Archive for the ‘Federal legislation’ Category

Highlights of Tax Reform for Businesses

Friday, October 12th, 2018

The Tax Cuts and Jobs Act included a few dozen tax law changes that affect businesses. Most of the changes in the new law take effect in 2018 and will affect tax returns filed in 2019.

This fact sheet summarizes some of the changes for businesses and gives resources to help business owners find more details.

Business taxpayers should re-estimate estimated tax payments

The Tax Cuts and Jobs Act changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding, such as small business owners and self-employed individuals. Among other reforms, the new law changed the tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued certain deductions. As a result, many taxpayers may need to raise or lower the amount of tax they pay each quarter through the estimated tax system.

Because of the far-reaching tax changes taking effect this year, the IRS urges all employees, including those with other sources of income, to perform a Paycheck Checkup now. Doing so now will help avoid an unexpected year-end tax bill and possibly a penalty. The easiest way to do this is to use the Withholding Calculator available on IRS.gov.

A companion publication, Publication 505, Tax Withholding and Estimated Tax, has additional details, including worksheets and examples, which can help taxpayers determine whether they should pay estimated tax. Some of those groups that should consult Publication 505 are those who have dividend or capital gains income, owe alternative minimum tax or have other special situations.

Form 1040-ES can also help taxpayers figure these payments simply and accurately. The estimated tax package includes a quick rundown of key tax changes, income tax rate schedules for 2018 and a useful worksheet for figuring the right amount to pay.

More information about tax withholding and estimated tax can be found on the IRS’s Pay As You Go web page.

New or revised deductions for businesses

  • Qualified business income. Many taxpayers may be eligible for a new deduction for qualified business income (QBI) from a qualified trade or business operated directly or through a pass-through entity.

The deduction has two components.

1)     Eligible taxpayers may be entitled to deduct up to 20 percent of their qualified business income (QBI) from a domestic business operated as a sole proprietorship or through a partnership, S corporation, trust or estate. For taxpayers with taxable income that exceeds $315,000 for a married couple filing a joint return, or $157,500 for all other taxpayers, the deduction is subject to limitations such as the type of trade or business, the taxpayer’s taxable income, the amount of W-2 wages paid by the qualified trade or business and the unadjusted basis immediately after acquisition (UBIA) of qualified property held by the trade or business. Income earned through a C corporation or by providing services as an employee is not eligible for the deduction.

2)     Eligible taxpayers may be entitled to deduct 20 percent of their combined qualified real estate investment trust (REIT) dividends and qualified publicly traded partnership (PTP) income. This component of the section 199A deduction is not limited by W-2 wages or the UBIA of qualified property.

The sum of these two amounts is referred to as the combined qualified business income amount. Generally, this deduction is the lesser of the combined qualified business income amount and an amount equal to 20 percent of the taxable income minus the taxpayer’s net capital gain.

The deduction is available for tax years beginning after Dec. 31, 2017. Most eligible taxpayers can claim it for the first time when they file their 2018 federal income tax return in 2019. The deduction is available regardless of whether an individual itemizes their deductions on Schedule A or takes the standard deduction.

For more information, see the FAQs on the Deduction for Qualified Business Income.

  • Meal and entertainment expenses. The new law generally eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. However, under the new law, taxpayers can continue to deduct 50 percent of the cost of business meals if the taxpayer – or an employee of the taxpayer – is present and the food or beverages are not considered lavish or extravagant. The meals may be provided to a current or potential business customer, client, consultant or similar business contact. Food and beverages that are purchased or consumed during entertainment events will not be considered entertainment if purchased separately from the entertainment, or if the cost is stated separately from the entertainment on one or more bills, invoices or receipts.
  • Fines and penalties paid to a government. Taxpayers can’t deduct certain fines and penalties for violation of the law. See Notice 2018-23 for more details.
  • Payments made in sexual harassment or sexual abuse cases. Taxpayers can’t deduct certain payments made in sexual harassment or sexual abuse cases.
  • Payments under state or local tax credit programs. Business taxpayers who make business-related payments to charities or government entities for which the taxpayers receive state or local tax credits can generally deduct the payments as business expenses.
  • The business expense deduction is available to any business taxpayer, regardless of whether it’s doing business as a sole proprietor, partnership or corporation, as long as the payment qualifies as an ordinary and necessary business expense.

Changes to fringe benefit deductions

There are important changes to fringe benefit deductions that employers need to know about. These changes can affect a business’s bottom line and its employee’ deductions.

  • Transportation fringe benefits. The new law disallows deductions for expenses associated with qualified transportation fringe benefits or expenses incurred providing transportation for commuting (except as necessary for employee safety).
  • Bicycle commuting reimbursements. Under the new tax law, employers can deduct qualified bicycle commuting reimbursements as a business expense for 2018 through 2025. The new tax law suspends the exclusion of qualified bicycle commuting reimbursements from an employee’s income for 2018 through 2025. Employers must now include these reimbursements in the employee’s wages.
  • Moving expenses. Employers must now include moving expense reimbursements in employees’ wages. The new tax law suspends the former exclusion for qualified moving expense reimbursements. One exception: Active duty members of the U.S. Armed Forces can still exclude moving expenses from their income. Notice 2018-75 provides guidance on 2018 reimbursements for employees’ 2017 moves. Generally, reimbursements in this situation are not taxed.
  • Achievement awards. Special rules allow an employee to exclude achievement awards from wages if the awards are tangible personal property. An employer also may deduct awards that are tangible personal property, subject to certain deduction limits. The new law clarifies the definition of tangible personal property.

See the Employer Update on IRS.gov for more details.

Changes to depreciation and expensing for businesses

The Tax Cuts and Job Act changed some laws regarding depreciation and expensing. These changes can affect a business’s tax situation. Here are the highlights:

  • Businesses can immediately expense more under the new law.
  • Temporary 100 percent expensing for certain business assets (first year bonus depreciation).
  • Changes to depreciation limitations on luxury automobiles and personal use property.
  • The treatment of certain farm property changed.
  • Applicable recovery period for real property.
  • Use of alternative depreciation system for farming businesses.

More details are in FS-2018-9, New rules and limitations for depreciation and expensing under the Tax Cuts and Jobs Act.

New and revised tax credits for businesses

  • New employer credit for paid family and medical leave. This general business credit is a percentage of the amount of wages paid to a qualifying employee while on family and medical leave for up to 12 weeks per taxable year. The credit is generally effective for wages paid in taxable years beginning after Dec. 31, 2017, and before Jan. 1, 2020. For more information, see the Frequently Asked Questions about the Employer Credit for Paid Family and Medical Leave and Notice 2018-71.
  • Rehabilitation tax credit. The new law affects the rehabilitation tax credit for amounts that taxpayers pay or incur for qualified expenditures after Dec. 31, 2017. It repeals the 10 percent credit for buildings placed in service before 1936. It keeps the 20 percent credit for expenses to rehabilitate a certified historic structure, but requires taxpayers to prorate the 20 percent credit over five years instead of in the year they placed the building into service.

A transition rule gives relief to owners of either a certified historic structure or a pre-1936 building by allowing owners to use the prior law if the project meets these conditions:

  • The taxpayer owns or leases the building on Jan. 1, 2018, and at all times thereafter, and
  • The 24- or 60-month period selected for the substantial rehabilitation test begins by June 20, 2018.

Accounting methods

Small businesses. The new tax law allows small business taxpayers with average annual gross receipts of $25 million or less in the prior three-year period to use the cash method of accounting. The law expands the number of small business taxpayers eligible to use the cash method of accounting and also exempts these small businesses from certain accounting rules for inventories, cost capitalization and long-term contracts. As a result, more small business taxpayers are allowed to change to the cash method of accounting starting after Dec. 31, 2017.

S corporation to C corporation. An eligible terminated S corporation that is required to change from the overall cash method to an overall accrual method of accounting because of a revocation of its S corporation election that makes this method change for the C corporation’s first taxable year after such revocation must use a 6-year section 481(a) adjustment period. See Revenue Procedure 2018-44 for details.

Like-kind exchanges. Under the new law, deferral of gain or loss now applies only to exchanges of real property and not to exchanges of personal or intangible property. An exchange of real property held primarily for sale still does not qualify as a like-kind exchange. To qualify as a like-kind exchange, a taxpayer must hold the real property for productive use in a trade or business or for investment. Real property held for sale does not qualify. A transition rule in the new law provides that an exchange of personal or intangible property may qualify as a like kind exchange if the taxpayer began the exchange by transferring property or receiving replacement property on or before Dec. 31, 2017. See more details on the Like-Kind Exchanges – Real Estate Tax Tips page on IRS.gov.

International business. The Tax Cuts and Jobs Act changed some things related to international businesses. Learn more on the tax reform page for international taxpayers and businesses.

Wrongful IRS levy. Individuals and businesses have more time to file an administrative claim or to bring a civil action for wrongful levy or seizure. The new law extended the time limit for filing an administrative claim and for bringing a suit for wrongful levy from nine months to two years. For more information, see news release 2018-126.

#AuroraChamber Announces New Programs, Members

Tuesday, September 18th, 2018

The Aurora region has a long history of innovation.

Aurora Chamber

  In This Issue  

From The Aurora Chamber »
Premier Investors »
Public Policy Updates »
Welcome New Members »
Elite Members »
Calendar of Events »
Caught On Camera »
Member News »
Did You Know? »
Partnering For Our Community »
Money-Saving Programs For Members »
About The Aurora Chamber »

FROM THE AURORA CHAMBER: A STATE OF INNOVATION

JOIN US FOR INNOVATION SUMMIT

2018 State of Business: Innovation
Friday, Oct. 19, from 8 a.m. to 1:30 p.m.
Belle Salle Banquets, 1920 E. New York Street, Aurora
Register Here

The Aurora region has a long history of innovation — from the first city with electric streetlights throughout and the first free public school district in the state to the 45-mile fiber optic ring and Aurora Regional Pathways. Our community — and its residents and employers — know that innovation is key to the economic development of the region for healthcare, manufacturing, education, small business, and more.

On Friday, Oct. 19, The Aurora Regional Chamber of Commerce will focus on the State of Business: Innovation. The first of its kind summit will include exhibitors spotlighting their innovation through products and services, panels of innovators sharing their experiences, and our Annual Celebration of Membership at noon.

Our featured presenter will be Tom Kuczmarksi. He is president and founder of the global consulting firm Kuczmarski Innovation and an internationally recognized expert in the innovation of new products and services. Kuczmarski is the author of seven books on innovation and leadership, including his most recent book, Lifting People Up: the Power of Recognition (Book Ends Publishing, 2018), co-authored with Dr. Susan Smith Kuczmarski

For more information on the event — and to register as a sponsor, exhibitor, or attendee — visit our website.

Premier Investors

Premier Investors

Public Policy Updates

Ways and Means to Vote on Tax 2.0 Package: On Sept. 13, the House Ways and Means Committee passed its “Tax 2.0″ package that would make permanent already-passed tax changes for individuals and small businesses and make it easier for families to save for retirement.
Other Recent Policy News

U.S. Senate to Vote on JOBS Act 3.0 »
‘Honor 200′ Deadline Approaches to Nominate Illinois Veterans »
Governor Signs Bill to Transition to Multi-year
Vehicle Registration Opportunity
»
Governor Signs Legislation to Help Keep Illinois Students in Illinois »
State of Illinois Sells $965 Million in Bonds »
Unemployment Falls in All Metro Areas »

Welcome New Members

Law Offices of Peter Cullotta
Goda Bravo
3535 E. New York Street, #215, Aurora
(630) 898-7800
Attorneys

The Right Guy Carpet Cleaning, Inc.
Rob Reynolds
2948 Kirk Rd., Ste 106-185, Aurora
(630) 264-4369
Carpet & Flooring

Shelter Insurance – Shawn P. Flaherty
Shawn Flaherty
1231 Farmington Lakes Dr. Ste 100, Oswego
(630) 800-1549
Insurance

Country Financial
Alyssa Fonseca
1161 Oak Street, North Aurora
(630) 449-0928
Insurance

Obregon Medical Clinic
Andrew Obregon
23 North Lincolnway, North Aurora
(630) 966-2637
Medical Office

EnergyBot
Lorren Thomas
1601 Bryan Street, Dallas, TX
(424) 372-1995
Utilities

Elite Members

 +Intention      95.9 The River      Aaron’s      Above Board Indoor Environmental      Alarm Detection Systems, Inc.      Aurora Bank & Trust      Aurora Collective      Aurora University      Baird & Warner – Holli Thurston      Barbara Geiger – Keller Williams Experience      Beans Greens Proteins      Caterpillar, Inc.      Chicago Steel Hockey Team      City Segment      ComEd      Comprehensive Prosthetics and Orthotics      Country Financial – West Aurora      Dolan & Murphy      Downtown Auroran Magazine      Endiro Coffee      First Secure Community Bank      Fox Valley Mall      Freedom Development Group, LLC      ganc.io      Gateway Mortgage Group      Healthcare Solutions Team – Deepti Srivastava      Henkels & McCoy, Inc.      Jiffy Lube Multi-Care      Kluber Architects + Engineers       Konen Insurance Agency, Inc.      Lendio of Naperville      Magick Woods, Inc.      Magnetrol International, Inc.      MedCom Group, LLC      Midwest Coach Limousine, Inc.      Mitutoyo America Corporation      Mooney & Thomas P.C.      Old Second National Bank      New York Life Insurance Company and Nylife Securities, LLC      OnLight Aurora      Painters District Council 30      Palo Creative, PLL      Paramount Arts Centre      Pilmer Real Estate      Plum Landing Retirement Community      Prairie Technology Solutions Group, LLC      Presence Mercy Medical Center      Pure Skin Solutions, LLC      R.C. Wegman Construction Company      Rasmussen College      Rich Harvest Farms      Rush Copley Medical Center      S&S Metal Recyclers II      Scientel Solutions      ServPro of Aurora      Sign*A*Rama      SmithAmundsen, LLC      Staffing Network, LLC & QPA       Staffmark      Thoughtwave Software & Solutions      T-Mobile     Two Brothers Roundhouse      Valley Fastener Group, LLC      VivirMED, LLC      The Voice      Waubonsee Community College      Weldstar Company      Woodforest National Bank      World Finance Corporation      WSPY 

Calendar of Events

Coffee & Connections
Tuesday, Sept. 18, 8:30 a.m.
Painters District No.30
1905 Sequoia Drive, Aurora
Sponsored by New York Life

Grand Opening: Wendy’s
Wednesday, Sept. 19, 9 – 10:30 a.m.
2962 Kirk Road, Aurora
Ribbon Cutting @ 9:30 a.m.

Fox Valley Networking Professionals
Thursday, September. 27, 8 – 9:30 a.m.
Pomegranate Restaurant, 55 S. Commons , Aurora
Sponsored by North Star Credit Union

50th Anniversary: Gateway Foundation
Thursday, Sept. 27, 11 a.m. – 1 p.m.
400 Mercy Lane, Aurora
Ribbon Cutting @ 11:30 a.m.

Open House: Glanbia
Friday, Sept. 28, 11 a.m. – 12:30 p.m.
600 N. Commons Street, Aurora
Ribbon Cutting @ 11:30 a.m.
RSVP is required

Retail Roundtable
Wednesday, Oct. 3, 8:30 – 10 a.m.
Fox Valley Mall Food Court

50th Anniversary: Aurora Regional Fire Museum
Thursday, Oct. 4, 11 a.m. – 1 p.m.
53 N. Broadway, Aurora
Ribbon Cutting @ 11:30 a.m.

Jump Start Your Membership
Tuesday, Oct. 9, 8:30-10 a.m.
Chamber offices, 43 W Galena Blvd. Aurora

Grand Opening: GlowZone
Friday, Oct. 12, 3:30 – 5 p.m.
301 S. Route 59, Aurora
Ribbon Cutting @ 4 p.m.

State of Business Summit: Innovation
Friday, Oct. 19, 8:30 a.m. – 1:30 p.m.
Belle Salle Banquets
1920 E. New York Street, Aurora
Sponsorships Available

Caught On Camera

Caught On Camera

The first half of September saw the #AuroraChamber celebrating a number of grand openings for our members. My Place Hotel opened in North Aurora. Fox Valley Park District opened their new fitness center at Prisco Community Center. Premier Investor Henkels & McCoy held a community open house for their new facility. M14 Hoops welcomed the community to their new facility in northeast Aurora. Check out these events and more on Facebook and be sure to follow us.

Member News

If you have news to share with your fellow members, please forward to info@aurora-chamber.com. Be sure and check out our blog and social media for what’s happening in our region.
W-2 Wage Earners Should Do a Paycheck Checkup ASAP »
An Estimated Tax Payment in 2018 Could Help Avoid a Penalty in 2019 »
Free Fall Leaf Collection Begins Next Month »
House Method Names Aurora ‘Most Underrated Town’ in Illinois »
Mayor Irvin Selected for Prestigious Leadership Program »
Aurora Police First in State to Join ‘Neighbors’ App »
Landmark Agreement Reached on Old Copley Hospital »
Mayor Irvin Appoints Simon Rodriguez as City’s New Youth Manager »
Applications for Export Assistance Now Open »
IMSA Promise Receives Insight Into Diversity Award »
Join Us in Support of Future IT Careers »

Did You Know?

#AuroraChamber Shared Interest Groups: The Aurora Chamber has several existing and soon-to-launch Shared Interest Groups designed with our members in mind. The newest SIG to launch is the Retail Roundtable. In partnership (and sponsored by Fox Valley Mall), the Retail Roundtable is designed to support retailers by creating an atmosphere of knowledge sharing among peers as well as presentations by subject-matter experts geared to the retail environment. The first meeting is shcheduled for Wednesday, Oct. 3, from 8:30 to 10 a.m. at Fox Valley Mall Food Court. For details, contact Maureen Gasek, director of events and marketing, at the Chamber.

Partnering For Our Community

So another great accolade for Aurora! Among the criteria used for selection:

• Commerce and the supply of good jobs for residents;
• An interesting art scene and rich cultural history;
• A “lovely place” where people want to live or visit;
• A surprise unique “gem” — in the case of Aurora, they cite the focus on academics and intellectual discovery;
• And finally, a community “often overlooked for their more famous neighbors”.

To view House Method’s post, visit this link.

Money-Saving Programs For Members

Money-Saving Programs For Members

About The Aurora Chamber

The Aurora Regional Chamber of Commerce is a private, not-for-profit, membership-driven organization comprised of more than 700 members representing nearly 40,000 employees. Our mission is be the catalyst for business success by providing leadership that facilitates the creation of a prosperous regional economy and effective advocacy for our members.

Not a Chamber member? Learn more about the benefits of membership.
Already a Chamber member? Make the most of your membership today.

Facebook    Blog    Twitter

Aurora Regional Chamber of Commerce
43 W. Galena Blvd.
Aurora, IL 60506
Phone: (630) 256-3180
Fax: (630) 256-3189

www.aurora-chamber.com

An Estimated Tax Payment in 2018 Could Help Avoid a Penalty in 2019

Monday, September 17th, 2018

Taxes must be paid as you earn or receive income during the year, either through withholding, estimated tax payments or a combination of both. A Paycheck Checkup using the IRS Withholding Calculator can help you see if you need to make an additional payment to avoid an unexpected tax bill or underpayment penalty when you file your tax return next year.

You may need to make estimated payments if you:

  • have multiple jobs—especially if you don’t have each employer withhold taxes
  • are self-employed or an independent contractor
  • are a representative of a direct-sales or in-home-sales company
  • participate in sharing economy activities where you are not working as an employee
  • receive pension income

Visit IRS,gov to learn more.

Ways and Means to Vote on Tax 2.0 Package

Friday, September 14th, 2018

On Sept. 13, the House Ways and Means Committee passed its “Tax 2.0” package that would make permanent already-passed tax changes for individuals and small businesses and make it easier for families to save for retirement.

Ways and Means Committee Chairman Kevin Brady (R-TX) said the three bills that make up “Tax 2.0” collectively build on the economic success of last year’s Tax Cuts and Jobs Act.

Chairman Brady noted that Tax Reform 2.0 is the Committee’s commitment to ensuring our tax code remains the most competitive in the world:

“We must keep building off the momentum from last year’s tax reform to ensure our economy keeps booming. That’s why we’re here today to change the culture of Washington – from one that waits an entire generation to fix a broken tax code to one that keeps our code ahead of the pack and the best in the world.”

“So, while Tax Reform 1.0 was about changing the trajectory of the economy, Tax Reform 2.0 is about changing the culture in Washington. That starts with today’s important update to our code.”

According to ASAE: The Center for Association Leadership, the first bill in the package (H.R. 6760) makes permanent the cuts to individual tax rates that took effect this year and locks in other changes that are set to expire at the end of 2025. That includes the $10,000 cap on state and local tax deductions, which raised an outcry in certain high-tax states like California, New York, and New Jersey. Democrats in those states have made the SALT cap a campaign issue, arguing that the provision will cost their constituents billions in annual tax deductions.

The second bill in Tax 2.0 (H.R. 6757) focuses on changes to retirement and education accounts. The bill removes the age limit on individual retirement account contributions would exempt people with less than $50,000 in their retirement accounts from taking required minimum distributions.

The third bill in the package (H.R. 6756) would let new businesses deduct up to $20,000 in start-up expenses in the year they are incurred as long as they meet certain qualifications.

Speaker Paul Ryan (R-WI) has said he wants a floor vote on Tax 2.0 by the end of the month. Even if the legislation passes the House, however, it’s expected to stall in the Senate.

The Joint Committee on Taxation estimated the cost of the Tax 2.0 package at $657 billion. That’s on top of the $1.5 trillion cost of the first round of tax cuts over the next decade.

A New Look for Your #AuroraChamber News

Tuesday, September 4th, 2018

This issue of our Member Newsletter is one of the first changes you will see.

Aurora Chamber

  In This Issue  

From The Aurora Chamber »
Premier Investors »
Public Policy Updates »
Welcome New Members »
Elite Members »
Calendar of Events »
Caught On Camera »
Member News »
Did You Know? »
Partnering For Our Community »
Money-Saving Programs For Members »
About The Aurora Chamber »

From The Aurora Chamber

Welcome to September. Welcome to the Aurora Chamber’s new fiscal year. With the new year, we are excited to bring you new programs, updated products, and expanded services. This issue of our Member Newsletter is one of the first changes you will see.First, we are striving to bring you even more information on areas that our members have said they are interested in reading more about. Second, we understand that your email inbox receives a great deal of traffic. In addition to the newsletter, we also send out occasional emails for events, policy news, and other topics for you. As a result (and out of respect for your time), we are testing semi-monthly newsletters via email. With the exception of holidays, this newsletter will be sent out on the first and third Monday of each month. We’ll also include special items in alternating issues to keep the content fresh. Of course, for breaking news — action in Springfield or DC and member highlights, be sure and follow us on Facebook and twitter.

Let us know your thoughts. Are there other items you’d like to see regularly in here? And remember, we want to share your news with the membership. Send it to us at info@aurora-chamber.com</a. and we’ll include it on our blog and in the newsletter.

Premier Investors

Premier Investors

Public Policy Updates

Tariffs Could Cripple Illinois Economy: The U.S. Chamber estimates current and proposed tariffs could cost Illinois more than $4.3 billion. Did you know, Illinois exports annually more than $156 million dollars of bread, pastries, cakes, etc., to Canada? More than 1.7 million Illinois jobs are supported by global trade. How does (or will) the global trade tariffs impact you and your business? Share your experiences with us here. This brief survey should take less than three minutes to complete.
Other Recent Policy NewsU.S. Senate to Vote on JOBS Act 3.0 »
‘Honor 200′ Deadline Approaches to Nominate Illinois Veterans »
Governor Signs Bill to Transition to Multi-year
Vehicle Registration Opportunity
»
Governor Signs Legislation to Help Keep Illinois Students in Illinois »
State of Illinois Sells $965 Million in Bonds »
Unemployment Falls in All Metro Areas »

Welcome New Members

Lendio of Naperville (Premier)
Andrew Gorski
2863 95th Street, Naperville
(630) 250-3899
Loans/ Banks/Financial Planning ServicesChicago Billboards
Rod Hursh
10022 Bode Road, Plainfield
(630) 514-6344
Marketing & Advertising

M Property Investments LLC
Michele Williams
Aurora
(630) 803-2354
Real Estate

Elite Members

 +Intention      95.9 The River      Aaron’s      Above Board Indoor Environmental      Alarm Detection Systems, Inc.      Aurora Bank & Trust      Aurora Collective      Aurora University      Baird & Warner – Holli Thurston      Barbara Geiger – Keller Williams Experience      Beans Greens Proteins      Caterpillar, Inc.      Chicago Steel Hockey Team      City Segment      ComEd      Comprehensive Prosthetics and Orthotics      Country Financial – West Aurora      Dolan & Murphy      Downtown Auroran Magazine      Endiro Coffee      First Secure Community Bank      Fox Valley Mall      Freedom Development Group, LLC      ganc.io      Gateway Mortgage Group      Healthcare Solutions Team – Deepti Srivastava      Henkels & McCoy, Inc.      Jiffy Lube Multi-Care      Kluber Architects + Engineers       Konen Insurance Agency, Inc.      Lendio of Naperville      Magick Woods, Inc.      Magnetrol International, Inc.      MedCom Group, LLC      Midwest Coach Limousine, Inc.      Mitutoyo America Corporation      Mooney & Thomas P.C.      Old Second National Bank      New York Life Insurance Company and Nylife Securities, LLC      OnLight Aurora      Painters District Council 30      Palo Creative, PLL      Paramount Arts Centre      Pilmer Real Estate      Plum Landing Retirement Community      Prairie Technology Solutions Group, LLC      Presence Mercy Medical Center      Pure Skin Solutions, LLC      R.C. Wegman Construction Company      Rasmussen College      Rich Harvest Farms      Rush Copley Medical Center      S&S Metal Recyclers II      Scientel Solutions      ServPro of Aurora      Sign*A*Rama      SmithAmundsen, LLC      Staffing Network, LLC & QPA       Staffmark      Thoughtwave Software & Solutions      T-Mobile     Two Brothers Roundhouse      Valley Fastener Group, LLC      VivirMED, LLC      The Voice      Waubonsee Community College      Weldstar Company      Woodforest National Bank      World Finance Corporation      WSPY 

Calendar of Events

Grand Opening: My Place Hotel
Thursday, Sept. 6, 4 – 6 p.m.
1000 Kilbery Lane, North Aurora
Ribbon Cutting @ 4:30 p.m.Grand Opening: Henkels & McCoy Inc.
Thursday, Sept. 13, 8:30 – 10 a.m.
975 Corporate Blvd, Aurora
Ribbon Cutting @ 9 a.m.

Grand Opening: Prisco Center Fitness
Thursday, Sept. 13, 4 – 8 p.m.
150 W. Illinois Ave, Aurora
Ribbon Cutting @ 4:30 p.m.

Grand Opening: M14 Hoops
Friday, Sept. 14, 11 a.m. – 1 p.m.
2414 Church Road, Aurora
Ribbon Cutting @ 11:30 a.m.

Coffee & Connections
Tuesday, Sept. 18, 8:30 a.m.
Painters District No.30, 1905 Sequoia Drive, Aurora

Grand Opening: Wendy’s
Wednesday, Sept. 19, 9 – 10:30 a.m.
2962 Kirk Road, Aurora
Ribbon Cutting @ 9:30 a.m.

Fox Valley Networking Professionals
Thursday, September. 27, 8 – 9:30 a.m.
Pomegranate Restaurant, 55 S. Commons , Aurora
Sponsored by North Star Credit Union

50th Anniversary: Gateway Foundation
Thursday, Sept. 27, 11 a.m. – 1 p.m.
400 Mercy Lane, Aurora
Ribbon Cutting @ 11:30 a.m.

Caught On Camera

Caught On Camera

At a recent meeting of the Board of Directors, President and CEO Joseph Henning, IOM, CAE, presented anniversary recognition plaques to Marisa Medgyesi (left) in recognition of Earthmover Credit Union‘s 60 years of business in the region and to Greg Moore celebrating Hollywood Casino Aurora‘s 25 years in Aurora’s downtown. More presentations are planned throughout the year, Henning explains. If your business or organization is celebrating a milestone anniversary this year, please let the Aurora Chamber know.

Member News

If you have news to share with your fellow members, please forward to info@aurora-chamber.com. Be sure and check out our blog and social media for what’s happening in our region.
Historical Society to Honor Cultural Champions »
Landmark Agreement Reached on Old Copley Hospital »
Mayor Irvin Appoints Simon Rodriguez as City’s New Youth Manager »
Applications for Export Assistance Now Open »
Copy King Announces Kyocera Named Most Reliable Color Copier »
Denise Sousa Joins VNA Health Care »
Aurora Area CVB Releases FY2018 Highlights »
September: National Preparedness Month »
IMSA Promise Receives Insight Into Diversity Award »
Join Us in Support of Future IT Careers »

Did You Know?

Opportunities to Promote Your Product, Service: The Aurora Chamber has now opened sponsorship opportunities for our popular events: Annual Celebration, Holiday Celebration, Fox Valley Networking Professionals, Coffee & Connections as well as some new programs. We also have opportunities available for our products, including eBlasts, website, and more. Contact us today for more information.

Partnering For Our Community

Join Us in Support of Future IT Careers: The City of Aurora, in partnership with the Aurora Regional Chamber of Commerce, has submitted a grant application to Illinois DCEO in support of creating IT pathways opportunities for out-of-school youth (between 18 and 24 years of age) who hold either a high school diploma or GED. Internships are 160 hours – either four weeks of 40 hours or part-time. Again, the $13.29 wage per hour plus associated benefits (as applicable) will be covered by the grant. For more details, please visit our blog post.

Money-Saving Programs For Members

Money-Saving Programs For Members

About The Aurora Chamber

The Aurora Regional Chamber of Commerce is a private, not-for-profit, membership-driven organization comprised of more than 700 members representing nearly 40,000 employees. Our mission is be the catalyst for business success by providing leadership that facilitates the creation of a prosperous regional economy and effective advocacy for our members.Not a Chamber member? Learn more about the benefits of membership.
Already a Chamber member? Make the most of your membership today.

Facebook    Blog    TwitterAurora Regional Chamber of Commerce
43 W. Galena Blvd.
Aurora, IL 60506
Phone: (630) 256-3180
Fax: (630) 256-3189

www.aurora-chamber.com

#AuroraChamber News for 08.27.2018: Tariffs, Member News, Internships

Monday, August 27th, 2018

Applications for Export Assistance Now Open

Aurora Chamber

  In This Issue  

Tariffs Could Cripple Illinois Economy »
Future IT Careers »
Member News »
Premier Investors »
Elite Members »
New Members »
Calendar of Events »

Tariffs Could Cripple Illinois Economy

According to media and business organizations, American businesses and consumers may bear the brunt of the emerging global trade war. These reports continue that tariffs are not the answer and can inflict great harm on our economy. The United States Chamber of Commerce stresses the U.S. needs free and fair trade; imposing tariffs to get there is the wrong approach.

Tariffs on steel, aluminum, and Chinese imports — as well as additional tariffs on automobiles and auto parts — have impacted business operations across the country. Long-standing trade partners, including Canada, Mexico, the European Union, and China, have already (or express plans to) respond with billions of dollars in tariffs on American-made products.

The U.S. Chamber estimates current and proposed tariffs could cost Illinois more than $4.3 billion. Did you know, Illinois exports annually:

  • More than $156 million dollars of bread, pastries, cakes, etc., to Canada?
  • More than $128 million in herbicides and antisprout chemicals to Canada?
  • More than $56 million in food preparations to Mexico?
  • More than $445 million in passenger vehicles to China?
  • More than $57 million in cooking appliances to Europe annually?

Millions of American jobs depend on our ability to trade with other companies. Did you know that more than 1.7 million Illinois jobs are supported by global trade?

How does (or will) the global trade tariffs impact you and your business? Share your experiences with us here. This brief survey should take less than three minutes to complete.

Join Us in Support of Future IT Careers

The City of Aurora, in partnership with the Aurora Regional Chamber of Commerce, has submitted a grant application to Illinois DCEO in support of creating IT pathways opportunities for out-of-school youth (between 18 and 24 years of age) who hold either a high school diploma or GED.Participating youth will develop skills sets in data entry, word processing, help desk functions (hardware and software), as well as other administrative tasks.Short-term paid internships will be covered by the grant. It allows employers to “try before you buy” similar to the current Manufacturing Careers Internship Program. For either program, there is no further obligation to the employer upon completion of the internship.

Internships are 160 hours – either four weeks of 40 hours or part-time. Again, the $13.29 wage per hour plus associated benefits (as applicable) will be covered by the grant.

For more details, please visit our blog post.

Member News

If you have news to share with your fellow members, please forward to info@aurora-chamber.com. Be sure and check out our blog and social media for what’s happening in our region.

Face To Face Beauty Studio

Congratulations Face To Face Beauty Studio on your Ribbon Cutting Celebration.Applications for Export Assistance Now Open »
Copy King Announces Kyocera Named Most Reliable Color Copier »
Denise Sousa Joins VNA Health Care »
Aurora Area CVB Releases FY2018 Highlights »
September: National Preparedness Month »
IMSA Promise Receives Insight Into Diversity Award »
Join Us in Support of Future IT Careers »
Exhibit at Illinois Governor’s Mansion Features Aurora Item »
My Place Hotel-Chicago West/North Aurora, IL Now Open »
U.S. Chamber of Commerce Small Business Summit »
EEI Announces the Addition of Two Staff Members »

Premier Investors

Premier Investors

Elite Members

 +Intention      95.9 The River      Aaron’s      Above Board Indoor Environmental      Alarm Detection Systems, Inc.      Aurora Bank & Trust      Aurora Collective      Aurora Limousine      Aurora University      Baird & Warner – Holli Thurston      Barbara Geiger – Keller Williams Experience      Beans Greens Proteins      Caterpillar, Inc.      Chicago Steel Hockey Team      City Segment      ComEd      Company 251      Comprehensive Prosthetics and Orthotics      Country Financial – West Aurora      CyrusOne      Do or Dye Designs      Dolan & Murphy      Downtown Auroran Magazine      Endiro Coffee      First Secure Community Bank      Fox Valley Mall      Freedom Development Group, LLC      ganc.io      Gateway Mortgage Group      Healthcare Solutions Team – Deepti Srivastava      Henkels & McCoy, Inc.      Jiffy Lube Multi-Care      Kluber Architects + Engineers       Konen Insurance Agency, Inc.      Magick Woods, Inc.      Magnetrol International, Inc.      MedCom Group, LLC      Midwest Coach Limousine, Inc.      Mitutoyo America Corporation      Mooney & Thomas P.C.      Old Second National Bank      New York Life Insurance Company and Nylife Securities, LLC      OnLight Aurora      Painters District Council 30      Palo Creative, PLL      Paramount Arts Centre      Pilmer Real Estate      Plum Landing Retirement Community      Prairie Technology Solutions Group, LLC      Presence Mercy Medical Center      Pure Skin Solutions, LLC      R.C. Wegman Construction Company      Rasmussen College      Rich Harvest Farms      Rush Copley Medical Center      S&S Metal Recyclers II      Scientel Solutions      ServPro of Aurora      Sign*A*Rama      SmithAmundsen, LLC      Staffing Network, LLC & QPA       Staffmark      Thoughtwave Software & Solutions      T-Mobile     Two Brothers Roundhouse      Valley Fastener Group, LLC      VivirMED, LLC      The Voice      Waubonsee Community College      Weldstar Company      Woodforest National Bank      World Finance Corporation      WSPY 

New Members

North American Industrial, Inc.
Michael Carroll
2501 Simon Drive, Montgomery
(630) 907-7891
Importers & ExportersNatural Paths for Lymphatic Wellness
Sylvia Washington
205 W Galena Blvd, Aurora
(630) 690-5420
Health ServicesMichele Williams-Keller Williams Premier Properties
Michele Williams
45 S. Park Blvd., Suite 300, Glen Ellyn
(630) 803-2354
Real Estate

GlowZone
Amanda Ellis
301 S. Route 59, Aurora
(630) 697-7611
Entertainment

Calendar of Events

Fox Valley Networking Professionals
Thursday, Aug. 30, 8 – 9:30 a.m.
NEW LOCATION FOR AUGUST
Aurora Country Club, 1548 Prairie Street, Aurora
Sponsored by Caton Commercial Real EstateGrand Opening: My Place Hotel
Thursday, Sept. 6, 4 – 6 p.m.
1000 Kilbery Lane, North Aurora
Ribbon Cutting @ 4:30 p.m.Grand Opening: M14 Hoops
Friday, Sept. 14, 11 a.m. – 1 p.m.
2414 Church Road, Aurora
Ribbon Cutting @ 11:30 a.m.

Coffee & Connections
Tuesday, Sept. 18, 8:30 a.m.
Painters District No.30
1905 Sequoia Drive, Aurora
Sponsored by New York Life

50th Anniversary: Gateway Foundation
Thursday, Sept. 27, 11 a.m. – 1 p.m.
400 Mercy Lane, Aurora
Ribbon Cutting @ 11:30 a.m.

Facebook    Blog    TwitterAurora Regional Chamber of Commerce
43 W. Galena Blvd.
Aurora, IL 60506
Phone: (630) 256-3180
Fax: (630) 256-3189
www.aurora-chamber.com

U.S. Senate to Vote on JOBS Act 3.0

Sunday, August 26th, 2018

Congress has been talking about pushing pro-growth bills to spur economic growth and job creation. Now is the time to hold Congress accountable.

The House has passed, by a wide bipartisan margin, a series of bills (JOBS Act 3.0) that help reverse the decline in companies going and staying public and reinvigorate innovation.

Going public gives a company an infusion of capital to invest in new business, grow and expand the company into new geographies, and create new jobs. And when more jobs are created, families are able to save, and to invest those savings.

We have half as many public companies today in the United States then we did in 1996.

The creation of public companies leads to both innovation and job creation. The Chamber is optimistic that the Senate can follow the House’s lead and pass a JOBS Act 3.0, but they need to hear from you.

Click here to share your thoughts with Sens. Durbin and Duckworth.

Ongoing Tariffs War Impacts Illinois

Friday, August 24th, 2018

According to media and business organizations, American businesses and consumers may bear the brunt of the emerging global trade war. These reports continue that tariffs are not the answer and can inflict great harm on our economy. The United States Chamber of Commerce stresses the U.S. needs free and fair trade; imposing tariffs to get there is the wrong approach.

Tariffs on steel, aluminum, and Chinese imports — as well as additional tariffs on automobiles and auto parts — have impacted business operations across the country. Long-standing trade partners, including Canada, Mexico, the European Union, and China, have already (or express plans to) respond with billions of dollars in tariffs on American-made products.

The U.S. Chamber estimates current and proposed tariffs could cost Illinois more than $4.3 billion. Did you know, Illinois exports annually:

  • More than $156 million dollars of bread, pastries, cakes, etc., to Canada?
  • More than $128 million in herbicides and antisprout chemicals to Canada?
  • More than $56 million in food preparations to Mexico?
  • More than $445 million in passenger vehicles to China?
  • More than $57 million in cooking appliances to Europe annually?

Millions of American jobs depend on our ability to trade with other companies. Did you know that more than 1.7 million Illinois jobs are supported by global trade?

How does (or will) the global trade tariffs impact you and your business? Share your experiences with us here.

Chicagoland Safety Health and Environmental Conference

Monday, June 25th, 2018

Does your business need money?  Do you know your OSHA and EPA requirements?

Registration is now open at www.chisafetyconf.org for Chicagoland Safety Health and Environmental Conference.  The conference is being held Sept. 17-20 at the Naperville campus of NIU.  Celebrating 30 years, the conference is the premier, once a year, four- day professional training event for EHS professionals, business owners, municipalities, safety committee members, plant managers, HR professionals and others who have EHS responsibilities.  Register now and take advantage of early bird pricing.

This year’s conference will feature speakers from the U.S. Small Business Administration who will share information about SBA Funding for Small Business, Disaster Preparedness and Cyber Security for Small Business.  Other educational training topics include Introduction to OSHA for Small Business, OSHA Inspections and Reporting Requirements, Active Shooter, Opioid Crisis, Multi-Generational Workforce, Environmental Compliance 101, Safety and Workers Comp, Marijuana in the Workplace, Clean Air Basics and Updates, Respectful Workplace –Sexual Harassment and Bullying, and many more.

In just the last two years, the conference has drawn more than 700 people from two foreign countries, 24 states, and 100 Illinois communities and more than 3,000 session attendees received training at the 150+ training sessions.  This year’s conference offers 91 timely, relevant and meaningful training sessions that are 90 minutes, three-hour or day-long workshops that provide Basic, Intermediate and Advanced Level training.  Presenters include OSHA Compliance Assistance Specialists, business owners, lawyers, university professors, business consultants, industry experts and others with extensive knowledge, skills and experience.

A day long Business EXPO on Wednesday allows businesses from across the country to showcase their latest products and services.  An evening networking event with hors d’oeuvres and drinks follows the Business EXPO.  The Keynote address will be given during the Thursday luncheon.  A continental breakfast, lunch and snacks during am/pm breaks are included each day.

The Chicagoland Safety Health and Environmental Conference  is honored to receive promotional support from the U.S. Small Business Administration, the National Federation of Independent Business (NFIB) and many State and local chambers of commerce, manufacturing associations, and business organizations including the  Aurora Regional Chamber of Commerce.  The chamber is a valued promotional sponsor and we encourage all Aurora Regional Chamber of Commerce member companies view information about the conference and register at www.chicsafetyconf.org.   Media sponsors are the Daily Herald Business Ledger and Industrial Hygiene News. 

U.S. Chamber: Overtime Rule Update

Friday, September 8th, 2017

We are pleased to report that late last week the Eastern District of Texas granted the Chamber’s motion for a permanent injunction on the Obama administration’s overtime rule. As you are aware, the Obama administration’s rule would have resulted in salaried professional employees being converted to hourly wages, reduced workplace flexibility and remote electronic access to work, and halted opportunities for career advancement.

This legal victory means small businesses, nonprofits, and other employers throughout the economy will not see excessive new labor costs and major disruptions in their day to day work.  Thank you to everyone who participated in our webinars, signed our letter to Congress, and who participated in the comment period and lawsuit.  

The Chamber is looking forward to working with the Department of Labor on a new rule to create a more suitable update to the salary threshold.