.
 
Key Takeaways
 

• Paid Sick Leave for Workers 
  • For COVID-19 related reasons, employees receive up to 80 hours of paid sick leave and expanded paid child care leave when employees’ children’s schools are closed or child care providers are unavailable.
• Complete Coverage
  • Health insurance costs are also included in the credit.
  • Employers face no payroll tax liability.
  • Self-employed individuals receive an equivalent credit.
• Employers receive 100% reimbursement for paid leave pursuant to the Act.
• Fast Funds
  • An immediate dollar-for-dollar tax offset against payroll taxes will be provided
  • Where a refund is owed, the IRS will send the refund as quickly as possible.
  • Reimbursement will be quick and easy to obtain.
• Small Business Protection
  • ​​Employers with fewer than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school is closed, or child care is unavailable in cases where the viability of the business is threatened.

 

• Easing Compliance
  • Requirements subject to 30-day non-enforcement period for good faith compliance efforts.

 
To take immediate advantage of the paid leave credits, businesses can retain and access funds that they would otherwise pay to the IRS in payroll taxes. If those amounts are not sufficient to cover the cost of paid leave, employers can seek an expedited advance from the IRS by submitting a streamlined claim form that will be released next week.
 
Background
 
The Act provided paid sick leave and expanded family and medical leave for COVID-19 related reasons and created the refundable paid sick leave credit and the paid child care leave credit for eligible employers. Eligible employers are businesses and tax-exempt organizations with fewer than 500 employees that are required to provide emergency paid sick leave and emergency paid family and medical leave under the Act. Eligible employers will be able to claim these credits based on qualifying leave they provide between the effective date and Dec. 31, 2020. Equivalent credits are available to self-employed individuals based on similar circumstances.
 
Paid Leave
 
The Act provides that employees of eligible employers can receive two weeks (up to 80 hours) of paid sick leave at 100% of the employee’s pay where the employee is unable to work because the employee is quarantined, and/or experiencing COVID-19 symptoms, and seeking a medical diagnosis. An employee who is unable to work because of a need to care for an individual subject to quarantine, to care for a child whose school is closed or child care provider is unavailable for reasons related to COVID-19, and/or the employee is experiencing substantially similar conditions as specified by the U.S. Department of Health and Human Services can receive two weeks (up to 80 hours) of paid sick leave at 2/3 the employee’s pay. An employee who is unable to work due to a need to care for a child whose school is closed, or child care provider is unavailable for reasons related to COVID-19, may in some instances receive up to an additional 10 weeks of expanded paid family and medical leave at 2/3 the employee’s pay.
 
Paid Sick Leave Credit
 
For an employee who is unable to work because of Coronavirus quarantine or self-quarantine or has Coronavirus symptoms and is seeking a medical diagnosis, eligible employers may receive a refundable sick leave credit for sick leave at the employee’s regular rate of pay, up to $511 per day and $5,110 in the aggregate, for a total of 10 days.
 
For an employee who is caring for someone with Coronavirus, or is caring for a child because the child’s school or child care facility is closed, or the child care provider is unavailable due to the Coronavirus, eligible employers may claim a credit for two-thirds of the employee’s regular rate of pay, up to $200 per day and $2,000 in the aggregate, for up to 10 days. Eligible employers are entitled to an additional tax credit determined based on costs to maintain health insurance coverage for the eligible employee during the leave period.
 
Child Care Leave Credit
 
In addition to the sick leave credit, for an employee who is unable to work because of a need to care for a child whose school or child care facility is closed or whose child care provider is unavailable due to the Coronavirus, eligible employers may receive a refundable child care leave credit. This credit is equal to two-thirds of the employee’s regular pay, capped at $200 per day or $10,000 in the aggregate. Up to 10 weeks of qualifying leave can be counted towards the child care leave credit. Eligible employers are entitled to an additional tax credit determined based on costs to maintain health insurance coverage for the eligible employee during the leave period.
 
Prompt Payment for the Cost of Providing Leave
 
When employers pay their employees, they are required to withhold from their employees’ paychecks federal income taxes and the employees' share of Social Security and Medicare taxes. The employers then are required to deposit these federal taxes, along with their share of Social Security and Medicare taxes, with the IRS and file quarterly payroll tax returns (Form 941 series) with the IRS.
 
Under guidance that will be released next week, eligible employers who pay qualifying sick or child care leave will be able to retain an amount of the payroll taxes equal to the amount of qualifying sick and child care leave that they paid, rather than deposit them with the IRS.
 
The payroll taxes that are available for retention include withheld federal income taxes, the employee share of Social Security and Medicare taxes, and the employer share of Social Security and Medicare taxes with respect to all employees.
 
If there are not sufficient payroll taxes to cover the cost of qualified sick and child care leave paid, employers will be able file a request for an accelerated payment from the IRS. The IRS expects to process these requests in two weeks or less. The details of this new, expedited procedure will be announced next week.
 
Examples
 
If an eligible employer paid $5,000 in sick leave and is otherwise required to deposit $8,000 in payroll taxes, including taxes withheld from all its employees, the employer could use up to $5,000 of the $8,000 of taxes it was going to deposit for making qualified leave payments. The employer would only be required under the law to deposit the remaining $3,000 on its next regular deposit date.
 
If an eligible employer paid $10,000 in sick leave and was required to deposit $8,000 in taxes, the employer could use the entire $8,000 of taxes in order to make qualified leave payments and file a request for an accelerated credit for the remaining $2,000.
 
Equivalent child care leave and sick leave credit amounts are available to self-employed individuals under similar circumstances. These credits will be claimed on their income tax return and will reduce estimated tax payments.
 
Small Business Exemption
 
Small businesses with fewer than 50 employees will be eligible for an exemption from the leave requirements relating to school closings or child care unavailability where the requirements would jeopardize the ability of the business to continue. The exemption will be available on the basis of simple and clear criteria that make it available in circumstances involving jeopardy to the viability of an employer’s business as a going concern. Labor will provide emergency guidance and rulemaking to clearly articulate this standard.
 
Non-Enforcement Period
 
Labor will be issuing a temporary non-enforcement policy that provides a period of time for employers to come into compliance with the Act. Under this policy, Labor will not bring an enforcement action against any employer for violations of the Act so long as the employer has acted reasonably and in good faith to comply with the Act. Labor will instead focus on compliance assistance during the 30-day period.
 
For More Information
 
For more information about these credits and other relief, visit Coronavirus Tax Relief on IRS.gov. Information regarding the process to receive an advance payment of the credit will be posted next week.        

Paying taxes is not optional – it’s the law. Taxpayers do have options when it comes to how they pay their taxes. The IRS offers several easy ways to pay taxes. Taxpayers can pay online, by phone or with their mobile device using the IRS2Go app, just to name a few.

Some taxpayers must make quarterly estimated tax payments throughout the year. This includes sole proprietors, partners, and S corporation shareholders who expect to owe $1,000 or more when they file. Individuals who participate in the gig economy might also have to make estimated payments.

Here are five options for taxpayers who need to pay their taxes. They can:

• Pay when they e-file using their bank account, at no charge, using electronic funds withdrawal.
• Use IRS Direct Pay which allows taxpayers to pay electronically directly from their checking or savings account for free. They can choose to receive email notifications about their payments when they pay this way. Taxpayers should watch out for email schemes. IRS Direct Pay sends emails only to users who request the service.
• Pay using a payment processor by credit card, debit card or digital wallet options. Taxpayers can make these payments online, by phone or through the IRS2Go app.
• Make a cash payment at more than 7,000 participating retail stores nationwide. To pay with cash, visit IRS.gov and follow the instructions.
• Pay over time by applying for an online payment agreement. Once the IRS accepts an agreement, the taxpayers can make their payment in monthly installments.

A business owner should write his/her own business plan. We at GLM can help put the Business Plan together by meeting with you, asking questions, coming up with ideas and resources to help you achieve your goals.

A business plan is the blueprint for the future development of a business.  It expresses the vision of its leadership.  It describes the resources that are available and those that are needed.  It describes the competitive advantages, and threats.  A business plan should be a process, not just a product.  Write one; think about it; discuss it with your key business allies; and then revise it at reasonable intervals.  Below is a “sample” table of contents for a business plan.  It’s just a good place to start.  Please revise it and flesh out the content to suit your specific circumstances.  Best wishes for much success.

SAMPLE BUSINESS PLAN CONTENTS

1. Executive Summary
2. Current Situation
3. Vision
   1. Mission Statement
   2. Goals (long range)
   3. Objectives (short/medium range)
4. Management
5. Product / Service Description
6. Market Analysis
   1. Customers
   2. Competition
   3. Opportunities
   4. Risks
7. Marketing Strategy
   1. Personnel
   2. Facilities / Equipment
   3. Pricing & Profitability
   4. Advertising & Promotion
   5. Public Relations
   6. Selling Tactics
   7. Distribution Channels
   8. Business Relationships
8. Production / Manufacturing Strategy
   1. Personnel
   2. Facilities / Equipment
   3. Intellectual Property
   4. Regulation / Compliance
   5. Supply Chain
   6. Business Relationships
9. Administrative Strategy
   1. Personnel
   2. Facilities / Equipment
   3. Management Information
   4. Worker Administration & Benefits
   5. Regulation / Compliance
   6. Business/Professional Relationships
10. Financial Information 
    1. Pro Forma Balance Sheets (for 5 years into the future)
    2. Pro Forma Income Statement (for 5 years into the future)
    3. Detailed Budget (for next 12 to 24 months into the future)
    4. Cash Flow Projection (for next 12 to 24 months into the future)
    5. Break Even Analysis (show growth steps, if applicable)
    6. Summary of Existing Resources (people and money)
    7. Potential Sources of Funding

Networking events are all about, well, networking, yet some people seem to attend event after event without ever making a meaningful contact. Here are some useful tips you can use to network better.

Come early
Even coming in a 15 minutes to half-hour early means you have time to acclimate yourself to the room, the hosts and your surroundings. By the time the next early bird gets there, you already have something in common. Also, chances are good they’ll be grateful to have someone to talk to and your initial nervousness will already have burnt off.

Stay late
After a great conference, you might literally want to chew over the day’s speeches with a light bite or cocktail. Chances are good that people will be more relaxed or relieved at the end of an event. You also won’t have to struggle to make conversation, simply talk about the day and compare it to the experiences of the person you just met.

Tell someone about Exhibit booths you liked and to try specific food there
Exhibitors work hard to plan and prepare for the expo. Reward them by telling others about the booth.
Each aisle has a food vendor providing a free sample. If there’s something particularly delicious or beautiful, help yourself to a serving. Then start up a conversation with someone heading to the food vendor. Say something light or goofy that requires no pressure to respond and makes the person next to you smile and take a bite and then share their own experiences.

Most importantly: Listen
Exhibitors have not only spent a lot of time and preparing, they also spent money to exhibit, make give-a-ways and marketing materials. They have earned the right to tell you about their business. It is important to listen to them and see how you can help them.

• Do you need their product or service?
• Do you know someone who needs their product or service?
• What other types of business also work with the same type of prospects as this person?

If you can help them with referrals of introductions, please help them. If you cannot, not problem.
​
Don’t Sell
As I mentioned, the exhibitors have earned the right to tell you about their business. Please do not approach them to only sell your product of service. Yes, if they ask what you do, you can talk with them about your business, but don’t sell. Explain. They maybe asking so they can tailor their message to you more specifically. Please be respectful of the Expo.

Come and Network this Thursday March 5th from 2-6 PM. Learn more here: ​https://www.thegoa.com/expo2020.html

Typical Situation: Our client has to improve worker morale and avoid loss of productivity. Our client is also looking for ways for their employees reduce time away from work and reduce Training Expenses.     
Maybe there has been an employee Injury or death, news of worker (s) being injured on the job or equipment failure. 
 
When you hear a business owner say:

• “I need to reduce Worker Compensation Claims.”
• “I hate dealing with worker turnover.”
• “General: working Worker Safety/Prevention; Worker Safety Training “

 
They Provide FREE Safety Awareness to businesses with 2-250 employees within the U.S. 
Four and six hour, FREE courses on numerous safety topics.
 
How they Work: Harper provides free safety awareness courses from the Susan Harwood Training Grant. We provide high quality courses that instructed by OSHA Outreach Trainers. The courses are relevant as the training topics have been selected by needs of community that were surveyed. Courses offered until late Summer 2020.
 
You can introduce them:
“Harper College has FREE safety awareness courses taught by Safety Professionals and OSHA Outreach trainers.   These courses can reduce your business operating expenses, increase employee morale and turnover.  The website is:  www.harpercollege.edu/safety.”   

Matching Ideas with Resources:

Gathering records before preparing tax return makes filing go smoother
As taxpayers are getting ready to file their taxes, one of the first things they’ll do is gather their records. To avoid refund delays, taxpayers should gather all year-end income documents before filing a 2019 tax return.
It’s important for folks to have all the needed documents on hand before starting to prepare their return. Doing so helps them file a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes.

• Social Security numbers of everyone listed on the tax return. Many taxpayers have these number memorized. Still, it’s a good idea to have them on hand to double check that the number on the tax return is correct. An SSN with one number wrong or two numbers switched will cause processing delays.
• Bank account and routing numbers. People will need these for direct deposit refunds. Direct deposit is the fastest way for taxpayers to get their money and avoids a check getting lost, stolen or returned to IRS as undeliverable.
• Forms W-2 from employers.
• Forms 1099 from banks and other payers.
• Any documents that show income, including income from virtual currency transactions. Taxpayers should keep records showing receipts, sales, exchanges or deposits of virtual currency and the fair market value of the virtual currency.
• Forms 1095-A, Health Insurance Marketplace Statement. Taxpayers will need this form to reconcile advance payments or claim the premium tax credit.
• The taxpayer’s adjusted gross income from their last year’s tax return. People using a software product for the first time will need their 2018 AGI to sign their tax return.  Those using the same tax software they used last year won’t need to enter their prior year information to electronically sign their 2019 tax return.

Forms usually start arriving by mail or are available online from employers and financial institutions in January. Taxpayers should review them carefully. If any information shown on the forms is inaccurate, the taxpayer should contact the payer ASAP for a correction.

GLM is getting ready for the Upcoming GOA Business Expo. You can participate too! Just follow the Link: https://www.thegoa.com/expo2020.html  

THE 2020 EXPO IS HERE AND THE THEME IS GAME OF BUSINESS.
We are asking our businesses to decorate their booth/business to board games. (Think Monopoly, Sorry!, Candy Land) Usually, we don't PLAY around when it comes to business... but it's time to have some fun and show us what you've got! Awards will be given for various categories. Game on!
​
​
Why Exhibit?

• Build relationships face to face.
• Promote your company to hundreds of attendees.
• Boost brand awareness.
• Generate customer interest.
• Market new products and services.

​
#YourMove

For your convenience, I have fast forwarded to the part about GLM, but feel free to listen to the whole thing from start to finish:

WASHINGTON ― The Internal Revenue Service successfully opened the 2020 tax filing season today as the agency begins accepting and processing federal tax returns for tax year 2019.

The deadline to file a 2019 tax return and pay any tax owed is Wednesday, April 15, 2020.  More than 150 million individual tax returns for the 2019 tax year are expected to be filed, with the vast majority of those coming before the April 15 tax deadline. 

"The IRS workforce has worked for nearly a year to prepare for the opening of tax season,” said IRS Commissioner Chuck Rettig. “Our dedicated employees are committed to help taxpayers, process tax returns and serve the nation − not just through the April 15 tax deadline but throughout the year.”

While the IRS’ Free File program as well as many tax software companies and tax professionals began accepting tax returns earlier this month, processing of those tax returns begins as IRS systems open today.

The IRS expects about 90 percent of individuals to file their returns electronically. Filing electronically and choosing direct deposit remains the fastest and safest way to file an accurate income tax return and receive a refund.

“The IRS reminds taxpayers there are many options to get help,” Rettig said. “Our website has around the clock information available and is the fastest way to get assistance. We’ve made improvements to the Free File program and filing electronically with direct deposit remains the best way to speed refunds and minimize errors. As always, experts in the nation’s tax professional community stand ready to help people navigate their tax issues. And we also remind people our IRS-trained community volunteers are ready to help file tax returns in locations across the country.”

Taxpayers: Rely on a reputable tax professional; IRS.gov can help
The IRS also reminds taxpayers that a trusted tax professional can prepare their tax return and provide helpful information and advice. Tips for choosing a return preparer and details about national tax professional groups are available on IRS.gov.
No matter who prepares a federal tax return, by signing the return, the taxpayer becomes legally responsible for the accuracy of all information included.

Please remember that GLM can help!

Gather documents and organize tax records
The IRS urges all taxpayers to make sure they have all their year-end statements in hand before filing. This includes Forms W-2 from employers and Forms 1099 from banks and other payers. Taxpayers should confirm that each employer, bank or other payer has a current mailing address or email address. Typically, year-end forms start arriving by mail – or are available online – in January. Review them carefully and, if any of the information shown is inaccurate, contact the payer right away for a correction.
In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments To Income. The Internal Revenue Code and regulations require taxpayers to maintain records that support the information provided on tax returns.  Taxpayers should maintain, for example, records documenting receipts, sales, exchanges, or other dispositions of virtual currency and the fair market value of the virtual currency.

To avoid refund delays, be sure to gather all year-end income documents before filing a 2019 tax return. Doing so will help avoid refund delays and the need to file an amended return. Filing too early, before receiving a key document, often means a taxpayer must file an amended return to report additional income or claim a refund. It can take up to 16 weeks to process an amended return and issue any related refund.

Most refunds sent in less than 21 days; however, some require further review and take longer
Just as each tax return is unique and individual, so is each taxpayer's refund. There are a few things taxpayers should keep in mind if they are waiting on their refund but hear or see on social media that other taxpayers have already received theirs.

Different factors can affect the timing of a taxpayer’s refund after the IRS receives the return. Also, remember to take into consideration the time it takes for the financial institution to post the refund to the taxpayer’s account or to receive a check in the mail.

Even though the IRS issues most refunds in less than 21 days, some tax returns require additional review and take longer to process than others. This may be necessary when a return has errors, is incomplete or is affected by identity theft or fraud. The IRS will contact taxpayers by mail when more information is needed to process a return.

Choosing electronic filing and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund. The IRS expects about 90 percent of individual tax returns will be prepared electronically using tax software.

The IRS reminds taxpayers that, by law, the IRS cannot issue refunds claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) before mid-February. This applies to the entire refund − even the portion not associated with the EITC or ACTC. The IRS expects most EITC/ACTC related refunds to be available in taxpayer bank accounts or on debit cards by the first week of March, if the taxpayer chose direct deposit and there are no other issues with the tax return.

After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers.
​
Refund information will generally be available within 24 hours after the IRS acknowledges receipt of an electronically filed return on the Where's My Refund? ‎tool on IRS.gov and the IRS2Go phone app. These tools will be updated with projected deposit dates for most early EITC and ACTC refund filers by Feb. 22, so those filers will not see an update to their refund status date on Where's My Refund? ‎or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates. Where’s My Refund? is the best way to check the status of a refund.

​Typical Situation: Our client has customers who owe outstanding bills for many months. Before classifying it as Bad Debt, send it out to Collections.
 
When you hear a business owner say:

• “I have some customers/ clients not paying their bills.”
• “I've got good customers but they're paying my invoices slow/beyond terms”
•  “I'm not getting returned calls about client outstanding bills”

 
An Accounts Receivable Consultant provide strategic financing solutions for business to business companies.  Complete end-to-end solutions provide you with the results you need across the entire credit-to-cash continuum, all while enhancing your valued customer relationships.
How they Work The Consultant delivers results by utilizing a proprietary predictive analytics platform that drives recovery operations. More than just a debt collection agency, they offer strategic end-to-end accounts receivable management and debt collection solutions that make your cash flow.
 
You can introduce them:
“It sounds like you should really talk to someone about your outstanding invoice and get your money.  I know someone that can provide some results for your accounts receivable so you can make it.”
 
Matching Ideas with Resources: