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State Agency Rules Open For Comment
The following rules have been proposed by State of Illinois agencies and are open for public comment. To see a comprehensive list of rules which could impact small businesses, visit
www.ildceo.net/regalert. You can learn about rules and submit comments regarding their impact by clicking on "
The Department of Revenue proposed amendments which could impact businesses making retail sales of tangible personal property; businesses that sell cigarettes at retail; distributors, secondary distributors and manufacturer representatives of cigarette and tobacco products. To learn more about these potential changes, click here. This rule is open for public comment until March 4, 2019.
The Secretary of State has proposed amendments which could impact fingerprint vendors, local police officers, private detectives, private security contractors and canine handlers and trainers To learn more about these potential changes,
click here.
This rule is open for public comment until 3/25/19.
SBA Office of Advocacy - Small Business Outreach Request on Trade Agreements with Japan, European Union, United Kingdom
The U.S. Small Business Administration's Office of Advocacy is interested in receiving feedback from small businesses and their representatives regarding their views on trade agreements being negotiated with Japan, the European Union and the United Kingdom, and their experience doing business in these markets. The Office of Advocacy is tasked with producing a report to Congress evaluating the economic impacts of these trade agreements in negotiations regarding small businesses, particularly in the services, manufacturing, and agriculture sectors, as well as highlighting small business priorities, opportunities, and challenges. Advocacy is conducting outreach to small businesses across the U.S. to better understand important small business concerns regarding trade with these markets and how trade agreements would benefit small businesses.
Your feedback will greatly assist the Office of Advocacy in communicating to Congress how the trade agreements being negotiated will affect your business, and ways it can better serve your interests. Small businesses do not need experience in all three markets to participate and can provide feedback on a particular market.
For more information on how you can provide your feedback to the Office of Advocacy, please email your name, company, industry and business size (number of employees) to [email protected].
For further information on any of the above rules, contact Katy Khayyat at [email protected], or call (217) 558-0190.
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What is SBDC Day? SBDC Day is a national, collective proclamation of the impact America's Small Business Development Centers (SBDCs) on the success of our nation's dreamers, innovators, and doers - America's small businesses. The second annual SBDC Day will take place on Wednesday, March 20, 2019.
SBDC Day will unite the nearly 1,000 SBDC centers across the country and the hundreds of thousands of clients they serve by sharing, in real time, the success stories and notable impacts SBDCs collectively have on the small business community at large. This special day will be celebrated with social media campaigns, public relations initiatives, online and in-person events and more.
Illinois Small Business Development Centers are located throughout the state and provide information, confidential business guidance, training and other resources to start-up and existing small businesses.
Services Include:
- One-on-one business advice and management assistance.
- Assistance with the development of business plans.
- Help with accessing market information and the development of marketing plans.
- Assistance with accessing business financing programs.
- Assistance with financial analysis and planning.
- Access to business education and training opportunities.
- Specialized services in technology, innovation and entrepreneurial development.
To learn more about what your local SBDC is doing to celebrate,
locate them here.
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Participation Loan Program
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Illinois' Participation Loan Program (PLP) has been re-launched to make it more attractive to lending institutions as part of Advantage Illinois. PLP has four new product lines to support businesses with projects that create or retain jobs and/or modernize their business to improve competitiveness.
The Illinois Department of Commerce seeks to encourage new bank lending to small business, by purchasing portions of bank term loans, and RLOCs, applying below market interest rates to the state's portion, and subordinating its exposure than those of the lending entities. For lenders, this is an acceptable method of addressing a lack of equity or collateral resources by the borrower; and a way for the borrower to improve its ability to meet its debt service need.
PRODUCT LINES
1. Standard Participation Loan Program (PLP)
2. Minority/Women/Disabled/Veteran-Owned Businesses (MWDV PLP)... Click
here
to learn more about this product line.
3. Revolving Line of Credit (RLOC PLP)
4. SBA Supported Activity
To learn more, click here, or visit the website at . you may email Email: [email protected], or call (800) 252-2923 for more information.
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Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction
The Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).
The new QBI deduction, created by the 2017 Tax Cuts and Jobs Act (TCJA) allows many owners of sole proprietorships, partnerships, S corporations, trusts, or estates to deduct up to 20 percent of their qualified business income. Eligible taxpayers can also deduct up to 20 percent of their qualified real estate investment trust (REIT) dividends and publicly traded partnership income.
The QBI deduction is available in tax years beginning after Dec. 31, 2017, meaning eligible taxpayers will be able to claim it for the first time on their 2018 Form 1040.
The guidance includes:
- A set of regulations, finalizing proposed regulations issued last summer, A new set of proposed regulations providing guidance on several aspects of the QBI deduction, including qualified REIT dividends received by regulated investment companies
- A revenue procedure providing guidance on determining W-2 wages for QBI deduction purposes,
- A notice on a proposed revenue procedure providing a safe harbor for certain real estate enterprises that may be treated as a trade or business for purposes of the QBI deduction
The proposed revenue procedure, included in Notice 2019-07, allows individuals and entities who own rental real estate directly or through a disregarded entity to treat a rental real estate enterprise as a trade or business for purposes of the QBI deduction if certain requirements are met. Taxpayers can rely on this safe harbor until a final revenue procedure is issued.
The QBI deduction is generally available to eligible taxpayers with 2018 taxable income at or below $315,000 for joint returns and $157,500 for other filers. Those with incomes above these levels, are still eligible for the deduction but are subject to limitations, such as the type of trade or business, the amount of W-2 wages paid in the trade or business and the unadjusted basis immediately after acquisition of qualified property. These limitations are fully described in the final regulations.
The QBI deduction is not available for wage income or for business income earned by a C corporation.
For details on this deduction, including answers to frequently-asked questions, as well as information on other TCJA provisions, visit IRS.gov/taxreform.
IRS Urges Businesses to e-file Cash Transaction Reports
The Internal Revenue Service urged businesses required to file reports of large cash transactions to take advantage of the speed and convenience of filing these reports electronically.
Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many have already found that e-filing is a faster, more convenient and cost-effective way to meet the reporting deadline. The form is due 15 days after a transaction and there's no charge for the e-file option.
Electronically filing Form 8300 is a secure way for businesses to send sensitive information to the IRS. Although many cash transactions are legitimate, information reported on this form can help stop those who evade taxes, profit from the drug trade and engage in terrorist financing and other criminal activities. The government can often trace money from these illegal activities through the payments reported on this and other cash reporting forms.
Businesses that file Form 8300 electronically get free, automatic acknowledgment of receipt when they file. In addition, electronic filing is more accurate, reducing the need for follow-up correspondence with the IRS.
To file Form 8300 electronically, a business must set up an account with the Financial Crimes Enforcement Network's BSA E-Filing System. For more information, interested businesses can call the BSA E-Filing Help Desk at 866-346-9478 or email them at [email protected]. The help desk is available Monday through Friday from 8 a.m. to 6 p.m. Eastern time.
For more information about the reporting requirement, see FS-2019-1, available on IRS.gov. Among other things, the fact sheet includes reporting scenarios for specific businesses, such as automobile dealerships, taxi companies, landlords, colleges and universities, homebuilders and bail-bonding agents. It also lists other resources on IRS.gov related to reporting cash transactions of more than $10,000.
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Apply Now for SBA Emerging Leaders
Small business owners, you're invited to access free training, mentoring, and networking opportunities through SBA's Emerging Leaders program, a "mini-MBA" training initiative for local businesses on the brink of growth. The free, seven-month (April-October) executive education series includes approximately 100 hours of classroom time, connects small business owners with a network of industry experts and peers, and supports the creation of a three-year strategic growth action plan. Participants should have at least $250,000 in annual sales, at least three years in business, and at least one employee in addition to the owner.
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Illinois Small Business Environmental Assistance Program
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Illinois Environmental Services Directory Updated
Environmental service providers list themselves with the SBEAP, indicating their areas of expertise or services provided. The Illinois Department of Commerce and Economic Opportunity makes no attempt to qualify providers in the directory and inclusion in the directory does not in any way serve as an endorsement or guarantee of any company or service. The Environmental Services Directory is not a comprehensive listing and only contains those companies who have voluntarily listed themselves with the program.
The SBEAP updates the online directory of environmental service providers quarterly and asks environmental companies who wish to be included in the directory to complete the Environmental Services Application online by visiting:
The SBEAP updated the Services Directory in February of 2019. The newest Environmental Services Directory can be located here: https://bit.ly/2WIplkG.
Businesses seeking environmental consulting services and environmental service providers wishing to be listed in the directory should visit the Illinois Small Business Environmental Assistance Program at:
www.ildceo.net/enviro.
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Rural Community Economic Development Conference - March 6 & 7, Springfield
The 30th Annual Rural Community Economic Development Conference will be held March 6 & 7, 2019 in Springfield. The conference will highlight efforts to increase the full potential of rural Illinois.
Breakout sessions will highlight successful community revitalization strategies and innovative practices applicable to rural areas. Each session will be repeated to provide participants an opportunity to attend four sessions. On Thursday morning the conference continues with Workshops on community and economic development techniques. Register by February 15 to receive the Early Bird Rate and guarantee your spot. We look forward to seeing you in Springfield on March 6 and 7. To learn more, visit
www.IIRA.org.
Small Business Expo - June 20, 2019 - Chicago
Since 2008, Small Business Expo has dedicated itself to putting on fun and educational events that help Small Business Owners and Entrepreneurs thrive. The free one-day event allows business owners to connect, network with vendors in various industries and learn from the best in business about how to solve their most pressing business issues. Small business owners are encouraged to attend to learn from industry experts and shop from exhibitors that have products & services that help a Small Business grow. Click here to learn more about the Small Business Expo to be held in Chicago June 20th, 2019.
SBA's Illinois District Office Events Calendar
Visit the small business events calendar on SBA's Illinois District Office homepage to locate an event or training that suits your small business needs.
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Spotlight on Success- Frasca International
Frasca International has been a leader in the flight simulation industry and a major proponent of improving aviation safety worldwide. Proof of their success is the landing of the largest contract in their history to build 10 helicopter simulators for pilots training at a Naval air station in Florida.
At Frasca's 90,000 sq. ft. manufacturing company in Urbana, IL, the company employs nearly 150 professionals, with a wide range of skills including assorted manufacturing disciplines to highly advanced, aeronautical engineering.
Through the use of Frasca flight simulators, pilots are able to train to the highest level of proficiency, enhancing overall aviation safety. Frasca have delivered their simulation products to over 70 countries since their founding in 1958, including Korea, Germany, China, Canada, Ethiopia, Finland, Singapore, and Indonesia.
Frasca International has been working with the International Trade Center at the Illinois SBDC in Champaign County EDC for four years. 'We have received assistance with ISTEP grants for several trade shows, including two events in 2018 (one in Madrid and one in Singapore). The ISTEP grants have been very helpful in defraying a very large trade show expenditures and allowed us to keep our presence known internationally. Our sales cycle tends to be long (often 1-3 years) and keeping our company out in front of our prospects in invaluable. The ITC-SBDC staff have always been extremely knowledgeable and helpful. We are very appreciative of the assistance,' said Peggy Prichard, marketing manager of the company. Frasca International can be reached out through their Facebook, Twitter, LinkedIn and Instagram pages, as well.
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Illinois Small Business Development Centers are located throughout the state and provide information, confidential business guidance, training and other resources and services for start-up and existing small businesses.
Whether your company employs two people or 102, you need a strong network behind you to succeed. And that's where the Illinois Small Business Development Center comes in. SBDC partners with well-respected business development organizations and educational institutions to assist you in maximizing your potential to grow and attract investors. SBDC connects you to the experts, tools and opportunities that translate into endless possibilities!
The Illinois SBDC program is located within the Office of Entrepreneurship, Innovation and Technology at the Illinois Department of Commerce & Economic Opportunity. For more information please click here.
Need Assistance?
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http://www.illinois.gov/dceo STAY CONNECTED:    
This newsletter is provided in partnership with the Illinois Small Business Development Center Network. |
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