2019 March-April Commerce Connection by Champaign County Chamber of Commerce

MARCH / APRIL 2019

years

Volume 26 | Issue 2

Leveraging your

money

INSIDE: 10 - Free Up Room for Other Investments Permit No. 29 Champaign, IL

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COMMERCE CONNECTION A PUBLICATION OF THE CHAMPAIGN COUNTY CHAMBER OF COMMERCE

12 - All Set to File Your Taxes? 2018 is a Year Unlike Any Other 13 - Tax Reform: Current Law Compared to the New Law 1

Giving your business the personal attention it deserves.

Darlene Johnson

Business dreams work better with the right financing, smart cash flow solutions and the attention of our business banking experts.

Vice President Treasury Management 114 W. Church Street • Champaign 217-373-8136 djohnson@firstmid.com

Erich Franklin

Commercial Lending 114 W. Church Street • Champaign 217-398-0067 efranklin@firstmid.com

Kyle McFarland

Commercial Lending 114 W. Church Street • Champaign 217-398-0067 kmcfarland@firstmid.com

Champaign County Banking Centers: Champaign (Crossing) • 2911 Crossing Court, Suite 100 • 866-0356 Champaign (Downtown) • 114 W. Church Street • 398-0067 Champaign (Marketview) • 913 W. Marketview • 378-8023 Savoy • 1251 Woodfield Drive • 351-3526 Urbana • 601 S. Vine St. • 367-8451 Mahomet • 502 E. Oak Street • 318-3750 2

firstmid.com

303 West Kirby Avenue Champaign, IL 61820 P 217.359.1791 | F 217.359.1809 www.champaigncounty.org

FY19 TOP INVESTORS TOP INVESTORS GOLD Busey SILVER Carle University of Illinois at Urbana-Champaign BRONZE A & R Mechanical Contractors Amdocs BankChampaign, N.A. Christie Clinic First Mid Bank & Trust Health Alliance Hickory Point Bank & Trust Midland States Bank OSF HealthCare Heart of Mary Medical Center

CHAMBER STAFF Laura Weis President & CEO LauraW@champaigncounty.org

Stephanie McCullough Director of First Impressions StephanieM@champaigncounty.org

Matt Bradley Business Growth & Development Director MattB@champaigncounty.org

Brian Murphy Membership Sales Director BrianM@champaigncounty.org

Mindy Cain Director of Workforce Readiness & Member Relations MindyC@champaigncounty.org Garret Hill Public Policy Director GarretH@champaigncounty.org

BOARD OF DIRECTORS BOARD OFFICERS Rachel Coventry

IN-KIND CONTRIBUTORS CHAIRMAN’S CIRCLE Illini Radio Group - MIX 94.5, WIXY 100.3, Rewind 92.5, WYXY Classic 99.1, True Oldies 97.9, Extra 92.1, Hits 99.7 Stevie Jay Broadcasting - Q96-96.1FM, US105.9, Christian FM 95.3 & ESPN 93.5 PRESIDENT’S CIRCLE NewsTalk 1400 WDWS, Lite Rock 97.5 WHMS, Classic Hits 107.9 WKIO

150 PERCENT CLUB Awards, Ltd. / Stamps Direct Dish Passionate Cuisine Hall of Fame Plaques & Signs Hyatt Place LongHorn Steakhouse TrophyTime, Inc. W.K. Cooper II Asset Management Corporation

Lindsay Quick Director of Marketing & Events LindsayQ@champaigncounty.org

Curtis Orchard, Ltd.

Chip Craddock Clark Dietz, Inc.

Gary Hackler

WCIA - TV / WCIX 49

Zachary Hillard Busey

Susan Jepsen

Reynolds Towing Service, Inc.

Pradeep Khanna University of Illinois

Justin Overstreet Martin Hood LLC

Julianna Sellett

Dr. Jared Rogers

Chair OSF HealthCare Heart of Mary Medical Center

Mike Estes

First Vice Chair Fisher National Bank

Kyle Emkes

Carle

Second Vice Chair Dodd & Maatuka

Rogards

Amie Smith

Dan Kirby

Dan Hurley FedEx Ground

Bill Walter

Chuck McReaken

Tonya Horn

R.J. Hynds English Brothers Company

BankChampaign N.A.

A & R Mechanical Contractors

FINANCIAL SERVICES Provided by CliftonLarsonAllen

Treasurer, CliftonLarsonAllen

Past Chair, TSM Ventures, Inc.

Laura Weis

Secretary, Champaign County Chamber of Commerce All information contained within this publication is property of the Champaign County Chamber of Commerce and cannot be reproduced without prior expressed or written consent. This publication contains paid advertising; the opinions expressed in those advertisements do not reflect the views of the Champaign County Chamber of Commerce. For advertising information, contact the Chamber at 217.359.1791.

ax planning.Fixed Fixed income. Retirement planning. st services. income. Retirement planning. EstateEs Low new cost.toFull Investment ounts.We’re the service. Trading. Mutual funds advice. & etfs. 01ks. Your days of making Specialists. Trust servic dvice. Let us Investment management. et nt. Neighborhood. you around. TrustTrust services. Fixed income. L ing. Show trade-offs are over. services. Fixed inc vices. irement planning. Estate planning. Trading. Asset Asse etirement planning. Estate planning. Trading. nagement. IRAs. 401(k)s. Tax planning. Robo-advice. anagement. IRAs. 401(k)s. Tax planning. Robo-adv alth management. Fixed income. Research. Investment Wealth management. Fixed income. Research. Inves nagement. Trust service. Mutual funds & ETFs. anagement. Trust services. Mutual funds & ETFs. irement accounts. Specialists. Trust services. Fixed etirement accounts. Specialists. Trust services. ome. Retirement planning. Estate planning. Trading. Fix come. Retirement planning. planning. Tradi et management. IRAs. 401(k)s. Estate Tax planning. Robosset management. IRAs.Fixed 401(k)s. Tax Research. planning. ice. Wealth management. income. ax planning. Robo-advice. WealthMutual management. estment management. Trust service. funds & Fi Fs. Retirement accounts. Specialists. Trust services. come. Research. Investment management. Trust s At Schwab, we believe low costs and full service shouldn’t be a tradeoff. Our planning. ed income. Retirement planning. Estate utual funds & ETFs. Retirement accounts. Special focus is to help you make the right choice for your situation. Transparency and ding. Asset 401(k)s. Tax planning. planning. E are valuable management. things, Fixed and they are just downIRAs. the street.Retirement Come see us. usttrustservices. income. bo-advice. Wealth Asset management. Fixed income. anning. Trading. management. IRAs. 401(k)s Ron and Matt Endsley earch. Investment Champaign Independent Branch management. Trust service. Mutual anning. Wealth management. Fixed 2219 S. NeilRobo-advice. Street ds & ETFs. Retirement accounts. Specialists. 217-689-4733 esearch. Investment management. Trust services. schwab.com/champaign nds & ETFs. Retirement accounts. Specialists.

WELCOME TO THE CHAMBER >> members who joined between January 1 - February 28, 2019 Advance Services, Inc.

ASK Benefit Solutions, Inc.

Advance Services, a leader in staffing solutions, is dedicated to providing our customers with the bestscreened, most qualified employees available. We are committed to delivering unparalleled customer service as our first priority. We deliver effective staffing solutions for clients who understand the need for proactive business strategies in order to remain productive and competitive in a global market. Our successful business model is built on the foundation that the way we treat applicants when they walk in the door is how they will treat us and our clients. Advance Services employees cover a full range of jobs, from entry-level assembly workers to seasoned managers and accountants to high-level administrative assistants. We invite you to let our 25 years of experience help to advance your business or career today.

ASK Benefit Solutions, Inc. was established in 2018 with the specific purpose of solving insurance problems for individuals and businesses in Illinois. We specialize in health and life insurance as well as voluntary benefits. With over 60 years of combined experience, we have products that can help businesses save money and offer competitive benefits to employees. We also complete the entire process for businesses from start to finish. We fully implement the benefit programs including benefit education with employees, collecting all necessary paperwork and providing post implementation information. After the sale, we are always available for phone calls or emails about any questions that arise. We believe service is one of the most important parts of doing business. We have solutions to meet individual needs as well as any size business and look forward to opportunities to serve your insurance needs.

1903 N. Neil St., Ste. F Champaign, IL 61820-7819 217.239-6242 http://www.asinc.net Employment Agencies

Alzheimer’s Association 207 S. Prospect Rd., Ste. 1 Bloomington, IL 61704-4906 309.319.9066 https://alz.org/illinois Non-Profit Consultants

The Alzheimer’s Association® is the world’s leading voluntary health organization in Alzheimer’s research, care and support. Our mission is to eliminate Alzheimer’s disease through the advancement of research, to provide and enhance care and support for all affected and to reduce the risk of dementia through the promotion of brain health. The Alzheimer’s Association Illinois Chapter covers an 87-county area with offices in Chicago, Joliet, Rockford, Springfield, Bloomington, Peoria, Quincy and Carbondale. Since 1980, the Chapter has provided reliable information and care consultation, created supportive services for families, increased funding for dementia research and influenced public policy changes. The Illinois Chapter serves more than half a million Illinois residents affected by Alzheimer’s disease, including more than 230,000 Illinois residents living with the disease. Our vision is a world without Alzheimer’s®.

1606 Willow View Rd., Ste. 1R Urbana, Illinois 61802-7475 217.359.1248 Employee Benefit Plans

Guth & Associates

2506 Galen Dr., Ste. 10 Champaign, IL 61821-7050 217.778.8305 http://www.guthandassociates.com Real Estate Guth & Associates is a boutique real estate company that specializes in commercial property, specifically office, retail and commercial land. Established in late 2015, our main goal is to serve our customers at the highest level possible and our success is determined by the impression we leave with each client we serve. We provide real estate services to both buyers and sellers as well as companies looking to lease space.

Guys Who Clean LLC

4002 Aberdeen Dr. Champaign, IL 61822-8543 217.493.7705 http://www.guyswhoclean.com Window Cleaning & Pressure Washing, Power Washing, Soft Washing Our firm specializes in power washing and exterior cleaning services. We take on an arsenal of cleaning applications including, but not limited to, power washing concrete, soft washing roofs and siding, deck and 5

fence restoration and minor exterior repairs. We are a locally owned and operated family business. We pride ourselves as being a unique and versatile company, with employees and owners that value utmost their customer satisfaction. We treat each customer as a member of our family, because after all, we expect you to eventually recommend us to your family and friends when you have the chance.

Horn Valuation

409 N. Condit St. Tolono, Illinois 61880-9014 217.649.8794 https://hornvaluation.com/ Accountants-Certified Public & Public

Holiday Inn celebrated their grand re-opening with a ribbon cutting and open house on February 13.

Horn Valuation provides business valuation for divorce and litigation attorneys to help them solve and settle financial issues. Consultation provided by Josh Horn, CPA, Certified Valuation Analyst (CVA) and Accredited in Business Valuation (ABV). “Your client’s future deserves better than today’s wild guess.” With 20 years of experience as a CPA, Josh is dedicated to helping you with income and valuation as a specialist.

J.H. Findorff & Son, Inc. 300 S. Bedford St. Madison, WI 53703-3622 608.257.5321 http://www.findorff.com Construction Management

Carle Medical Supply celebrated the grand opening of their location on Kirby Ave. on February 19.

Findorff’s breadth of knowledge has led us to become one of the Midwest’s most trusted builders. From minor renovations to program management of the most sophisticated and complex facilities, Findorff is committed to bringing the highest level of service and craftsmanship to every project we build.

LK4 Technology Corp.

505 W. University Ave. Champaign, IL 61824-1781 866.586.8732 http://www.virtualcybersleuth.com Computers-Software & Services Virtual cyber sleuth, a personal, confidential cyber incident forensic examiner providing affordable services to small/ medium business CEO’s, senior management and HR directors. Our purpose is to limit SMB financial losses, liability exposure and reputation risk, identify employee misconduct, especially theft and embezzlement. Our deliverables are evidence-quality electronic forensic files; cyber triage report indicating possible financial fraud, data loss or sexual harassment; Quickbooks files unlocked for forensic accounting. Our services include DFIR - digital forensics, incident response, e-discovery for SMB’s; incident response–stop the cyber breach; digital forensics - identify and preserve evidence; cyber triage – assess the scope and impact. 6

Evergreen Place Assisted Living celebrated their grand re-opening on February 28.

Advance Services Inc. celebrated their grand opening with a ribbon cutting on March 12.

Neil St. Blues

proudly serve East Central IL. We care for your lawn.

301 N. Neil St., Ste. 106 Champaign, IL 61820-3164 217.531.1150 Restaurants

PARTNERSHIPS BUILT ON TRUST

Provident Financial Group is honored to be

Live music, great food and drinks. Enjoy southern-style cuisine for lunch, dinner or a night-out in downtown Champaign.

CELEBRATING 10 YEARS OF SERVICE!

Quednau Quality Hearing, LLC 2305 Village Green Pl., Ste. E Champaign, IL 61822-7671 217.693.7085 http://www.qqhearing.com Hearing Aids

FOR THE PAST 10 YEARS,

Quednau Quality Hearing, LLC provides a full range of diagnostic hearing services to patients of all ages. Our office utilizes state-of-the-art evaluation equipment and we offer the latest hearing aid technology including a variety of digital hearing aids and assistive listening devices. We offer a variety of products and services including complimentary hearing testing and evaluations, hearing aid technology, Bluetooth accessories, assistive listening devices and other hearing aid accessories, hearing aid consultation fitting, programming and repairs and a 45 day free trial.

we have been fortunate enough to provide our services to a number of amazing clients. We look forward to meeting the needs of current and new clients in the years to come!

• Investment Services

• Retirement Planning

• Asset Management

• Trust Services

• Financial Planning

• Estate Planning

Reliable Plumbing and Heating Company 1411 Interstate Dr. Champaign, IL 61826-8098 217.356.1841 http://www.reliable-mechanical.com Construction Management

Reliable Plumbing & Heating — better known as Reliable Mechanical throughout central Illinois — has provided heating, air conditioning, plumbing, refrigeration and a variety of other services to both residential and commercial customers for more than 100 years. Reliable is a full service mechanical contracting company. We also have engineering and design/build services as well. We welcome you to become a part of our history by consulting with us on any plumbing, heating and cooling, sheet metal or ventilation situation.

S TA R L A S . C A R R ,

CRPC®

ROBERT E. ME YER, ERIC D. BOL AND,

ChFC®

C F P ®, A I F ®

M E L I N D A TA Y L O R ,

Office Manager

Weed Man

2714 W. Clark Rd., Ste. F Champaign, IL 61822-2840 217.355.2800 https://champaign.weedmanusa.com Lawn Maintenance Weed Man Lawn Care offers fertilizer, weed control, grub control, aeration and seeding services to residential/ commercial clients. As a locally-owned and operated franchise, we are committed to our customers by using the best products at the best time and offering a 48-hour service-call guarantee with our lawn care program. We

Securities and Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.

3017 Village Office Place, Champaign, Illinois 61822 p 217 366 3456 www.providentfinancialgroupllc.com

11589 10th AnniversaryAd_Commerce Connection 4x10.indd 1

3/18/19 2:10 PM

2019 ATHENA® Award Luncheon ATHENA® Christy Devocelle was hired by the University of Illinois Foundation in 1997 as a staff accountant. Since 2015, Christy has served as senior vice president and chief financial officer of the Foundation. In her role, she oversees business development, strategy and financial services and manages a number of other functions. Christy and her team are responsible for gift administration, accounting and finance, information technology, user support and human resources. Christy understands the importance of her team and is constantly encouraging them to attract and retain the best possible employees. The Foundation is responsible for processing more than 145,000 gifts annually which requires Christy to navigate many stakeholders as well as the Foundation board. She does so with creativity and an unwavering commitment to honor the donor intent. Christy understands the importance of having a hardworking and trustworthy team around her.

Abby Hendren, ATHENA Young Professional Award® Recipient and Christy Devocelle, ATHENA Award® Recipient

With the same diligent and inclusive attitude that Christy uses in her career, she also serves the community. Christy volunteers with a number of non-profits and other community organizations including Crisis Nursery, a non-profit dedicated to the prevention of child abuse and neglect. Christy is currently serving as board president and has served on the board since 2012. Christy has also been actively involved with the Community Foundation of East Central Illinois where she served on the board of trustees for six years, board chair for one year and is currently serving on the audit committee. She has also put her skills and passion to use with a number of other organizations including, United Way of Champaign County, Illinois CPA Society, Council for the Advancement and Support of Education, Association of Governing Boards, National Association of College and University Business Officers, Saint Matthew School Parent Club and the Illinois Truth Basketball. ATHENA Young Professional Award® recipient Abby Hendren is the executive vice president - brand strategies at Busey. In her role, Abby leads a team of associates responsible for managing Busey’s brand, marketing & corporate communications, creative direction, training & development, health & wellness, associate experience & engagement and talent acquisition. Under Abby’s leadership, a number of employee improvement programs have been created, including Associate Experience which provides development opportunities through training programs. To date, 469 associates have logged over 32,000 hours in the program. Abby and her team have established a number of other programs including B Well, a wellness center in downtown Champaign, The Promise Award, Associate Appreciation Month, Pay it Forward Fridays and the Giving Gratitude Challenge. Abby also uses her drive and dedication to service to volunteer with a variety of organizations including Eastern Illinois Foodbank, Christie Clinic Illinois Marathon, Habitat for Humanity of Champaign County, United Way, Illinois Bankers Association and First United Methodist Church. The ATHENA Young Professional Award® is sponsored by the past ATHENA Award® recipients.

Brought to you by:

Get on the green & get seen THURSDAY, JUNE 6, 2019 Stone Creek Golf Club 10:30 a.m. - 6:30 p.m. Register now The traditional golf outing will begin with a shot-gun start and will follow the basic scramble format. The team with the lowest gross score will be named the winner. Participants may sign up as an individual or as a team. The event is limited to the first 128 golfers who register.

presented by:

The cost is $149 per golfer. This event is for members only unless accompanied by a member.

Interested in sponsoring? HOLE - IN -ONE SPONSOR

$1,000 - only one of each available

• Two entries into the Outing - $298value • Sign with logo at Hole 3 - $375 value • Listing on all promotional materials as Hole-in-One sponsor • Logo on scorecard • Listed on event poster • Special mention at the event • Opportunity to distribute promotional items to golfers in gift bags or at sponsored hole • Four complimentary tickets to dinner following the outing - $100 value • e-Connection Banners – 2 weeks worth - $200 value • Logo in the Commerce Connection magazine after the event • Quarter page ad in the Commerce Connection magazine - $190 value *Hole must be staffed at all times

with support from:

PUTTING GREEN OR DRIVING RANGE SPONSOR $500 - only one of each available • Signage with logo posted near putting green or driving range • Logo on scorecard • Listed on event poster • Mention in the Commerce Connection magazine • E Connection Banners – 1 week worth - $100 value • Business card size ad in the Commerce Connection magazine - $100 value

CONTEST HOLE SPONSORS

$475 - only two holes left

• Showcase your business at your hole with a display and promotional items

• Mention in Commerce Connection after event

• Sign with logo at your sponsored hole

*Holes must be staffed at all times

• Logo on scorecard

• Complete list of participants and their workplace

Tightening the belt on utility costs frees up money for other investments in your company. One benefit of belonging to the Chamber is the opportunity to earn your membership investment back (and then some) through the savings we can secure for you on your gas and electricity bills. Through our energy partner, we ‘bulk purchase’ gas and electricity by bundling your usage with fellow chamber members. This creates a large load (utility usage) that makes it attractive to utility suppliers. It forces competitive bidding and results in great cost-savings to our members. Financially speaking, this only makes sense. The Chamber has helped the business community millions of dollars of the years.

Benefits: Risk-Free • No application fee • No risk of having to cancel your existing contract • Include any combination of natural gas accounts and electricty accounts • No obligation to sign if the price is not right Cost-Savings • Custom analysis of your energy consumption and use patterns • Fixed contract rate to secure the price you pay • Innovative solutions to help ensure the greatest potential savings Energy Expertise Available Locally • Dedicated personnel to help respond and address any situation, question or concern

Start Saving Today: Applications are available online at www.champaigncounty.org under “Member Benefits” For more information contact Ginny McDade at ginnym@gulfplainsenergy.com or call 217.359.1791

Dream big. We’re here. We remain as dedicated to our community today as when we were founded in 1868. Whether we’re supporting local charitable organizations, providing energetic volunteers for area events or establishing small business startup initiatives, Busey is your source to bridge community needs.

Busey. Your Dream. Our Promise. busey.com 217.365.4500

Member FDIC

! e t a D e Save th

Come Wine With Us

Brought to you by the Champaign County Chamber of Commerce’s Agribusiness Committee

TUESDAY, JUNE 19, 2018 • 5:00 to 7:00 p.m. Curtis Orchard • 3902 S. Duncan Rd, Champaign, IL 61822 Come Wine With Us celebrates Champaign County’s strong roots in agriculture and agribusiness. Come out and enjoy food samples from various Chamber member restaurants and beverages. Attendees will also have the opportunity to enter to win door prizes and learn more about agriculture in our community. You’ll also have the opportunity to win 60 (yes, sixty!) bottles of wine. Wine raffle tickets are available for purchase for $10/ticket.

All Set to File Your Taxes? 2018 Is a Year Unlike Any Other By Austin Bennett, Jamey Rappis and Dan Kirby

Early in the year most people’s mailboxes start filling up with those dreaded tax forms. As the stack of W2’s, 1099s, and 1098s grows and grows, the angst and questions tend to grow too: “What do all of these forms mean? And will my refund be enough to pay for that long-awaited Hawaiian vacation?” The answers depend on your personal situation, of course, but the stakes are significantly higher in the 2018 filing season, especially if you are planning for a life event or own rental properties. Much of that has to do with tax reform. How Tax Reform May Affect Your 1040 Filing By now you probably know that President Trump signed the act commonly known as the Tax Cuts and Jobs Act (TCJA) into law at the end of 2017. This is arguably the most significant piece of tax legislation since 1986, and is generically referred to as “tax reform.” It is possible your tax return for 2018 will be easier than it has been in the past (as Congress intended when drafting the legislation). For those with very straightforward tax situations, tax reform has reduced complexity as a result of the doubling of the standard deduction (now $24,000 for a married couple, $12,000 for single taxpayers). In addition, certain itemized deductions have been eliminated, and the deduction for state and local income taxes and real estate taxes is now limited to $10,000. These two changes alone will result in a substantial reduction in the number of taxpayers who itemize their deductions moving forward, which may save people time when it comes to preparing their taxes. 1040 Mindset: A Planning Opportunity Versus A Compliance Exercise For people with moderately more complicated tax situations, (e.g., you’re planning to tie the knot, start a business or side-hustle, or pursue a rental or cryptocurrency opportunity), it’s safe to say that your tax situation is more complicated than ever. Those events may leave you wondering: • Should I file taxes separately or jointly? • Do I structure the business as a sole proprietor? • What is Section 199A and what does it mean for me? • How do I report income from a cryptocurrency? 12

While TurboTax provides low cost tax return preparation, it can’t walk you down a path that shows you the tax and financial implications of checking one box over another. If you’re looking to forecast the financial ramifications of these decisions, we highly encourage you to engage a professional CPA tax advisor. That’s especially true for people who own rental properties, are self-employed, or own a business. Rental Property Owners And The 199A Deduction Tax reform included a new deduction for taxpayers and business owners called the Section 199A deduction. The deduction provides a 20 percent income reduction on qualifying business income. But it’s been unclear at what point rental activity rises to the level of a trade or business, a threshold that must be reached to qualify. That is until late January, 2019, when the IRS issued Notice 2019-07. The IRS notice contained some welcome news for property owners: There is a safe harbor for qualifying rental activity, but unfortunately it can only be used in limited situations. However, you may still be able to take advantage of a “facts and circumstances” analysis to support the deduction outside of the safe harbor. Deductions, Credits and Unwinding Errors There are still opportunities for the “average Joe” (and Jane) to take advantage of all the possible deductions and credits afforded to you under the tax code. For example, we recently had the pleasure of helping a new client unwind the errors he had on his self-prepared tax return. The IRS sent him a notice with a $17,000 assessment that was caused by his input errors. Thankfully, he didn’t owe the IRS — in fact, they owed him more than $800. Our client went from scrambling to make payments to having a good down payment for that Hawaiian vacation. What You Can Do Tax season is a natural time of year to learn how the boxes you check on your 1040 connect to other areas of your financial life. For many individuals, the implications of the tax reform legislation will offer more confusion than simplification. Starting a relationship with a professional tax advisor can be especially valuable if the advisor you hire has a desire to educate you about the tax return, the impact of the TCJA, and your financial life beyond your Form 1040.

Tax Reform: Current Law Compared to the New Law By John Werlhof & Dan Kirby

Tax reform legislation was signed into law by President Trump on Friday, December 22, 2017. The final bill reflects three minor changes relative to the House and Senate conference committee agreement, including removal of a rule permitting use of a 529 savings account for home-schooling expenses, an update to the title of the bill, and a change to the criteria for imposing a new excise tax on endowments of private colleges and universities. Here is a summary of the key provisions in the new law. Personal tax rates1

New Tax Law Seven tax brackets: 10%, 12%, 22%, 24%, 32%, 35%, 37% Ordinary rates with deduction of 20% of qualifying domestic income; limited deduction for income from lower-income service businesses. Service businesses excludes engineers and architects.

Maximum pass-through tax rate

39.6%

Maximum corporate tax rate

35%

21%

Personal standard deduction

Married filing jointly: $12,700 Head of household: $9,350 Single: $6,350

Child tax credit

$1,000 per child

Personal exemption

$4,050

Married filing jointly: $24,000 Head of household: $18,000 Single: $12,000 $2,000 per child (refundable to $1,400 per child); $500 for non-child dependents Repealed

Personal state income, sales, and property tax

Allowable as an itemized deduction2

Individual health insurance mandate Depreciation

Individuals penalized for failure to carry minimum essential health insurance coverage Fixed assets are generally capitalized and depreciated. In some cases, Section 179 immediate expensing of up to $500,000 is available

Deduction for property tax and either income or sales tax limited to $10,000 Repealed Immediate expensing of most new and used property (excluding structures) through 2022; section 179 limit increased to $1 million

Net operating losses (NOL)

Generally carried back two years and forward 20 years

Carryback repealed except farms (two years); indefinite carryover deduction limited to 80% of pre-NOL income for losses generated after 2017.

Excess business loss

No provision

Net businesses losses in excess of $500,000 ($250,000 single) are not deductible; they become a NOL carried over to the next year.

Business interest

Cash method of accounting Domestic production activities deduction Corporate AMT 1

Current Tax Law Seven tax brackets: 10%, 15%, 25%, 28%, 33%, 35%, 39.6%

Generally deductible

Generally limited to business with less than $1 million, $5 million, or $10 million in receipts, depending on facts Domestic producers eligible for a deduction equal to 9% of their qualifying income 20% corporate AMT rate

Generally limited to the extent that interest exceeds 30% of income; unlimited carryover of excess. Determined at entity level, but spillover effects to owner. Limitation not applicable if average annual gross receipts do not exceed $25 million. Expanded to include businesses with less than $25 million in receipts with special rules for tracking inventory costs. Repealed after 2017 Repealed after 2017; AMT credits refundable from 2018 through 2021

All individual provisions expire after 2025.

The bill clarifies that a payment made in 2017 for 2018 state or local income tax will be deemed paid on December 31, 2018 (i.e., not deductible in 2017). A reasonable estimate of a 2017 tax liability, however, may be paid before December 31, 2017. Any overpayment credited to 2018 from the 2017 tax year is taxable in 2018 to the extent the overpayment provided a tax benefit. Furthermore, a 2017 overpayment credited to a 2018 state and local income tax liability will be subject to the $10,000 limit for the combined state and local income tax (or sales tax, in lieu of income tax) plus real property taxes. 2

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Business Records Retention Schedule Business records should be disposed of as soon as they outlive their usefulness. This schedule has been developed as a guide only. There are situations that would alter the holding period. Consult your legal counsel before destroying records if you are uncertain. This guide applies to both paper and electronic records.

Item

Retention Period

Item

Retention Period

Accounts payable ledgers and schedules

7 years

Inventories of products, materials, and supplies

Accounts receivable ledgers and schedules

7 years

Investments: security and asset acquisition records

Audit reports Bank reconciliations

Permanently

Invoices to customers

7 years

1 year

Invoices from vendors

7 years

Capital stock and bond records: ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.

Permanently

Board minutes of directors and stakeholders, including by-laws and charter, incorporation, and initial property transfers from incorporators

Charts of accounts

Permanently

Notes receivable ledgers and schedules

Checks (cancelled, but see exception below) Checks (cancelled for important payments, i.e., taxes, purchases of property, and special contracts; checks should be filed with the papers pertaining to the underlying transaction) Contracts and leases (expired) Contracts and leases (still in effect) Correspondence with customers or vendors

7 years Permanently

7 years Permanently 7 years Permanently 3 years

Permanently 7 years

Patent records

Permanently

Payroll records and summaries, including payments to current and former employees

7 years

Physical inventory documentation

3 years

Property appraisals by outside appraisers

Permanently

Property records (including costs, depreciation reserves, end-of-year trial balances, depreciation schedules, blueprints, and plans)

Permanently

Correspondence (legal and important matters only)

Permanently

Deeds, mortgages, and bills of sale

Permanently

Purchase orders (except purchasing department copy)

1 year

Depreciation schedules

Permanently

Purchase orders (purchasing department copy)

7 years

Duplicate deposit slips

1 year

Receiving sheets

1 year

Employee personnel records (after termination)

3 years

Sales records

7 years

Employment applications

3 years

Stock and bond certificates (cancelled), option agreements

Financial statements (end-of-year, other months optional)

Permanently

General and private ledgers (and end-of-year trial balances)

7 years

Insurance policies (expired)

3 years

Insurance records, current accident reports, claims, policies, etc.

Permanently

Internal audit reports (in some situations longer retention periods may be desirable)

3 years

Internal reports (miscellaneous)

3 years

Permanently

Subsidiary ledgers

7 years

Tax returns and worksheets, revenue agentsâ&#x20AC;&#x2122; reports, and other documents relating to determination of income tax liability

Permanently

Voucher registers and schedules

7 years

Vouchers for payments to vendors, employees, etc. (includes allowances and reimbursement for travel and entertainment expenses)

7 years

Any tax advice included in this communication is not intended or written to be used, and it cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed on the taxpayer.

WEALTH ADVISORY | OUTSOURCING | AUDIT, TAX, AND CONSULTING Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.

22-0847 | ÂŠ2016 CliftonLarsonAllen LLP

Ready to dispose of some materials?

SAVE THE DATE

FREE

Shred Day Friday, May 10 11:00 a.m. to 2:00 p.m. Chamber Parking Lot 303 W. Kirby Ave., Champaign The Champaign County Chamber of Commerce is partnering with C.O.P.S. (Confidential On-Site Paper Shredding) to offer our membership a free shred day. Limit five boxes per person.

Grow Your Workforce You asked for a qualified workforce and we are going to help you build it. Meet and interview potential students at:

One Big Career Fair Wednesday, April 17 Centennial High School Gym 4:00 - 5:30 p.m. Hosted by: Champaign Youth Employment Services (YES), Urbana Summer Youth Employment Program (SYEP), Champaign Area Relationship Education for Youth (CARE4U)

• One Big Career Fair facilitates placing students from three community programs into summer youth employment positions with local businesses. • The Regional Planning Commission is the employer of record, so you don’t have to add the student to your payroll. • You will benefit from the extra help in the workplace; help shape workplace skills for students; and possibly get that one project completed that never seems to get done. • You will have full support by the school districts or CARE4U employees. Summer Internship Program Dates: June 3 – August 9

Urbana SYEP

June 17 – July 26

Champaign YES

June 3 – August 9

CARE4U

Learn more about each youth employment program

To participate in One Big Career Fair, RSVP to Jeanine Russell at russelje@u4sd.org by Friday, April 12. 16

Urbana High School Summer Youth Employment Program

Weekly Hours

Maximum of 105 hours total in 6 weeks; roughly 17.5 per week

Maximum of 200 hours total in 10 weeks; roughly 20 per week

Student, Employer Matching

YES matches students with employers: • Students are grouped into three tiers.

Mixed method: • Employers can provide a job description which CARE4U will use to select appropriate student applicants; employer interviews and selects the best candidate.

• Individual student expresses a career interest and is introduced to an employer in that field. Employer has the option to interview student or let CARE4U make the placement.

• Career Fair - Employers and students interact and may conduct mini-interviews at Fair. Employers submit top three student names; students submit top three employers.

• Students complete skills assessment for ideal career fields. • Employers can do mini-interviews with students at the Career Fair. • Students select their top three employers. • Employers select their top student choices. • YES staff will best-match student and employer for Tiers 1 & 2. • Tier 3 students have option to set up interviews with employers.

Total Cost for Employer

None (unless the employer wishes to provide funding or directly hire their student at any point during the program)

None (unless the employer wishes to provide funding or directly hire their student after program completion)

None (unless the employer wishes to provide funding or directly hire student beyond scope of the CARE4U program.)

Funding from Program

YES will cover all costs for the student unless employer hires students directly.

Full financial support available; employer-funding welcomed

CARE4U allocates funds to cover full cost of summer program.

Worker’s Comp. & Other Costs

Covered by YES through our payroll agent, Regional Planning Commission

Covered by UHS SYEP and CARE4U in agreement with Regional Planning Commission

Covered by CARE4U in agreement with Regional Planning Commission

Additional Information

Employer orientations will be held in March.

Any student interested in UHS SYEP must complete the CARE4U program. In addition, they must attend at least one resume workshop.

CARE4U provides instruction in workforce readiness, financial literacy, and relationship education during our 24-week, school-based program. Those qualified for summer employment have completed sessions designed to lead to success in the workplace, in managing money, and in interpersonal skills. CARE4U staff have worked with participants since August and provide ongoing support to both student and employer through the summer program. Funds may be available for transportation to and from the work site.

Students will be sent to their worksite one time during the week of June 10-14 for an orientation visit arranged by their worksite coordinator.

Program Contact

Jeanine Russell 217.531.6857 russelje@u4sd.org

Sarah Mimnaugh, M.S. 217.255.0986 stmimna@ilstu.edu

Kellie Anderson 217.239.7780 Kjande5@ilstu.edu 17

MEMBER ACCOLADES & NEWS FARNSWORTH GROUP, INC. Farnsworth Group, Inc. announced that its president and CEO Karen Jensen received the Illinois State University Alumni Achievement Award during the University’s Annual Founders Day Celebration. The award recognizes significant achievements of alumni to society, their profession or Illinois State. The Company has enjoyed steady growth under Jensen’s leadership, and today is ranked as one of the nation’s Top 200 Design Firms by Engineering News-Record. Farnsworth Group has expanded to 22 offices nationwide with 500 employees. The firm is also proud to announce the continued growth of its Champaign office. The Champaign office now has 40 full-time staff members and two student interns. The Champaign office now has a mechanical engineering presence with the addition of William R. Hartman, PE to our staff. Hartman, a mechanical engineer, comes to us from Lehman Design Consultants, Inc. out of Chicago. Andy Smethers joins the Champaign land development group as an engineering intern. The Champaign’s office civil group continues to grow with the addition of Joseph DeWerff. DeWerff joins us as an engineering intern after three years as a student intern. HICKORY POINT BANK Hickory Point Bank announced Scott MacAdam has been named senior investment officer and chairman of Hickory Point Bank’s Trust Investment Committee. MIDLAND STATES BANK Midland States Bank announced that it has hired Michael Beem as its Commercial Relationship Manager for the Champaign market. Beem joins Midland after spending more than 20 years in commercial and small business lending. Beem’s depth of financial knowledge and skill adds to Midland’s team of commercial bankers who have the knowledge of a variety of financial options to help their clients attain their strategic objectives. CHAMPAIGN COUNTY HUMANE SOCIETY The Champaign County Humane Society is launching its first capital campaign since 18

construction was completed on its current facility in 1988. According to CCHS Executive Director Mary Tiefenbrunn, thirty years of daily use has taken its toll on the building that shelters over 1,500 animals a year. It’s time to do some deferred maintenance. To fund the project, CCHS set a goal of raising $1,750,000. Dr. Janice Bahr, CCHS board member and Capital Campaign Co-Chair, reports that the Committee and its volunteers have already raised over $1,000,000. For more information about the campaign, visit the Society’s website at www.cuhumane.org/ capitalcampaign, or call 217-344-7297. ILLINOIS AMERICAN WATER Illinois American Water’s Champaign County District is heading to a state drinking water competition after placing first place in a regional water taste test. Each year the 15-County Water Supply Operators Association holds a regional drinking water competition. Illinois American Water’s Champaign County Mattis Water Treatment Plant’s water sample was this year’s winning entry. Illinois American Water’s Champaign County District competed in the taste test previously, winning national Best of the Best honors in 2005 and 2006. Illinois American Water is one of only two water systems to earn the national honor twice. C.V. LLOYDE AUDIOVISUAL Three join C.V. Lloyde. William Andy Phillippe has joined C. V. Lloyde Audiovisual, Urbana, as the digital media specialist. A native of Champaign-Urbana, Phillippe has seven years’ experience with multimedia. He has previously been the multimedia intern for a private boarding school and the primary multimedia producer for a Southern Illinois newspaper. Derek Wendell has joined C. V. Lloyde Audiovisual, Urbana, as an installation technician. Wendell has been an electrician for nineteen years and active member of International Brotherhood of Electrical Workers Local 601. Todd Fitton has joined C. V. Lloyde Audiovisual, Urbana, as an AV system designer and project

manager. Fitton received his technology specialist certification from AVIXA and is currently working on his certification for design. Before joining C. V. Lloyde, Fitton worked as a technology specialist for more than 17 years, including owning his own audiovisual design company and other brands. FEHR GRAHAM Fehr Graham is proud to announce the addition of Matthew Johnson to the ownership team. Johnson will continue his day-to-day duties managing the firm’s Champaign office. Johnson, who joined Fehr Graham in 2014, leads a team of professionals who have successfully completed significant civil and structural engineering projects in Champaign, Urbana, Savoy, Mahomet, Monticello and Villa Grove. He also has led engineering projects on the University of Illinois Urbana-Champaign campus. A licensed civil and structural engineer, Johnson specializes in water and wastewater treatment plant design and construction. He most recently designed a $35 million wastewater treatment plant, which is under construction, in South Beloit.

Anna A. Corcoran is a summa cum laude graduate of the University of Illinois at Springfield, with a B.A. in political science and legal studies. She then attended the University of Illinois College of Law, and graduated summa cum laude in 2017. For six years, Anna served in the Illinois Army National Guard as an Aircraft Powertrain Repairer. She joined Webber & Thies in May 2016 as a Law Clerk. Michael J. Brusatte graduated from the University of Illinois at Urbana-Champaign in 2008, with a B.A. in political science and a minor in history. He then attended the Saint Louis University School of Law, where he graduated in 2011. Prior to joining Webber & Thies, Michael clerked for Judge Colin S. Bruce of the United States District Court for the Central District of Illinois (2014-2018) and was a Staff Attorney at the Illinois Third District Appellate Court (2011-2014).

PRAIRIE STATE BANK & TRUST Meg Pittman has joined Prairie State Bank & Trust as vice president in mortgage lending and Lori Hunt has also joined the team as senior vice president in client and business development.

HICKORY POINT BANK Hickory Point Bank recently announced that Nick Lamb has been named mortgage lender for the Champaign-Urbana area. “Nick excels in providing personalized service to his clients and has become a wonderful asset to our bank customers,” said Dan Marker, President, Champaign Region.

SNYDER INSURANCE Snyder Insurance, located in Bloomington, Champaign, and Springfield, has been named one of Society’s Best for 2018 by Society Insurance.

HEYL ROYSTER Three attorneys from law firm Heyl Royster’s Champaign office were named Illinois Super Lawyers or Rising Star.

FIRST COMMUNITY TITLE First Community Title (“FCT”) will merge with Illinois Real EstateTitle Center, LLC (“The Title Center”), a Springfield-based title agency.

Office Managing Partner/Shareholder Bruce Bonds was the only Champaign attorney named 2019 Illinois Super Lawyers in the Workers’ Compensation category. Partner Renee Monfort was listed as a 2019 Illinois Super Lawyer for Personal Injury Medical Malpractice: Defense category.

The Title Center began operations in 2002 in Springfield and has satellite offices in Effingham, Jacksonville, Paris, Peoria and Quincy. The merger will add FCT’s locations in Bloomington, Champaign and Pekin, resulting in no interruption in service. WEBBER & THIES, P.C. Webber & Thies, P.C. adds three new attorneys. Daniel R. Thies graduated magna cum laude and Phi Beta Kappa from Yale University in 2007, and magna cum laude from Harvard Law School in 2010. Prior to joining Webber & Thies as a shareholder, Daniel was a litigation associate at Sidley Austin LLP.

In the 2019 Super Lawyers’ Rising Star category, partner Joseph Guyette, was the only Rising Star listed in Champaign in the practice area of Workers’ Compensation. Have news to share with the local business community? Tell us about it and get featured in the Chamber’s next Commerce Connection. Email Lindsay Quick with your news, LindsayQ@ champaigncounty.org, or submit the news via our website: www.champaigncounty.org/news/

Local ownership. Unmatched experience.

Left to right:

Steve Tock TreMayne Joyner Dan Marker Jan Miller Kirk Harney Bobbie Butler Chuck Eyman Chris Haile

HICKORYPOINTBANK.COM

CHAMPAIGN

DECATUR

PEORIA

SPRINGFIELD

MEMBER FDIC

CHAMBER STORE MAILING LABELS

EVENT SPONSORSHIP

An exclusive benefit of Chamber membership, we sell mailing labels containing the names and addresses of Chamber member businesses for the purpose of member-to-member communication. Target the local business community. Two lists are available for purchase:

From monthly First Friday Coffee and Business After Hours to our annual Golf Outing, the Chamber hosts a number of events each month. By sponsoring a Chamber event, your business obtains great exposure not only at the event itself, but also within all promotional materials (emails, mailings, e-newsletters, Commerce Connection, website, etc.). Here’s what’s coming up:

Long list (approx. 2,000 names and businesses): $175 Short list (approx. 900 names and businesses): $125

T SOLD OU

Contact Caryn Isenhower to order, Caryni@champaigncounty.org

• Booking Day - 2020 Business After Hours and First Friday Coffee: Monday, March 4, beginning at 9:00 a.m.

E-CONNECTION

Additional information for events available upon request. Contact LindsayQ@champaign county.org or call 217.359.1791 with any event sponsorship inquiries.

Our electronic newsletter is sent to nearly 2,000 businesses and businesspeople in Champaign County each week. Sponsor an e-Connection and get your business seen by thousands.

COMMERCE CONNECTION

This is a bi-monthly publication that is distributed to over 2,000 businesses and businesspeople in Champaign County. Content varies, but is always relevant to local business. There are a variety of ad sizes available. Ads start at only $90. Ask about the exclusive cover package that allows your business to gain exposure before the reader even opens the publication. Contact Lindsay Quick for more information, LindsayQ@champaigncounty. org or 217.359.1791.

Header sponsorship (one week): $100 Contact Lindsay Quick for more information, LindsayQ@champaigncounty.org

WEBSITE MARKETING

With over 400 unique views PER DAY to the Chamber website, you’ll have the opportunity to reach thousands of customers each month. With pricing starting at just $300 this affordable and effective.Contact Lindsay Quick at LindsayQ@champaigncounty.org

EMAIL FOOTER SPONSORSHIP

EMAIL BLAST

Do you have a new product, service or information you would like to share with our entire Chamber membership? Take advantage of this exclusive offer to send broadcast emails to our entire nearly 2,000 email list. Email Blast Advertisement: $500 Contact Lindsay Quick for more information, LindsayQ@champaigncounty.org

COMPLIMENTARY SERVICES:

Rental of laptop computer; conference space and LCD projector; Certificate of Origin; Notary service; information, assistance and resources.

Reach thousands on a small budget.

For a great price, place an ad in every email that is sent out of the Chamber office. That’s an average of over 12,000 emails per week. The best part? Link the footer wherever you would like. Footer (one week): $75 Contact Lindsay for details at, LindsayQ@champaigncounty.org

WEBSITE DIRECTORY ENHANCEMENTS

Enhance your listing on the Chamber’s online business directory. The directory gets hundreds of thousands of views each day-turn your standard (complimentary) listing into an eye-catching, search engine optimized advertisement. Basic upgrade: included w/membership Value upgrade: $20/year Deluxe upgrade: $50/year Contact Lindsay Quick for more information, LindsayQ@champaigncounty.org 21

calendar of events Connect@Lunch

Monday, April 15 Noon - 1:00 p.m. Hamilton Walker’s 201 N. Neil St., Champaign

Business After Hours

Thursday, April 18 4:00 - 6:00 p.m. Pour Bros. Craft Taproom 40 E. University Ave., Champaign

First Friday Coffee

Friday, May 3 7:30 - 9:00 a.m. Merrill Lynch 1823 S. Neil St., Ste. 101, Champaign

Shred Day

in partnership with Confidential On-Site Paper Shredding (C.O.P.S.) Friday, May 10 11:00 a.m. - 2:00 p.m. Chamber Parking Lot 303 W. Kirby Ave., Champaign

Business After Hours Thursday, May 16 4:00 - 6:00 p.m. The Legends Apartments 3206 Palmer Dr., Ste. 11, Champaign

Connect@Lunch

Monday, May 20 Noon - 1:00 p.m. Neil St. Blues 301 N Neil St Suite 106, Champaign

Chamber Golf Outing

Presented by Napleton’s Auto Park of Urbana Thursday, June 6 10:30 a.m. - 6:30 p.m. Stone Creek Golf Club 2600 S. Stone Creek Blvd., Urbana

First Friday Coffee

Friday, June 7 7:30 - 9:00 a.m. United Way of Champaign County 404 W. Church St., Champaign

Connect@Lunch

Monday, June 17 Noon - 1:00 p.m. Neil St. Blues 301 N Neil St Suite 106, Champaign

www.champaigncounty.org/events/calendar/ 22

Fast Facts

5.4% Champaign County Unemployment Rate in January 2019

16 business licenses applied for in Champaign County in February 2019

105.3

February 2019 U of I Flash Index for Illinois

1,375,560 rides were taken on CUMTD in February 2019

4,199 visits to the Chamber’s page, champaigncounty.org in February 2019

4,788 number of unique searches on the

Champaign County Chamber of Commerce Online Business Directory in February 2019

2014 The year that the Champaign County

Chamber of Commerce was named the Illinois Outstanding Chamber of the Year

303 West Kirby Avenue Champaign, IL 61820 P 217.359.1791 | F 217.359.1809 www.champaigncounty.org

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