News For You - From the Village of Lombard Website
Posted on: November 21, 2011
Lombard Joins In 'Small Business Saturday' Crusade
The holiday shopping season has begun and Lombard Village President, William Mueller encourages residents to shop big and small this year.
Mueller’s catchphrase “Shop Lombard” is encouraged to Lombard residents and visitors all year long but this holiday season he joins in the second annual “Small Business Saturday” campaign on November 26 to support local independent businesses in our community. The campaign is initiated by American Express to steer dollars toward local merchants and recognize their unique place in the community. It is being supported by towns and cities nationwide.
“Traditionally, the weekend post-Thanksgiving holiday between ‘Black Friday’ and ‘Cyber Monday’ is the two busiest shopping days of the holiday season,” said Mueller. “We want to remind shoppers not to overlook the smaller businesses in town when shopping for holiday gifts. By supporting these shops, we are recognizing their valuable contribution to our community,” added Mueller.
Monday, November 21, 2011
Wednesday, November 16, 2011
Lombard Chamber of Commerce Not in Favor of Unified Alarm Monitoring
The Lombard Area Chamber of Commerce and Industry Board of Directors are happy to hear that the Village of Lombard and Lombard Fire Department had recently pulled a consultant’s presentation for the radio alarm network off of the November 17 Village Board meeting agenda. We are of the hope that the Lombard Fire Department would take a second look, and decide against providing fire alarm monitoring in the future.
Upon receiving the same information that area businesses have received, we feel strongly that the Village of Lombard and the Lombard Fire Department should not be in competition with businesses by making Fire Alarm Monitoring a city service. We also believe that local businesses in the Village of Lombard would be adversely affected by any further decision to proceed. For years Lombard has allowed and encouraged private companies to compete for alarm monitoring services. The Chamber Board of Directors believes that consumers benefit from the competition in pricing, as competition helps keep pricing low. A decision to allow the Lombard Fire Department to take over the fire alarm monitoring would take revenue away from private business, as well as increase costs to the consumer. We also feel that the bidding process for the installation of any future system would create a monopoly contract which would, in turn, limit the availability of businesses to select the alarm company of their own choosing, as well as put many of the other fire alarm companies out of business.
Our Mission Statement declares that the “Lombard Chamber of Commerce is committed to promote the positive development of our community and industries and to enhance the business climate for its members and to stimulate economic growth; to encourage retail, professional service, industrial, cultural and civic growth within the Lombard area.”
It is for this reason that the Lombard Chamber of Commerce Board of Directors, request that the Village of Lombard and the Lombard Fire Department continue to allow businesses to compete so that consumers receive the best service for the best price. We also ask that The Lombard Fire Department feel no obligation to look at any newer technology, as local area fire alarm companies can, and will, continue to provide the installation and monitoring of fire alarms for our community. If the Lombard Fire Department continues to research the fire alarm monitoring plan, The Lombard Chamber of Commerce will not be supportive of this plan in any way.
Upon receiving the same information that area businesses have received, we feel strongly that the Village of Lombard and the Lombard Fire Department should not be in competition with businesses by making Fire Alarm Monitoring a city service. We also believe that local businesses in the Village of Lombard would be adversely affected by any further decision to proceed. For years Lombard has allowed and encouraged private companies to compete for alarm monitoring services. The Chamber Board of Directors believes that consumers benefit from the competition in pricing, as competition helps keep pricing low. A decision to allow the Lombard Fire Department to take over the fire alarm monitoring would take revenue away from private business, as well as increase costs to the consumer. We also feel that the bidding process for the installation of any future system would create a monopoly contract which would, in turn, limit the availability of businesses to select the alarm company of their own choosing, as well as put many of the other fire alarm companies out of business.
Our Mission Statement declares that the “Lombard Chamber of Commerce is committed to promote the positive development of our community and industries and to enhance the business climate for its members and to stimulate economic growth; to encourage retail, professional service, industrial, cultural and civic growth within the Lombard area.”
It is for this reason that the Lombard Chamber of Commerce Board of Directors, request that the Village of Lombard and the Lombard Fire Department continue to allow businesses to compete so that consumers receive the best service for the best price. We also ask that The Lombard Fire Department feel no obligation to look at any newer technology, as local area fire alarm companies can, and will, continue to provide the installation and monitoring of fire alarms for our community. If the Lombard Fire Department continues to research the fire alarm monitoring plan, The Lombard Chamber of Commerce will not be supportive of this plan in any way.
Tuesday, October 25, 2011
What your business card doesn't say
Nick Keseric (our Sept. lunch speaker)
The Business Ledger
In some parts of the world when the business card is handed out as well as when being received, there is a great deal of honor and reverence. If you ever had the opportunity to do business in some of the Asian markets, you would witness the etiquette along with the protocol when exchanging business cards. Then I think back to some of my own past actions when handing out business cards and the difficulty it would be to differentiate myself shuffling out my business cards or a Las Vegas card dealer (read more)
The Business Ledger
In some parts of the world when the business card is handed out as well as when being received, there is a great deal of honor and reverence. If you ever had the opportunity to do business in some of the Asian markets, you would witness the etiquette along with the protocol when exchanging business cards. Then I think back to some of my own past actions when handing out business cards and the difficulty it would be to differentiate myself shuffling out my business cards or a Las Vegas card dealer (read more)
Wednesday, October 12, 2011
Thursday, October 6, 2011
Advantage Illinois Program to Support Small and Start-up Businesses
CHICAGO – October 5, 2011. Governor Pat Quinn today launched the Advantage Illinois program that is designed to provide Illinois businesses and entrepreneurs with access to the capital they need to start new companies and expand existing business. Advantage Illinois will leverage $78 million in federal funding that will allow businesses to bring innovative ideas and new products to market and accelerate job creation and economic growth in Illinois.
"Advantage Illinois will help Illinois businesses of all sizes increase innovation and competition, and expand and create good-paying jobs," Governor Quinn said. "In order to boost our economy, create jobs and compete in the global marketplace, we must provide businesses and entrepreneurs with the tools they need to grow."
The Advantage Illinois program is comprised of (read more)
"Advantage Illinois will help Illinois businesses of all sizes increase innovation and competition, and expand and create good-paying jobs," Governor Quinn said. "In order to boost our economy, create jobs and compete in the global marketplace, we must provide businesses and entrepreneurs with the tools they need to grow."
The Advantage Illinois program is comprised of (read more)
Chambers find they're more relevant in a down economy
By Erik Martin
Contributing Writer
The Business Ledger
Businesses aren’t the only entities that feel the pinch during an economic downturn. The federations that help promote those businesses — better known as chambers of commerce — also experience pressure when things turn sour.
But by staying attuned to the needs of members, trimming the fat, and beefing up the perceived value of belonging, chambers can survive and thrive in any economic climate, experts say.
Case in point: The Illinois Chamber of Commerce, which represents 385 of all local chambers across the state and has approximately 3,000 business members. (read more)
Contributing Writer
The Business Ledger
Businesses aren’t the only entities that feel the pinch during an economic downturn. The federations that help promote those businesses — better known as chambers of commerce — also experience pressure when things turn sour.
But by staying attuned to the needs of members, trimming the fat, and beefing up the perceived value of belonging, chambers can survive and thrive in any economic climate, experts say.
Case in point: The Illinois Chamber of Commerce, which represents 385 of all local chambers across the state and has approximately 3,000 business members. (read more)
Monday, September 12, 2011
A new lease for suburban retail?
 |
| JOE LEWNARD/jlewnard@dailyherald.com Michael Ryan, general manager of hhgregg, Schaumburg. |
| Low rents, prime locations bring new tenants to empty shopping centers | |||
Contributing Writer The Business Ledger Is the shopping center half full or half empty? That is the debate playing out across the Chicago suburbs as long vacant strip malls begin to fill in with new retail tenants. Retailers are taking advantage of historically low lease rates and available prime locations to move into storefronts vacant since the recession began decimating the retail market in 2008. Among the retailers and restaurants making a major investment in the suburbs include (read more) |
Tuesday, August 30, 2011
Daily Herald to charge for online subscriptions
Source: Business Ledger News Services
The Daily Herald will become the first newspaper in the Chicago area to charge regularly for digital access, the company announced today in letters to its readers.
“It is our intention that no one without a subscription will have ongoing access to the Daily Herald newspaper content, dailyherald.com or any other Daily Herald digital platform,” said Douglas K. Ray, chairman, publisher and CEO of Paddock Publications, which operates the suburban newspaper.
“Why is it necessary to charge for digital access?” Ray asked in a staff memo. “We invest significantly in reporters and editors and an infrastructure that provides tailored coverage of local news, suburban business developments, politics and entertainment as well as sports from the pro levels to preps. We believe that what we do has value to our readers and to the community. A new payment structure will enable us to continue to provide the kind of quality local news and the journalism expected from the Daily Herald.”
In making the announcement, Ray also outlined details of a Subscriber Total Access package that will give print subscribers access to Daily Herald content on all digital platforms at a discounted $1-per-week rate, compared to a $19.99 30-day fee that will be charged to digital-only subscribers.
As part of the initiative, the newspaper is introducing an array of new digital products — an iPad application, improvements in its smartphone apps, an app for Android tablet applications due out later in the fall, e-edition replicas of the print newspaper and an electronic newsletter with afternoon headline alerts. Subscriber Total Access members will have complete access to those platforms in addition to the dailyherald.com website. They also will have opportunities to participate in a number of Daily Herald events involving newspaper columnists, reporters, editors and other experts, the company said.
Ray said a number of digital-only features will be added to dailyherald.com and most related digital platforms. Among them are new video features, new blogs, changes in online commenting to create a more civil environment, more interactivity with the audience and opportunities for Subscriber Total Access members to get behind-the-scenes views of the newsroom.
The new policy will take effect Sept. 7. Non-subscribers will be allowed a small number of free page views of content each 30-day period to sample dailyherald.com before access to the site is restricted. This policy will apply to most content, the company said, but some features will be categorized as premium content and restricted altogether.
“As many newspapers are starting to understand, we cannot afford to give away our content any longer online,” Ray said. “The reason is simple, unavoidable economics. Newspapers all over the country are realizing that they cannot rely solely on the income from advertisers to create and sustain the kind of journalism the community deserves, as new media have taken an increasingly larger slice of the available marketing dollars.”
In making the change, the Daily Herald joins a growing list of newspapers that have begun charging for digital content or are considering doing so. Recently, Media News based in Denver announced that 23 of its newspapers will go to a paid-digital subscription model. Lee Newspapers announced early this month that six of its newspapers will adopt a similar approach. Gannett is experimenting with paid content at several of its newspapers.
The New York Times has been the most prominent newspaper to charge for digital access, and recent reports indicate it has 1 million paying digital subscribers.
With the exception of The New York Times, Dallas Morning News and a few others, however, most newspapers charging for digital content are in smaller, non-competitive markets, which makes the Daily Herald venture, in Ray's words, “a bold move.”
“We feel we will be successful, in large part, because of the Daily Herald's pre-eminent market position in the suburbs, our strong brand loyalty and unique content exemplified every day through the quality suburban journalism we do,” he said. “And we also believe being first to market in Chicago is another example of journalistic leadership that has always exemplified Paddock Publications and the Daily Herald. It is a declaration of strength, not simply a 'me too.'”
The Daily Herald is published by Paddock Publications based in Arlington Heights, which also publishes the Daily Herald Business Ledger and Reflejos bilingual publication.
The Daily Herald will become the first newspaper in the Chicago area to charge regularly for digital access, the company announced today in letters to its readers.
“It is our intention that no one without a subscription will have ongoing access to the Daily Herald newspaper content, dailyherald.com or any other Daily Herald digital platform,” said Douglas K. Ray, chairman, publisher and CEO of Paddock Publications, which operates the suburban newspaper.
“Why is it necessary to charge for digital access?” Ray asked in a staff memo. “We invest significantly in reporters and editors and an infrastructure that provides tailored coverage of local news, suburban business developments, politics and entertainment as well as sports from the pro levels to preps. We believe that what we do has value to our readers and to the community. A new payment structure will enable us to continue to provide the kind of quality local news and the journalism expected from the Daily Herald.”
In making the announcement, Ray also outlined details of a Subscriber Total Access package that will give print subscribers access to Daily Herald content on all digital platforms at a discounted $1-per-week rate, compared to a $19.99 30-day fee that will be charged to digital-only subscribers.
As part of the initiative, the newspaper is introducing an array of new digital products — an iPad application, improvements in its smartphone apps, an app for Android tablet applications due out later in the fall, e-edition replicas of the print newspaper and an electronic newsletter with afternoon headline alerts. Subscriber Total Access members will have complete access to those platforms in addition to the dailyherald.com website. They also will have opportunities to participate in a number of Daily Herald events involving newspaper columnists, reporters, editors and other experts, the company said.
Ray said a number of digital-only features will be added to dailyherald.com and most related digital platforms. Among them are new video features, new blogs, changes in online commenting to create a more civil environment, more interactivity with the audience and opportunities for Subscriber Total Access members to get behind-the-scenes views of the newsroom.
The new policy will take effect Sept. 7. Non-subscribers will be allowed a small number of free page views of content each 30-day period to sample dailyherald.com before access to the site is restricted. This policy will apply to most content, the company said, but some features will be categorized as premium content and restricted altogether.
“As many newspapers are starting to understand, we cannot afford to give away our content any longer online,” Ray said. “The reason is simple, unavoidable economics. Newspapers all over the country are realizing that they cannot rely solely on the income from advertisers to create and sustain the kind of journalism the community deserves, as new media have taken an increasingly larger slice of the available marketing dollars.”
In making the change, the Daily Herald joins a growing list of newspapers that have begun charging for digital content or are considering doing so. Recently, Media News based in Denver announced that 23 of its newspapers will go to a paid-digital subscription model. Lee Newspapers announced early this month that six of its newspapers will adopt a similar approach. Gannett is experimenting with paid content at several of its newspapers.
The New York Times has been the most prominent newspaper to charge for digital access, and recent reports indicate it has 1 million paying digital subscribers.
With the exception of The New York Times, Dallas Morning News and a few others, however, most newspapers charging for digital content are in smaller, non-competitive markets, which makes the Daily Herald venture, in Ray's words, “a bold move.”
“We feel we will be successful, in large part, because of the Daily Herald's pre-eminent market position in the suburbs, our strong brand loyalty and unique content exemplified every day through the quality suburban journalism we do,” he said. “And we also believe being first to market in Chicago is another example of journalistic leadership that has always exemplified Paddock Publications and the Daily Herald. It is a declaration of strength, not simply a 'me too.'”
The Daily Herald is published by Paddock Publications based in Arlington Heights, which also publishes the Daily Herald Business Ledger and Reflejos bilingual publication.
Thursday, June 16, 2011
Dr. Jim Carney, DDS Brings Smiles to Jamaica
In 1979, while in college, Dr. Jim Carney was vacationing in Montego Bay, Jamaica. It was a most enjoyable trip, prompting him to want to return to the country.
But unwilling to merely enjoy all that Jamaica had to offer, he pondered, "What might I be able to do to help the wonderful people of Jamaica?"
A few years later, after completing dental school at the University of Iowa, he responded to an appeal from the Christian Dental Society to offer free dental services in Jamaica. Little did he know at the time just how involved he would eventually become.
Since that time, Dr. Carney, who practices in Lombard, Ill., has made more than 60 trips to Jamaica. He has also (read more)
But unwilling to merely enjoy all that Jamaica had to offer, he pondered, "What might I be able to do to help the wonderful people of Jamaica?"
A few years later, after completing dental school at the University of Iowa, he responded to an appeal from the Christian Dental Society to offer free dental services in Jamaica. Little did he know at the time just how involved he would eventually become.
Since that time, Dr. Carney, who practices in Lombard, Ill., has made more than 60 trips to Jamaica. He has also (read more)
Monday, May 16, 2011
Whitley: Time is now to rebuild Illinois economy
By Eric Peterson, Daily Herald Staff Writer
With the economy on the mend, Illinois Chamber of Commerce President Douglas Whitley says now is the time for state legislators to dedicate themselves to reclaiming all of Illinois’ business advantages.
Chief among these are its location and role as a transportation hub, which give state businesses access to markets throughout the Midwest and — through O’Hare International Airport — the world.
Though the last decade was disastrous for the state due to both the economy and its political leadership, a new potential for success is arising, Whitley told members of the Schaumburg Business Association Tuesday morning.
“I’m just tired of being negative about Illinois,” Whitley said at Chandler’s Banquets in Schaumburg. “You know what, we’ve got to put those things behind us. Read More
With the economy on the mend, Illinois Chamber of Commerce President Douglas Whitley says now is the time for state legislators to dedicate themselves to reclaiming all of Illinois’ business advantages.
Chief among these are its location and role as a transportation hub, which give state businesses access to markets throughout the Midwest and — through O’Hare International Airport — the world.
Though the last decade was disastrous for the state due to both the economy and its political leadership, a new potential for success is arising, Whitley told members of the Schaumburg Business Association Tuesday morning.
“I’m just tired of being negative about Illinois,” Whitley said at Chandler’s Banquets in Schaumburg. “You know what, we’ve got to put those things behind us. Read More
Tuesday, May 10, 2011
Thinking About Hiring?
It's been a tough recession, but maybe you're ready to consider hiring that next employee. Or maybe you've already hired a new employee and didn't realize you can get a tax credit for it?
The Illinois Small Business Job Creation Tax Credit is still available until June 30 and your business may be eligible.
Please join the Illinois Department of Commerce and Economic Opportunity, Illinois Small Business Development Center at College of DuPage, Choose DuPage, and College of DuPage Business Solutions for an informational seminar about the Illinois Small Business Job Creation Tax Credit, a $2500 credit against withholding taxes.
This 45-minute informational session will highlight the many features of the Small Business Job Creation Tax Credit, how to apply without ever having to leave your office and a Q&A with DCEO staff. You'll also hear from some of the businesses who have already registered for the credit.
9 AM
Wednesday, May 11
Boardroom (SRC 2052), College of DuPage
Parking in Lot College/3
Many jobs have already been created thanks to the Illinois Small Business Job Creation Tax Credit, including a software engineer in Chicago, a welder in Carol Stream, a cosmetology instructor in Bloomington, a cabinet maker in Champaign and a winery specialist in Marion. Your business could be next to join this growing list of new hires.
Please join us to find out how your business can benefit. If you have any questions, feel free to call the Illinois SBDC at (630) 942-2771.
Monday, April 11, 2011
Brand "essence" key to any business
March 24, 2011 Multi Chamber Lunch guest speaker, Ed Rensi (retired president and CEO of McDonald's USA)
By Richard R. Klicki
The Business Ledger
You may know your brand, but do you know your “brand essence?”
This was the question former McDonald’s CEO Ed Rensi posed to more than 500 local business leaders during a recent luncheon hosted by 18 West suburban chambers of commerce in Woodridge. While a brand says what your business is all about, Rensi said, brand essence is the emotional bond customers and employees have to that brand.
As an example, people will think detergent when someone mentions “Tide.” However, the main reason people (read more...)
By Richard R. Klicki
The Business Ledger
You may know your brand, but do you know your “brand essence?”
This was the question former McDonald’s CEO Ed Rensi posed to more than 500 local business leaders during a recent luncheon hosted by 18 West suburban chambers of commerce in Woodridge. While a brand says what your business is all about, Rensi said, brand essence is the emotional bond customers and employees have to that brand.
As an example, people will think detergent when someone mentions “Tide.” However, the main reason people (read more...)
Thursday, February 10, 2011
The League of Women Voters Sponsors a Candidate’s Forum at Lombard Village Hall in February
The League of Women Voters will sponsor a Candidate’s Forum on the evening of February 22 at the Lombard Village Hall, located at 255 East Wilson in Lombard. The public is invited to attend the Forum that will begin videotaping at 7 p.m.
The Candidate’s Forum will be moderated by Kathy Brenniman on behalf of the League of Women Voters; League member Corinne Flemm is the event organizer. “The Forum’s format will allow each candidate a three minute introductory statement and a brief one minute statement at the conclusion of their session. Unopposed candidates will be given three minutes for a statement. A timekeeper will keep the candidates on task and keep them within the allotted time frame,” explained Flemm.
The Candidates Forum schedule for February 22 is the following:
7-7:20 p.m. School District 44 Board Candidates
7:25-7:45 p.m. School District 88 Board Candidates
7:50-8:10 p.m. School District 87 Board Candidates
8:15-8:35 p.m. School District 45 Board Candidates
8:40-9 p.m. Lombard Park District Board Candidates
9:05-9:40 p.m. Village of Lombard Board Candidates
9:45-10:05 p.m. Helen Plum Library Board Candidates
The Candidate’s Forum will be shown on the Lombard Channel (Comcast channel 6 and AT&T U-Verse channel 99) up to Election Day on April 5.
Used with permission from the Village of Lombard
7-7:20 p.m. School District 44 Board Candidates
7:25-7:45 p.m. School District 88 Board Candidates
7:50-8:10 p.m. School District 87 Board Candidates
8:15-8:35 p.m. School District 45 Board Candidates
8:40-9 p.m. Lombard Park District Board Candidates
9:05-9:40 p.m. Village of Lombard Board Candidates
9:45-10:05 p.m. Helen Plum Library Board Candidates
The Candidate’s Forum will be shown on the Lombard Channel (Comcast channel 6 and AT&T U-Verse channel 99) up to Election Day on April 5.
Used with permission from the Village of Lombard
Thursday, January 27, 2011
Small Business Jobs Act of 2010 Tax Provisions
By Michael J. Mudroncik, IRS
The Small Business Jobs Act of 2010 was enacted on September 27, 2010. The SBJA contains some tax provisions that take effect this year. Other tax provisions will be implemented during the next several years.
Several of the provisions are designed to encourage investment and provide access to capital for businesses. The following is a list of those specific tax provisions now in effect; additional information will be added to www.irs.gov as it becomes available.
Sect. 2011: Temporary exclusion of 100% of gain on certain small business stock
Expanding on the provisions of Internal Revenue Code Section 1202 and the American Recovery and Reinvestment Act, the Small Business Jobs Act provides an additional incentive for investment in qualified small businesses. Under this Act, investors in qualified small business stock can exclude 100% of the capital gain upon sale of the stock. The exclusion under this provision is not an item of tax preference for purposes of the alternative minimum tax.
In order to claim the capital gain exclusion, the qualified small business stock must be:
- Acquired after September 27, 2010, and before Jan. 1, 2011, and
- Held for at least five years before the stock is sold.
Sect. 2012: General business credits of eligible small businesses for 2010 carried back 5 years
The new law allows an eligible small business to carry back general business credits five years. Previously, the credits could only be carried back one year. The carryback is for credits determined in the first taxable year beginning after December 31, 2009.
An “eligible small business” in general is defined as follows:
- A corporation whose stock is not publicly traded, a partnership, or a sole proprietorship, and
- The taxpayer must have $50,000,000 or less in average annual gross receipts over the three preceding tax years.
Taxpayers (both individual and business filers) filing Form 3800, General Business Credit, are affected, and must wait to file. The delay affects both paper and electronic filers.
Sect. 2013: General business credits of eligible small businesses in 2010 not subject to alternative minimum tax
The new law allows general business credits to offset both regular income tax and alternative minimum tax of eligible small businesses as described in Section 2012 of the Small Business Jobs Act (see above). The provision is effective for any general business credits determined in the first taxable year beginning after December 31, 2009, and to any carryback of such credits.
For more information see business tax credits and the forms used to figure for each credit.
Sect. 2014: Temporary reduction in S-Corporation built-in gain recognition period
Under the Small Business Jobs Act, if the fifth year of an S Corporation’s recognition period ends before their 2011 taxable year begins, then no tax is imposed on the net recognized built-in gain for the 2011 tax year. Built-in Gains are recognized on Form 1120S Schedule D, Capital Gains and Losses and Built-in Gains. The 2011 Instructions for Schedule D, Form 1120S, will be revised and made available on the IRS and Built-in Gains. The 2011 Instructions for Schedule D, Form 1120S, will be revised and made available on the IRS Forms and Publications page in the future.
Sect. 2021: Increased expensing limitations for 2010 and 2011; certain real property treated as Code section 179 property.
An expense deduction is allowed for businesses which choose to treat the cost of certain qualified property, called section 179 property, as an expense rather than a capital expenditure. For qualifying property placed in service during the taxable years 2010 and 2011, the new law increases both the maximum amount of the deductible expense under IRC Section 179, as well as the statutory phase-out amount. The provision also allows an election by a taxpayer to exclude qualified real property from the definition of IRC Section 179 property.
If this election is chosen, it is made in Part 1 on Form 4562, Depreciation and Amortization, and must be attached to the taxpayer’s original tax return. The instructions for Form 4562 contain information on how to complete Part I, Election To Expense Certain Property Under Section 179. Further guidance on Section 2021 is available in Rev. Proc. 2010-47.
Sect. 2022: Additional first-year depreciation for 50% of the basis of certain qualified property
Generally, businesses are allowed to recover the cost of capital expenditures over time through depreciation expense. IRC Section 168(k) allows for additional first-year depreciation, for 50% of the basis, of certain qualified property placed in service after December 31, 2009. The new law extends the additional first-year depreciation deduction to qualified property acquired and placed in service during 2010.
A taxpayer must use Form 4562, Depreciation and Amortization, to report depreciation on a tax return. The Instructions for Form 4562 contain information on how, and when to fill out each of the six parts of Form 4562. The Form 4562 and instructions will be updated in the near future for returns filed in tax year 2010.
More information on depreciation can be found on the following links:
Sect. 2031: Increase in amount allowed as deduction for start-up expenditures in 2010
For taxpayers starting an active trade or business, the new law increases the amount the taxpayer is allowed to elect as a deduction for start-up expenditures under section 195(b) for taxable years beginning after December 31, 2009. Section 2031 allows up to $10,000 as a deduction for start-up expenditures and provides for a dollar-for-dollar reduction of the $10,000 deduction if startup expenditures exceed $60,000. This expense should be claimed as an “Other Deduction” on business returns, such as the Form 1120, 1120S or Form 1065, or as an "Other Expense" on the related Form 1040 Schedules C or F, beginning with the 2010 tax year. The remaining balance of start-up expenditures is deducted ratably over 180 months on Form 4562, Depreciation and Amortization.
Sect. 2042: Deduction for health insurance costs in computing self-employment taxes in 2010
Generally, small business owners may not deduct the cost of health insurance when calculating self-employment tax. Under the Small Business Jobs Act, and subject to specific statutory limitations (i.e. deduction is not available if self-employed individual is eligible to participate in an employer-subsidized health plan maintained by the employer of the taxpayer or the taxpayer’s spouse), business owners can deduct the cost of health insurance for themselves and their family in the calculation of their 2010 self-employment tax.
The 2010 Form 1040 Schedule SE (PDF) and its instructions (PDF) contain directions on how to calculate the credit..
Thursday, January 20, 2011
Discover Survey Finds Majority of Small Business Owners Favor Repeal of Health-Care Reform Law
RIVERWOODS, Ill.--(BUSINESS WIRE)--More than half of small business owners favor the repeal of the health care reform law passed by Congress and signed into law by President Obama in 2010, according to a survey from Discover conducted January 10-12. Forty-six percent also say that the current health care reform law will hurt their business.
In addition, 47 percent of small business owners who provide health insurance to their employees said they are considering discontinuing health insurance because the costs are too high – the highest figure since Discover began the survey four years ago. Fifty-one percent of small business owners who offer health insurance to their employees say they are not considering discontinuing the insurance, and 2 percent were unsure. (read more)
In addition, 47 percent of small business owners who provide health insurance to their employees said they are considering discontinuing health insurance because the costs are too high – the highest figure since Discover began the survey four years ago. Fifty-one percent of small business owners who offer health insurance to their employees say they are not considering discontinuing the insurance, and 2 percent were unsure. (read more)
Thursday, January 13, 2011
HOW EMPLOYERS SHOULD GIVE SEVERANCE TO EMPLOYEES 40 YEARS OF AGE OR OLDER
By Nancy E. Joerg, Esq., Senior Attorney and Shareholder, Wessels Sherman Joerg Liszka Laverty Seneczko P.C., http://www.wesselssherman.com/
- There is much confusion among employers about how to properly give severance to employees who are 40 years of age or older.
AGE DISCRIMINATION AND EMPLOYMENT ACT (ADEA): Employers with 20 or more employees are covered by the Federal law, the Age Discrimination and Employment Act of 1967 (ADEA). The ADEA prohibits age discrimination against employees 40 years of age or older. That’s right – Congress considered a 40 year old employee to be an “older worker” and in need of special legal protections! (Read More...)
- There is much confusion among employers about how to properly give severance to employees who are 40 years of age or older.
AGE DISCRIMINATION AND EMPLOYMENT ACT (ADEA): Employers with 20 or more employees are covered by the Federal law, the Age Discrimination and Employment Act of 1967 (ADEA). The ADEA prohibits age discrimination against employees 40 years of age or older. That’s right – Congress considered a 40 year old employee to be an “older worker” and in need of special legal protections! (Read More...)
Thursday, January 6, 2011
Two Important Google Additions you need to make
We've made these changes on Google to the Lombard Chamber Business Page, and suggest you do the same! It's FREE and is another great way to promote your business!! Take advantage of it today! If you need help, don't hesitate to call us and we'll help guide you through!
Information credited to: Corey Perlman eBootCamp.com
- Make sure you've claimed your Local Business Page. You've all experienced doing a search on Google and had the map appear with a bunch of business listings. When you click on the 'Places Page', you're given more info on that business like the address, services they provide and reviews. For your Places Page, you want to go through the process of securing your listing. You'll know if you've done this by looking in the top right-hand corner. If it reads 'Business Owner?' you have not claimed your page. If it says 'Verified Business Listing' then you have. They will either call you and give you a pin or send you a postcard to your business address. Once complete, you can update the page with photos, change important contact info, respond to reviews of your business, and receive stats about how many people see this listing and the phrases they used when searching. Do it now!
Information credited to: Corey Perlman eBootCamp.com
Businesses buying in on group purchasing trend
By Katie Morell
Contributing Writer
The Business Ledger
There may be power in numbers, but with the advent of group purchasing sites, that power is now being harnessed to save people large amounts of money.
Want a spa treatment for 75 percent off? Done. What about tickets to see your favorite sports team at 50 percent off? No problem. Maybe dinner at a fancy restaurant for less than $100? Piece of cake.
(Read More)
Contributing Writer
The Business Ledger
There may be power in numbers, but with the advent of group purchasing sites, that power is now being harnessed to save people large amounts of money.
Want a spa treatment for 75 percent off? Done. What about tickets to see your favorite sports team at 50 percent off? No problem. Maybe dinner at a fancy restaurant for less than $100? Piece of cake.
(Read More)
Tuesday, December 21, 2010
Friday, December 17, 2010
In Demand Jobs for 2011 and Beyond
By: Katie Morell
Contributing Writer
The Business Ledger
After three years of being hampered by a recessionary economy, job seekers are tired of guessing which positions are in demand, while hiring managers are sick of turning people away.
In an effort to help the millions of job seekers, Robert Half International (RHI), a staffing firm with a Naperville office, created a cheat sheet detailing the top 11 most sought-after positions for the coming year.
This list is based on the positions we are filling for our clients,” said Fran Liontakis, regional vice president for RHI’s Naperville office. “These are the jobs that were cut during the economic downturn. Now that businesses are seeing an uptick in business, they are not prepared to go into 2011 and are scrambling.
“These positions enable companies to save money and improve profitability. They improve efficiencies and identify revenue opportunities.”
Financial analyst
“This is a person who evaluates financial plans, assists with forecasts and budgets and identifies opportunities to boost budgets,” Liontakis said. “At first glance, they can identify an area in the company that is lagging and advise senior management on how to increase revenue flow.”
According to RHI, salaries will range from $72,750 to $95,000 per year for mid-sized companies and from $81,500 to $109,750 for large companies.
ERP technical developer
“ERP stands for enterprise resource planning, a function that enables companies to improve efficiency and cut costs by effectively managing resources,” said Liontakis, adding salaries will range from $72,250 to $109,500 per year.
“Companies are moving to ERP systems to make sure they are utilizing every piece of the business efficiently. An ERP developer is someone who customizes the system for the organization, based on the company’s needs.”
Business intelligence analyst
Next year, companies will look to pay business intelligence analysts between $82,500 and $116,250 per year, according to RHI.
“Companies really need these types of analysts to guide the decision making process,” Liontakis said. “You can think of these people sort of as consultants. They help high-level decision makers evaluate data and guide processes.
“Although this is usually on a project basis, a lot of companies haven’t looked at these decisions for a long time and need someone on a full-time basis.”
Paralegal
“Paralegals research, investigate and look up case laws,” said LaSonia Michele, a freelance paralegal based in Chicago. “Then we write a memorandum of findings for an attorney. We really support the attorneys.”
Associate degrees are required for most paralegal jobs, according to Michele.
“There are so many laws; a paralegal really needs to think like an attorney,” she said.
Why is this position in such high demand?
“Law is a growing field and it is very broad,” Michele said. “There are so many areas of law, there is always need for paralegals.”
RHI projects 2011 salaries to range from $48,250 to $62,500.
Senior administrative assistant
Liontakis said she isn’t surprised companies are in desperate need of senior administrative assistants.
“The first positions that went away during the recession was those of administrative support because they don’t impact the bottom line,” she said. “Now, managers are finding that it isn’t cost effective to do administrative work.”
According to RHI, companies are looking for individuals with technical skills and staff supervision experience. Yearly salaries are forecasted to range from $32,500 to $41,750.
Data modeler
These days, firms handling more and more data, Liontakis said, increasing the need for data modelers.
“Data modelers analyze data on various trends and process it for the needs of various parts of an organization, from purchasing to hiring,” she said, adding that compensation is expected to range from $80,750 to $11,250 per year.
Mobile applications designer/developer
With a salary ranging from $73,250 to $102,500, these positions are in top demand, said Liontakis.
“Technology didn’t stop when the economy took a dive,” she said. “Now, companies are looking to distribute content and build their brand through mobile applications, which wasn’t the case just a few years ago. This position is one that would help integrate smart phones and tablet computers into business models.”
User experience (UX) designer
A UX designer is someone who helps Web sites and software become more user friendly, according to Gabby Hon, a freelance senior UX consultant in Chicago.
“We really think about the customer’s experience. When they click on a link in a Web site, what happens?” she asks. “It involves testing where we sit people down, give them tasks and find out how difficult or easy it is to use a piece of equipment or a Web site.”
Why is this field growing?
“The recession highlighted the need for companies to focus on the customer’s experience,” Hon said. “Advertising is dead. Consumers want to be treated like people. They want their experience to be a good one, whether it is in person or on a Web site.”
Educational opportunities are hard to come by, as of now, Hon said.
“The field is so young that there are very few good programs out there for UX,” she said. “I assume that will change in the next five years as the field explodes.”
RHI projects 2011 salaries to range from $67,500 to $98,000.
Lawyer
Attorneys with at least four years of experience in the health care, bankruptcy, foreclosure and litigation law fields are in high demand, according to RHI. Projected salaries range from $106,250 to $163,250.
Staff accountant
“Companies need accountants who can do the grunt work,” Liontakis said. “This is the person who can maintain the general ledger, complete reports and get information ready for a financial analyst.”
Salaries range from $42,000 to $55,500, according to RHI.
Senior business systems analyst
A senior business systems analyst looks at existing systems and researches new ways to improve efficiency and day-to-day operations, Liontakis said.
“They specialize in researching new hardware and software to help a company,” she said.
RHI projects 2011 salaries to range from $66,500 to $85,000.
Contributing Writer
The Business Ledger
After three years of being hampered by a recessionary economy, job seekers are tired of guessing which positions are in demand, while hiring managers are sick of turning people away.
In an effort to help the millions of job seekers, Robert Half International (RHI), a staffing firm with a Naperville office, created a cheat sheet detailing the top 11 most sought-after positions for the coming year.
This list is based on the positions we are filling for our clients,” said Fran Liontakis, regional vice president for RHI’s Naperville office. “These are the jobs that were cut during the economic downturn. Now that businesses are seeing an uptick in business, they are not prepared to go into 2011 and are scrambling.
“These positions enable companies to save money and improve profitability. They improve efficiencies and identify revenue opportunities.”
Financial analyst
“This is a person who evaluates financial plans, assists with forecasts and budgets and identifies opportunities to boost budgets,” Liontakis said. “At first glance, they can identify an area in the company that is lagging and advise senior management on how to increase revenue flow.”
According to RHI, salaries will range from $72,750 to $95,000 per year for mid-sized companies and from $81,500 to $109,750 for large companies.
ERP technical developer
“ERP stands for enterprise resource planning, a function that enables companies to improve efficiency and cut costs by effectively managing resources,” said Liontakis, adding salaries will range from $72,250 to $109,500 per year.
“Companies are moving to ERP systems to make sure they are utilizing every piece of the business efficiently. An ERP developer is someone who customizes the system for the organization, based on the company’s needs.”
Business intelligence analyst
Next year, companies will look to pay business intelligence analysts between $82,500 and $116,250 per year, according to RHI.
“Companies really need these types of analysts to guide the decision making process,” Liontakis said. “You can think of these people sort of as consultants. They help high-level decision makers evaluate data and guide processes.
“Although this is usually on a project basis, a lot of companies haven’t looked at these decisions for a long time and need someone on a full-time basis.”
Paralegal
“Paralegals research, investigate and look up case laws,” said LaSonia Michele, a freelance paralegal based in Chicago. “Then we write a memorandum of findings for an attorney. We really support the attorneys.”
Associate degrees are required for most paralegal jobs, according to Michele.
“There are so many laws; a paralegal really needs to think like an attorney,” she said.
Why is this position in such high demand?
“Law is a growing field and it is very broad,” Michele said. “There are so many areas of law, there is always need for paralegals.”
RHI projects 2011 salaries to range from $48,250 to $62,500.
Senior administrative assistant
Liontakis said she isn’t surprised companies are in desperate need of senior administrative assistants.
“The first positions that went away during the recession was those of administrative support because they don’t impact the bottom line,” she said. “Now, managers are finding that it isn’t cost effective to do administrative work.”
According to RHI, companies are looking for individuals with technical skills and staff supervision experience. Yearly salaries are forecasted to range from $32,500 to $41,750.
Data modeler
These days, firms handling more and more data, Liontakis said, increasing the need for data modelers.
“Data modelers analyze data on various trends and process it for the needs of various parts of an organization, from purchasing to hiring,” she said, adding that compensation is expected to range from $80,750 to $11,250 per year.
Mobile applications designer/developer
With a salary ranging from $73,250 to $102,500, these positions are in top demand, said Liontakis.
“Technology didn’t stop when the economy took a dive,” she said. “Now, companies are looking to distribute content and build their brand through mobile applications, which wasn’t the case just a few years ago. This position is one that would help integrate smart phones and tablet computers into business models.”
User experience (UX) designer
A UX designer is someone who helps Web sites and software become more user friendly, according to Gabby Hon, a freelance senior UX consultant in Chicago.
“We really think about the customer’s experience. When they click on a link in a Web site, what happens?” she asks. “It involves testing where we sit people down, give them tasks and find out how difficult or easy it is to use a piece of equipment or a Web site.”
Why is this field growing?
“The recession highlighted the need for companies to focus on the customer’s experience,” Hon said. “Advertising is dead. Consumers want to be treated like people. They want their experience to be a good one, whether it is in person or on a Web site.”
Educational opportunities are hard to come by, as of now, Hon said.
“The field is so young that there are very few good programs out there for UX,” she said. “I assume that will change in the next five years as the field explodes.”
RHI projects 2011 salaries to range from $67,500 to $98,000.
Lawyer
Attorneys with at least four years of experience in the health care, bankruptcy, foreclosure and litigation law fields are in high demand, according to RHI. Projected salaries range from $106,250 to $163,250.
Staff accountant
“Companies need accountants who can do the grunt work,” Liontakis said. “This is the person who can maintain the general ledger, complete reports and get information ready for a financial analyst.”
Salaries range from $42,000 to $55,500, according to RHI.
Senior business systems analyst
A senior business systems analyst looks at existing systems and researches new ways to improve efficiency and day-to-day operations, Liontakis said.
“They specialize in researching new hardware and software to help a company,” she said.
RHI projects 2011 salaries to range from $66,500 to $85,000.
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