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:

​Don your mask for a night of intrigue and imagination!
 
The Rotary Club of Schaumburg-Hoffman Estates is proud to present the 44rd Annual Rotary Classic, Live and in person on May 6, 2023 at the Hyatt Schaumburg. Event is Black Tie Optional!
 Honorary Co-Chair- Rebecca Darr, President/ CEO WINGS
Under Darr’s leadership, WINGS has dramatically increased its ability to provide pathways to independence for people whose lives have been devastated by domestic violence. Her vision, leadership, and collaborative spirit have truly made a difference in the lives of so many people!

The Rotary Club of Schaumburg-Hoffman Estates is committed to selecting projects and activities that will impact senior wellbeing, literacy, and area poverty at all ages. We endeavor to be responsive to the changing needs of our community and to work alongside village officials, community leaders and organizations that share this commitment.

Your purchase helps to:

• break the cycle of domestic violence (WINGS)
• empower and heal abused children (Children’s Advocacy Center)
• foster a lifetime of learning for children in high-risk environments (Children’s Home & Aid Society)
• feed the hungry at locations like School Districts 54 & 211, Schaumburg Township, and Partners for Our Communities
• provide recreation for children and adults with disabilities (Northwest Special Recreation Association)
• award annual scholarships (Harper College)
• enable older adults to stay in their homes longer (Kenneth Young Center)
• provide nutritious meals/fellowship to seniors (Schaumburg Senior Program)
• partner with Chandler's to provide holiday meals for 215 Veterans and their families (Trickster Veteran Holiday Dinner)
• provided personal protection equipment to our community partners
• help children to build trust by shopping with police officers (Shop with a Cop)

​None of this would be possible without the support of our generous sponsors. Become a SPONSOR today! Contact George Panopoulos at thepanopoulosgroupinc@gmail.com to secure your spot!

Thanks to a slowing economy, SBA loans have been growing in popularity. So much so The Daily Herald had a Featured article about them in the March 19th, 2023 Sunday Business Section.

​www.dailyherald.com/business/20230319/thanks-to-a-slowing-economy-sba-loans-have-been-growing-in-popularity

No matter what, you need to talk with someone, an expert that helps business owners daily! We advise you to talk with one of the contact at the bottom of this Matching Ideas with Resources Blog.

Typical Situation: Our client is looking to expand their business or perhaps make a business acquisition.  They might be looking to purchase equipment, inventory, or real estate.  Maybe they also need working capital to expand.  We are primarily looking to lend to businesses in underserved areas to create quality jobs

When you hear a business owner say: 
• “I would like to expand but I my bank won’t lend the full amount I need”
• “I just got declined for a loan from my bank to buy R/E, equipment, inventory, working capital”
• “I want to buy out my partner (or purchase a business) but can’t get financing”
• “My bank approved the equipment loan but they only gave me a 24 month term, I’m afraid of a payment that large.”

SBA (Small Business Administration) Bankers serve as a trusted banking solution. They Make $1MM-$5MM loans to small businesses.

How they Work: They use Government loan programs, to businesses that meet SBA guidelines. They are  able to do this by treating the building acquisition as simply an extension of their existing business, rather than a new acquisition.  

Matching Ideas with Resources:

We recently met with Wendy Schulz, Preferred Funding Group based in West Dundee. They help to secure the funding you need to start or grow your business with help from their trusted team of Experts! Whether you’re looking to start a new business or looking to grow your business, a personal or business loan from PFG can make your plans into a reality.

Qualify for up to $500,000 today

FUNDING PROGRAMS

• 5 or 7 year Term Loans
• Business Credit Card Program
• Personal Credit Card Program

​TERM LOAN PROGRAM

• Rates range from 5.49%-14.99%
• No minimum length of time in business
• Fixed monthly payment
• No upfront fees
• Full liquidity Immediately
• Funding in 7-15 business days
• (Dependent on strength of personal credit)

REQUIREMENTS

• 680+ Personal Credit scores in all 3 bureaus
• 2 years personal tax returns showing $50,000 or more of taxable income

​BUSINESS CREDIT CARD PROGRAM

• 0% Interest for 6-12 months
• No minimum length of time in business
• Stated income
• No upfront fees
• Reports only to the business

REQUIREMENTS

• 700+ Personal Credit Scores on all 3 bureaus
• Established Business Entity

Apply today: ​https://preferredfundinggroup.wufoo.com/forms/q1b99q130o9718l/ 

​Typical Situation: Our client is complaining their location does not have enough space. They may wish to change their location. They may want to explore buying their own building and want some comparisons.
When you hear a business owner say:
·        “There is just not enough space here anymore.”
·        “The building owner has been neglecting maintenance”
·        “I think it is time explore buying my own building and need some comparisons.”
 
Commercial Real Estate Broker works with businesses that are looking to lease or buy office, industrial, or retail space in the Chicago area. Our process is geared to reduce the pain involved in the business relocation process.

How they Work: Starts with meeting with the client to better understand what his/her real estate needs are. They do an extensive property search to generate a list tailored to our client’s specific needs. Then a tour of the properties that have been further vetted.  Once a property is selected the broker will advise our client during the negotiation process.

Matching Ideas with Resources:

Our partner Human Interest, a highly rated, cost-friendly 401(k) provider, can help you integrate or start a 401(k) with any Payroll Company. 

With Human Interest, you’ll be able to:

• Seamlessly manage employee contributions and deductions from payroll through our integration with Human Interest
• Receive ongoing support, transparent pricing and zero transaction fees
• Save even more with tax credits like the SECURE Act that can be up to $15,000, with $5,000 per year for the first 3 years

Human Interest has helped many of my clients provide their employees an option, to help better prepare them in the future! Nancy Gilliam will be happy to connect you with her Account Executive and to find a time that works best for you, or please let me know a time that would work best for you in the meantime.

You can learn more here:

Below are relationship-building exercises that are to be used during the One on One Networking Appointments. These exercises may be used as often as needed. The purpose of the exercise is to give referral partners specific questions to ask each other while meeting one on One. This will enable them to get to know one another better. Of course, you might want to take notes during the exercise so that they can build a profile on your referral partners.

When networking, you should also try to find out as much information from as many referral partners as possible during the appointment. I hope this exercise will not only make your Networking appointments educational, but fun as well.

Great questions to ask each other:

1. What are your three best clients?
2. What is the most common misconception about your business?
3. What do you enjoy most about your profession?
4. Do you have children, and if so how many? What are their ages and interests?
5. How did you find out about BNI and why did you decide to join?
6. Do you have any hobbies, interests, or sports you are involved in?
7. Are you a member of a professional association? If so, which one? What does it mean to you to be a member and what has it done for you?
8. What is the one job or client that sticks out in your mind and why?
9. How did your past experiences lead you to the profession you are in today?
10. If you had to start all over again, what would you do differently in your career?

As a business owner, I get it– that first year or two of getting a business off the ground is like an emotional roller coaster. There are so many shifts needed in our mindset when we make the decision to play full-out and launch a business!  
 
I remember when I had to do my accounting myself. I had a working knowledge of QuickBooks at the time but did not use it to its full potential. What else was I missing? What did I need to know that I didn't know?
 
That’s why I was thrilled when my friend Laura Hitt told me that she was hosting an interview series around this very topic! Laura wanted to do her own research project to learn how other entrepreneurs and mindset experts have shifted the ways they look at entrepreneurship, themselves, and the world. 
 
It’s called New Business, New Mindset– Entrepreneurial Women: Learn the Tools & Tricks You Need to Develop an Entrepreneurial Mindset, Breakthrough Barriers and Realize Your Vision! 
 
I have a complimentary ticket for you to participate. You can register using this link: https://bit.ly/3rigQhD
 
Just so you know, you can watch from your home or on the go, and you’ll receive access to two recorded interviews per day, for 7 days! 
 
This series is for women who want to develop their own entrepreneurial mindset and set themselves up for success in their new business, in spite of the many challenges of entrepreneurship. 
 
The top-level entrepreneurs who are interviewed in this series are experts in developing a mindset that will help you breakthrough your barriers and stay true to your vision, in spite of the emotional roller coaster of entrepreneurship. These speakers are sharing their best tips and tricks for altering the way you think, so that you don’t have to spend decades alternating between the highs of launching a business, and the lows of being stuck, overwhelmed and immobilized. 
 
They’ve lived it, and they've become experts in it. 
 
So let me ask you this: What would it be worth it to you to be able to sit down with 14 top-level entrepreneurs and mindset experts and pick their brain about the best ways to think as a new entrepreneur? 
 
For me, it’s worth A LOT and I wish I’d had this when I started! That’s why I’ll not only be a speaker, but I’ll be watching the other entrepreneurs too. 
 
Register here with this complimentary ticket: https://bit.ly/3rigQhD
 
In case you are wondering who is speaking, beside myself, here is just a handful of other amazing speakers who are interviewed: 

• Sam Silverstein, keynote speaker, consultant, best-selling author of 12 books including No More Excuses, The Theory of Accountability and The Success Model
• Erica Strong, speaker, trainer, business and life coach, author (Finishing Strong), podcast host
• Shanie Salmon-Godfrey, 11X best-selling author, business & financial coach, podcaster, author of The Entrepreneurial Mindset
• Jonny Cooper, Entrepreneur, over 8 figure business owner, founder of Jonny Hates Marketing
• Jose Alfaro, serial entrepreneur and COO of Co.starters which supports small businesses and entrepreneurs all across the US… And more! 

 
Click here to register and learn more: https://bit.ly/3rigQhD