​Approaching the halfway point of the year is a great opportunity to reflect on your progress and make adjustments to ensure you achieve your goals. Here's a step-by-step approach to help you:

1. Reflect on your goals: Review the goals you set at the beginning of the year. Assess your progress and identify which goals you've achieved, which ones are in progress, and any that you haven't started yet.
   
2. Celebrate your achievements: Take time to acknowledge and celebrate your accomplishments so far. Recognize the effort you've put in and the milestones you've reached. This will boost your motivation for the rest of the year.
   
3. Assess your current situation: Evaluate where you stand at the halfway point. Consider factors such as your personal life, work, health, and relationships. Determine if anything has changed or if new opportunities have arisen.
   
4. Review and adjust your goals: Based on your assessment, consider if your original goals are still relevant and realistic. Are there any goals you need to modify, add, or remove? Make adjustments that align with your current circumstances and aspirations.
   
5. Break down your goals: Divide your revised goals into smaller, actionable steps. This will make them more manageable and increase your chances of success. Set deadlines for each step to create a sense of urgency.
   
6. Create a plan: Develop a clear plan outlining the actions you need to take to achieve your revised goals. Prioritize your tasks and allocate time for each of them. Consider using productivity tools or techniques like time blocking or creating to-do lists.
   
7. Seek support: If you need assistance or collaboration to achieve your goals, reach out to others. Seek guidance from mentors, collaborate with peers, or delegate tasks when necessary. Surrounding yourself with a supportive network can provide motivation and valuable insights.
   
8. Track your progress: Regularly monitor your progress towards your goals. Set milestones along the way and evaluate your achievements. This will help you stay accountable and make adjustments if needed.
   
9. Stay motivated: Motivation can wane over time, so find ways to stay inspired. Set reminders of your goals, create a vision board, or find an accountability partner. Celebrate small victories and remind yourself of the benefits and rewards awaiting you at the end.
   
10. Practice self-care: As you work towards your goals, don't forget to take care of yourself. Prioritize your physical and mental well-being by getting enough rest, eating nutritious food, exercising, and practicing self-reflection or mindfulness. Taking care of yourself will enhance your productivity and overall happiness.
    

By following these steps, you'll be able to approach the halfway point of the year with clarity, purpose, and a plan to make the most of the remaining months.

During my travels this week, I heard about ESOPs a couple times. The first was at the Schaumburg Business Association Leadership Lunch where John Costello shared his journey as a business owner of Cherry's Industrial. He went from sleepless nights and the weight of the world on his shoulders to a thriving company with financial transparency, employees that share and live out core values, a common destiny and a shake in the outcome of the company.

I then read the Sunday Daily Herald Business section. This got a little more in the mud on the good and bad of Employee Ownership. ESOP plans are growing in popularity as a great way for a business owner to exit (dailyherald.com)

An ESOP can take various forms, but generally setting one up involves creating a separate entity that's owned by a company's employees, with the ownership determined based on a variety of factors from compensation to tenure to job position. They can be complicated, but below outlines some steps.

​To form an Employee Stock Ownership Plan (ESOP) for a company, follow these steps:

1. Design: Determine the objectives and structure of the ESOP. Decide what percentage of the company's shares will be allocated to the plan and how those shares will be distributed among employees.
2. Consult Professionals: Seek guidance from professionals such as lawyers, accountants, and financial advisors experienced in ESOP formation. They can assist with legal and regulatory compliance, valuation, and plan design.
3. Valuation: Conduct a valuation of the company to determine the fair market value of its shares. This valuation is crucial for setting the price at which the ESOP will purchase the shares.
4. Trust Formation: Establish an ESOP trust, typically in the form of a trust agreement, which acts as the legal entity to hold and administer the shares on behalf of the employees.
5. Financing: Determine how the ESOP will finance the purchase of shares. This can be through cash contributions from the company or borrowing funds externally.
6. Plan Documentation: Develop a comprehensive plan document that outlines the rules and provisions of the ESOP, including eligibility criteria, vesting schedules, and distribution rules. Ensure compliance with relevant laws and regulations.
7. Employee Communication: Communicate the ESOP's purpose, benefits, and mechanics to employees, emphasizing how it aligns their interests with the company's success.
8. Purchase of Shares: The ESOP trust purchases the company's shares using the funds allocated for this purpose. This can be done directly from existing shareholders or by issuing new shares.
9. Ongoing Administration: Establish procedures to manage the ESOP, including record-keeping, annual valuations, and compliance with reporting and disclosure requirements. Consider appointing a trustee or forming a committee to oversee the plan.
10. Employee Participation: Allocate the shares among eligible employees according to the plan's distribution rules. Monitor and update employee accounts as per the vesting schedule and any additional contributions made to the ESOP.
11. Repurchase Obligations: If employees leave the company or retire, establish a mechanism for the ESOP to repurchase their shares at fair market value, providing liquidity to exiting participants.

It is important to note that forming an ESOP involves legal, financial, and regulatory complexities. Engaging professionals with expertise in ESOPs is crucial to ensure compliance and a smooth implementation process.

Key Performance Indicators (KPIs) play a crucial role in the success of any business. They provide measurable and quantifiable metrics that allow organizations to assess their performance and progress towards their goals. Here are some key reasons why KPIs are important in business:

1. Goal Alignment: KPIs help align business activities with strategic goals. By defining specific and measurable targets, KPIs enable businesses to focus on what truly matters and direct their efforts towards achieving desired outcomes.
   
2. Performance Measurement: KPIs provide a means to measure performance objectively. They allow businesses to track progress, identify areas of improvement, and assess the effectiveness of strategies and initiatives. Without KPIs, it becomes challenging to gauge success or failure accurately.
   
3. Decision Making: KPIs offer valuable insights for informed decision making. By monitoring key metrics, businesses can identify trends, patterns, and potential issues early on. This enables timely adjustments, course corrections, and resource allocation based on data-driven analysis rather than guesswork.
   
4. Accountability and Responsibility: KPIs establish accountability within the organization. By setting clear targets and regularly measuring performance, individuals and teams can be held responsible for their contributions. KPIs promote a culture of ownership, motivation, and continuous improvement.
   
5. Communication and Alignment: KPIs serve as a common language across the organization. They facilitate effective communication, ensuring that everyone understands the organization's objectives and the progress being made towards them. KPIs promote transparency, collaboration, and alignment among different departments and stakeholders.
   
6. Benchmarking and Competition: KPIs allow businesses to benchmark their performance against industry standards and competitors. By comparing their metrics with similar organizations, businesses can identify areas where they are lagging and take proactive measures to improve their competitive position.
   
7. Continuous Improvement: KPIs drive a culture of continuous improvement within an organization. Regular monitoring and analysis of key metrics help identify inefficiencies, bottlenecks, and areas for optimization. KPIs provide a basis for setting targets, implementing changes, and monitoring the impact of improvement efforts.
   
8. Motivation and Recognition: KPIs can be used as motivational tools. By setting challenging yet attainable targets and providing regular feedback on performance, businesses can inspire employees to strive for excellence. Recognition and rewards based on KPI achievements can further enhance employee engagement and satisfaction.
   

In summary, KPIs are essential for effective performance management, strategic decision making, goal alignment, and fostering a culture of accountability and improvement. They enable businesses to stay focused, measure progress, make informed decisions, and drive success in a competitive marketplace.

Social responsibility refers to a company's commitment to operating in an ethical and sustainable manner, taking into account the impact of its activities on society and the environment. Some of the benefits of social responsibility include:

1. Improved brand reputation: Companies that are socially responsible are viewed more favorably by consumers, employees, and other stakeholders, which can lead to increased loyalty and trust.
   
2. Increased employee engagement: When companies prioritize social responsibility, employees are more likely to feel that their work is meaningful and that they are contributing to a greater good. This can lead to higher levels of job satisfaction and engagement.
   
3. Enhanced risk management: Companies that take social responsibility seriously are better able to manage risks associated with environmental, social, and governance issues. This can include avoiding negative publicity, legal sanctions, and financial penalties.
   
4. Access to new markets: Companies that are socially responsible are often able to access new markets, particularly those that prioritize sustainability and ethical practices.
   
5. Improved financial performance: There is evidence to suggest that companies that are socially responsible perform better financially over the long term. This is because they are better able to attract and retain customers, employees, and investors who value sustainability and ethical practices.
   

Overall, social responsibility can have a range of benefits for companies, including improved brand reputation, increased employee engagement, enhanced risk management, access to new markets, and improved financial performance.

This law goes into effect 1/1/24 so clients have time to think about how they want to implement this.
 
What is required:  All employees in Illinois must accrue at least 1 hour of PAID SICK LEAVE for every 40 hours worked.  After 90 days of employment, employees must be permitted to take their accrued paid sick leave for their own or their family’s illness. 
 
What is not permitted: Requiring employees to find a replacement to be able to take the time off (you can request an employee help find their replacement, but not require it).  Requiring proof of the illness or need for time off (you can request the reason, but not require the employee to answer or provide proof).  Requiring employees to take time off in full day increments.
 
Employers can require “reasonable” notice.  For planned time off, like appointments or procedures, this is no more than 7 days’ notice.  For unplanned time off, the required notice can’t be sooner than the employee is aware of the need.
 
Employers can require time off be paid in 2 hour increments if the schedule time is at least 2 hours.  If the scheduled work time is less than the employer can pay out only what was scheduled.
 
Employers can either accrue time or frontload time.  If time is accrued, then employees must be permitted to rollover their unused time from year to year.  However currently the requirement for pay out and accrual caps at 40 annually.  So employees may be stuck rolling over unused hours indefinitely.  Clarification may come on this before the launch.
 
If an employee leaves employment, their sick leave accrued does not need to be paid out to them (If an employer uses their vacation pay to meet the requirements of this law, then they must still pay it out as vacation pay must be paid to employees at employment termination).  If an employee returns to the company within a 12 month period, their accrued sick leave picks up where it left off.  The 90 day clock does not restart so a returning employee can take their time off immediately (or picks up where they left off if they worked less than 90 days). 
 
Paid Leave for All Workers Act (illinois.gov)
​

Here are some personal branding tips that you can consider:

1. Define your personal brand: Start by identifying your unique strengths, skills, and values. Think about what sets you apart from others and what you want to be known for.
   
2. Develop a consistent message: Once you have defined your personal brand, create a clear and concise message that accurately represents you and your brand.
   
3. Create a strong online presence: Use social media platforms like LinkedIn, Twitter, Instagram, and Facebook to build a strong online presence. Make sure your profiles are professional and consistent with your brand message.
   
4. Share valuable content: Share valuable and relevant content that showcases your expertise and adds value to your audience. This could be blog posts, videos, podcasts, or social media posts.
   
5. Network and collaborate: Networking and collaborating with others in your industry can help you build your brand and expand your reach. Attend events, join groups, and connect with others online.
   
6. Be authentic: Authenticity is key to building a strong personal brand. Be true to yourself and your values, and don't try to be someone you're not.
   
7. Continuously improve: Finally, don't be afraid to continuously improve your personal brand. Keep learning, growing, and evolving to stay relevant and meet the needs of your audience.
   
   Tom Gosche is a Business Strategist dedicated to helping business owners be more profitable through customized business and financial strategy. His BRAND System™ is a process of creating and implementing effective brands, business building strategies, financial insight and business transition success. 
   
   Seeing Tom in action quickly impresses upon attendees his skills, knowledge and expertise in a lighthearted, even humorous, presentation. 
   
   Tom is a part of GLM, Inc. as a business consultant and business developer. He has formulated the idea of the BASiC Cycle of working with business owners. BASIC was formed with business owners in mind, by combining growth strategies, business planning and financial review on a regular basis.
   
   
   

Tax season can be a stressful time for many individuals, especially if they are filing their tax return at the last minute. As the deadline approaches, it is common for people to have questions about their taxes. Here are some common last-minute tax return questions and answers that may help alleviate some of the stress.

Can I still file my tax return if I missed the deadline?
If you missed the tax filing deadline, you may still be able to file your tax return. In the United States, the deadline for filing taxes is typically April 15th, but it can vary from year to year. If you missed the deadline, you can file for an extension using Form 4868. This will give you an additional six months to file your tax return. However, it is important to note that an extension to file does not mean an extension to pay any taxes owed. You still need to estimate your tax liability and pay any taxes owed by the original deadline to avoid penalties and interest.

Can I still claim deductions and credits if I file my tax return late?If you file your tax return late, you may still be able to claim deductions and credits. However, it is important to note that some deductions and credits have specific deadlines or limitations. For example, if you contribute to an IRA for the previous tax year, you must make the contribution by the tax filing deadline to claim it on your tax return. Additionally, some tax credits, such as the Earned Income Tax Credit, have income limits and other eligibility requirements. Therefore, it is important to review the specific requirements for any deductions or credits you plan to claim.

What if I made a mistake on my tax return?If you discover a mistake on your tax return after you have filed it, you can file an amended tax return using Form 1040X. This form allows you to correct any errors or omissions on your original tax return. It is important to note that you cannot use an amended tax return to claim a refund for a year that is more than three years old. Additionally, if you discover a mistake on your tax return that resulted in an underpayment of taxes, you may need to pay penalties and interest.

How do I pay any taxes owed?If you owe taxes, you can pay them online using the IRS's electronic payment options, including direct debit from your bank account, credit or debit card, or the IRS's online payment agreement tool. If you cannot pay your taxes in full, you can request a payment plan using the IRS's online payment agreement tool. It is important to note that interest and penalties may apply if you do not pay your taxes by the deadline.
In conclusion, filing taxes can be a complex process, and it is common to have questions or concerns, especially as the deadline approaches. By understanding the options available for late filing, deductions and credits, correcting mistakes, and paying taxes owed, you can take steps to minimize stress and ensure that you meet your tax obligations.

If you need help, you can contact GLM
​Tom Gosche, 630-675-8971, tomg@goglm.com 

The IRS and tax professionals continue to see third parties aggressively promoting Employee Retention Credit schemes on radio and online.

Filers should carefully review the ERC guidelines before trying to claim the credit and be wary of offers promising tax savings that are too good to be true. Tax professionals are also reporting receiving undue pressure from clients to claim the ERC as a result of these scams.
These promoters push ineligible people to file a claim for the credit while charging the filer either large upfront fees or a fee that is contingent on the amount of their refund. Plus, the promoters may not inform taxpayers that they must reduce the wage deductions they claimed on the business’ federal income tax return by the amount of the credit.

The IRS has been warning about this scheme since last fall, but there continue to be attempts to claim the ERC made by ineligible filers during the 2023 tax filing season. This is a valuable credit for those who qualify but claiming it improperly could result in taxpayers having to repay the credit along with potential penalties and interest.

Qualifying for ERC
The ERC is a refundable tax credit for businesses who continued paying employees while shut down due to the pandemic or who had significant declines in gross receipts.
Eligible taxpayers can claim the ERC on an original or amended employment tax return during a qualifying period.
To be eligible for the ERC, employers must have:

• sustained a full or partial suspension of operations due to orders from an appropriate governmental authority due to COVID-19 during 2020 or the first three quarters of 2021,
• experienced a significant decline in gross receipts during 2020 or a decline in gross receipts during the first three quarters of 2021, or
• qualified as a recovery startup business for the third or fourth quarters of 2021.

Eligible employers can’t claim the ERC on wages that they reported as payroll costs in obtaining Paycheck Protection Program loan forgiveness or that they used to claim certain other tax credits.

Reporting ERC fraud
Employers can report illegal tax-related ERC claims and activities by submitting a completed Form 14242, Report Suspected Abusive Tax Promotions or Preparers and any supporting materials to the IRS Lead Development Center in the Office of Promoter Investigations. The fax telephone number and mailing address are on the form.
Employers should also report instances of fraud and IRS-related phishing attempts to the IRS at phishing@irs.gov and Treasury Inspector General for Tax Administration at 800-366-4484.

More information:

• Employee Retention Credit - 2020 vs 2021 Comparison Chart
• Form 941-X Instructions (April 2022 Revision)
• Form 941 Instructions (December 2021 Revision)
• Form 941 Instructions (2020 Revisions)
• Form 943, 943-X, 944, 944-X, CT-1 and CT-1-X Instructions

What is a “Typical Situation” people are in when they realize they need your help?
People and businesses facing high tax liabilities from personal earnings, operating business profits including real estate, other investment transactions including crypto currencies and the sale of a business or other hard assets.

What is something someone might say that would lead me to think of you?
•         My taxes are too high.
•         I want to sell, but the taxes will eat up a big share of my profit.
•         I wish there was a way to reduce my crypto tax obligations.

What (Specifically) do you do? 
B10 helps HNW individuals and businesses reduce their biggest expense: TAXES, by offering unique compliant tax strategies that include tax credits, cost segregation, property tax litigation, charitable giving, crypto Moontax service, and capital gains deferral, among others.  

How do you do it?
Each strategy is assigned a dedicated expert team of CPAs and tax professionals that do all of the tedious analytical work and provide a final tax benefit report for the taxpayer and/or financial advisor.

Matching Ideas with Resources:

​Core ValuesIntegrity- Requires that we possess and steadfastly adhere to high moral principles and professional standards.
 
Excellence- Requires us to provide clients (both external and internal) with exceptional service and experience.  This means that our work product is of outstanding quality, meets delivery promises and provides value to our clients. 
 
Career Development/Continuous Improvement - Our professionals dedicate themselves to constantly improving client experiences.  As individuals we continuously learn new skills and improve existing skills and competencies.  As accounting, tax and consulting professionals we are committed and dedicated to our clients, the firm, and ourselves.
 
Work/Life Balance – We respect various work/life requirements of our people and strive to be sensitive and flexible to each individual case.  We work with our full time and part time employees to create a win-win arrangement for them and the firm.  We work to live rather than live to work.
 
Client Service – We are committed to providing timely, reliable responses and to nurture the relationship with our clients.  Our goal is to define, measure, understand, manage and improve client expectations and be able to align them with firm core values, goals and regulatory compliance.