Due to technical Problems, the Blog/ Podcast had to be skipped this week. 

Section 1031 of the Internal Revenue Code allows the deferral of gain on the sale and subsequent purchase of real property used for business use or investment. An exchange is much like a typical sale followed by an acquisition within 180 days but with a few rules attached.

BENEFITS OF AN EXCHANGE
This often overlooked tax strategy can help you accomplish many short and long-term real estate objectives:

• Immediate tax deferral
• Ability to acquire real estate with pre-tax dollars
• Long-term appreciation on tax deferral
• Estate preservation as deferred gain may be forgiven upon death
• Less management responsibility
• Consolidation of properties
• Greater selling and buying power
• Increased income potential
• Relocation or expansion of business facilities
• Diversification of assets or geographic locations
• Conversion to personal use property after a period of qualified use
• Exit strategy for business owners

Learn More:
COMPLIMENTS OF:
​Connie Custer, Business Development
1031 CORP.
100 Springhouse Drive, Suite 203
Collegeville, PA 19426

Office: 610.792.4880 ext. 230
Cell: 610.724.5195
Email: [email protected]
Website: www.1031CORP.com

Taken from the Daily Herald on September 25th 2021. By KELSEY SHEEHY of NerdWallet

The pandemic isn't crushing the entrepreneurial spirit. It's fueling it.

People normally tied to a desk or working double shifts used lockdown to launch side hustles, often out of necessity. And some have turned those side gigs into full-fledged businesses.

These basic but essential steps can help you take things to the next level and give your new venture a shot at staying power.

1. CHOOSE A BUSINESS STRUCTURE
2. OPEN A BUSINESS BANK ACCOUNT
3. UPGRADE YOUR BOOKKEEPING
4. SPELL OUT YOUR BUSINESS PLAN
5. INVEST IN PROFESSIONAL HELP

Read the Whole Article here: 
​www.dailyherald.com/business/20210925/millennial-money-5-steps-to-level-up-your-side-hustle

Employers in Illinois with at least 5 employees must soon comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan.

​Background
Secure Choice requires employers to automatically withhold five percent of an employee’s compensation (up to the annual maximum allowed for IRA contributions each year as provided by the IRS), unless the employee elects a different amount or opts out of the program, and to remit those contributions to the Secure Choice program.
Under the original program, employers that satisfy these criteria are subject to the Secure Choice program:

1. Have at least 25 employees as reported to the Illinois Department of Employment Security (IDES) for unemployment insurance payments;
2. Have been operating in Illinois for at least two years; and
3. Do not offer a qualified retirement plan to any Illinois employees. (A qualified retirement plan under sections 401(a), 401(k), 403(a), 403(b), 408(k), 408(p), or 457(b).)

New Requirements
The newly enacted law makes several notable changes to Secure Choice, including:

• The 25-employee threshold is reduced to 5 employees. Now, the program will apply to employers with at least 5 employees in the state during every quarter of the previous calendar year. The employer determines the total employee count using the annual average from the employer-reported quarterly data.
• Secure Choice now includes annual, automatic increases to the contribution rates up to a maximum of 10% of an enrollee’s wages. The Illinois Department of Revenue will establish a schedule for the automatic increase.
• The changes clarify that the second year of non-compliance need not be consecutive for applying the $500 noncompliance penalty.
• Employers now have 120 days (rather than 90 days) after issuance of a notice of proposed penalty assessment for noncompliance to file a protest with the department or come into full compliance.
• The changes allow providing notices electronically rather than only by first class mail.

When Effective
The program will notify employers before their scheduled start time to allow them time to register. The schedule is:

Wave 1: The enrollment deadline for employers with fewer than 25 employees and more than 15 employees will be no sooner than September 1, 2022

Wave 2: The enrollment deadline for employers with at least 5 employees but not more than 15 employees will be no sooner than September 1, 2023.

The Illinois Secure Choice website provides additional information, including FAQs.
https://www.ilsecurechoice.com/home/faq.html