As the 2025 tax season kicks off, the Better Business Bureau (BBB) reminds us that it's not just the time to file taxes—it’s also scam season. Fraudsters use this opportunity to prey on taxpayers, aiming to steal money, sensitive personal information, and peace of mind. Staying informed and vigilant can help protect you from falling victim to these schemes.

Why Tax Season Is Prime Time for Scammers
According to the Internal Revenue Service (IRS), taxpayers lost a staggering $5.5 billion to tax-related fraud in 2023. With the 2025 tax filing deadline set for April 15, scammers are already targeting individuals with impersonation calls, fake emails, and fraudulent tax preparer schemes.

Steve J. Bernas, president of the BBB, emphasizes the challenge: “Because of the intricacies of filing your taxes, falling victim to a tax scammer is not inconceivable.” Scammers manipulate emotions like fear and urgency to deceive people, making it critical to stay alert.

Top Scams to Watch Out For

1. IRS Impersonation Scams:
   • Scammers may call or email pretending to be IRS agents, often claiming you owe back taxes.
   • They may demand immediate payment via gift cards, prepaid debit cards, wire transfers, or cryptocurrencies.
2. Fake Tax Preparers:
   • Fraudulent tax professionals may falsify your return to inflate refunds or steal your refund entirely.
   • Be cautious of preparers who refuse to sign your return or do not have a Preparer Tax Identification Number (PTIN).
3. Phishing Emails:
   • Emails designed to look like official IRS correspondence might direct you to fake websites to steal your information.

Protecting Yourself During Tax SeasonTo safeguard yourself, follow these practical tips:

• Verify Tax Preparers: Research tax preparers and verify their credentials with the IRS or BBB. Never sign a blank tax return.
• Avoid Urgent Payment Requests: The IRS will never call to demand immediate payment or threaten you with jail time. Payments should always be made directly to the IRS using official methods.
• Check Your Refund Status Securely: Visit the official IRS website at IRS.gov to track your refund. Avoid clicking links in emails or text messages.
• Be Wary of Caller ID: Scammers can spoof IRS numbers to look legitimate. Hang up if you're unsure and call the IRS directly at their official contact number.

Additional Steps for Security

• Secure Your Personal Information: Shred sensitive documents, avoid sharing your Social Security number unnecessarily, and ensure your devices are protected with strong passwords.
• Report Suspicious Activity: If you suspect fraud, report it to the IRS and BBB immediately. Quick reporting can prevent further financial damage.

The Importance of AwarenessTax season can feel overwhelming, but staying informed is your best defense against scams. Fraudsters thrive on confusion and fear, but you can outsmart them by staying vigilant and proactive. If in doubt, consult a trusted professional or visit the official IRS and BBB websites for accurate information.
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Let’s make 2025 a year of safe and stress-free tax filing!

​https://www.dailyherald.com/20250126/business/its-tax-season-bbb-warns-to-watch-out-for-scammers-ready-to-siphon-returns/

Today, we reflect on the legacy of Dr. Martin Luther King Jr., whose vision of equality, justice, and service inspires us all. At GLM Accounting, we are reminded of his words:

"Life's most persistent and urgent question is, 'What are you doing for others?'"

As we serve our clients and community, we strive to carry forward this spirit of service and collaboration. Let’s honor his memory by working together to create opportunities and support one another, today and every day.

Economic recessions, while unpredictable, are an inevitable part of the financial cycle. Businesses, governments, and individuals alike must prepare for such downturns to weather the storm and emerge stronger. Illinois, a state with a diverse economy and a history of resilience, has taken several proactive steps to ensure it is better equipped to handle the challenges of the next recession. Here's how:

1. Budget Stabilization and Rainy-Day Fund Growth
Illinois has made significant strides in replenishing its rainy-day fund, a financial reserve set aside to address budget shortfalls during economic downturns. In recent years, the state has prioritized fiscal responsibility by allocating budget surpluses to this fund. This foresight ensures that essential public services, such as healthcare, education, and public safety, remain funded even during revenue declines.

2. Diversified Economic Base
Illinois boasts a diverse economy, with strong sectors in manufacturing, agriculture, technology, finance, healthcare, and logistics. This diversification helps buffer the state from economic shocks that disproportionately impact specific industries. For instance, while the tech sector may experience layoffs during a recession, the agricultural and logistics industries often remain stable or even grow.

3. Infrastructure Investments
Through initiatives like the Rebuild Illinois program, the state has invested billions in infrastructure projects, including roads, bridges, public transit, and schools. These investments not only improve critical infrastructure but also create jobs and stimulate local economies, acting as a counterbalance during economic downturns.

4. Support for Small Businesses and Entrepreneurs
Small businesses are the backbone of Illinois' economy, and the state has implemented various programs to support them. Initiatives such as tax incentives, grants, and low-interest loans help small business owners navigate economic challenges. Additionally, entrepreneurial hubs in cities like Chicago, Champaign, and Springfield provide resources, mentorship, and networking opportunities to foster innovation and growth.

5. Workforce Development and Reskilling Programs
Recessions often lead to job losses, making workforce adaptability crucial. Illinois has expanded its workforce development programs to prepare residents for in-demand jobs. Partnerships between community colleges, trade schools, and local industries offer training and certification in fields like healthcare, renewable energy, and advanced manufacturing, ensuring a steady pipeline of skilled workers.

6. Public-Private Partnerships
Collaboration between the public and private sectors has been a cornerstone of Illinois’ recession preparedness strategy. Programs like Invest in Illinois encourage private investments in infrastructure, housing, and economic development projects. These partnerships not only inject capital into the state’s economy but also create jobs and improve public resources.

7. Robust Social Safety Net
Illinois has bolstered its social safety net to support residents during economic hardships. Expanded unemployment benefits, food assistance programs, and affordable healthcare initiatives ensure that families can meet basic needs during periods of financial instability. By providing this support, the state helps maintain consumer spending, a key driver of economic recovery.

8. Fiscal Reforms and Debt Management
After years of financial challenges, Illinois has made progress in addressing its pension obligations and managing state debt. Prudent fiscal reforms, such as refinancing existing debt at lower interest rates and implementing balanced budgets, have improved the state’s financial stability and credit rating.

Looking Ahead
While no state can fully insulate itself from the effects of a recession, Illinois has taken meaningful steps to strengthen its economic resilience. Through fiscal discipline, strategic investments, and support for businesses and workers, Illinois is better prepared to navigate future economic challenges and ensure a quicker recovery.

By continuing to prioritize innovation, equity, and sustainability, Illinois positions itself as a model for other states to follow in preparing for the inevitable economic cycles of the future.

How Illinois handles the next recession will ultimately depend on continued vigilance and adaptability. Residents, businesses, and policymakers alike can take pride in the progress made and work together to ensure a prosperous future for the state.

Read more in the Daily Herald: www.dailyherald.com/20241229/business/illinois-is-better-prepared-for-the-next-recession/

The Village of Schaumburg is committed to fostering economic growth and supporting job creation, particularly for low- and moderate-income individuals. The Small Business Loan Program is a fantastic opportunity for local entrepreneurs to access financial assistance and turn their vision into reality.

What Does the Program Offer?Eligible applicants can secure 80% matched, forgivable loans of up to $15,000 to fund various business projects, such as:

• Staff Salaries & Operating Capital
  Get support to retain or hire employees and cover essential operating expenses.
• Tenant Space/Property
  Use the loan to lease or acquire space vital for your business operations.
• Inventory & Supplies
  Purchase inventory, raw materials, and supplies needed to meet demand or expand offerings.
• Furniture, Fixtures, & Equipment
  Invest in tools, equipment, and furniture that enhance your business operations (installation costs may also be included).
• Marketing & Advertising
  Allocate up to 50% of the loan toward developing marketing materials, running campaigns, or enhancing your website.

Eligibility CriteriaTo qualify, businesses must meet the following requirements:

• Employ at least 0.5 full-time equivalent (FTE) staff (20 payroll hours per week).
• Ensure that 51% or more of the total payroll comprises low- to moderate-income positions.

This program ensures that the community benefits from new employment opportunities while empowering business owners to thrive.

How to Apply
If you’re interested in applying for the Small Business Loan Program, reach out to Matt Frank at (847) 923-3853 for more information. Alternatively, you can apply online.
For detailed guidelines and a list of required documents, download the Small Business Loan Program Guide available on the Village of Schaumburg’s website.

Why This Program Matters
This initiative is more than just a loan; it’s an investment in Schaumburg’s small businesses and its residents. By providing financial resources and support, the program creates pathways for economic empowerment and community development.

Don’t miss the opportunity to take your business to the next level while making a meaningful impact in Schaumburg. Start your application today! ​https://schaumburgil.seamlessdocs.com/f/21umxpveqsgu