In This Issue:

NWHCC's El Cafecito- March 4, 2020

State Minimum Wage Credit for Employers

NWHCC’s March 4, 2020 El Cafecito

Join the Northwest Hispanic Chamber of Commerce for the March 2020 El Cafecito on Wednesday, March 4, 2020 from 9:00 – 10:30 AM at Bright Futures Chiropractic, 657 E. Golf Rd, #301, in Arlington Heights. This month’s topic is “Business Health & Well Being.” 

Come prepared to share and learn from other small business owners. What works for you?  What’s been a challenge?  You will walk away with great ideas and an expanded network. 
 
For more information, contact Mario Farfan at the Chamber, (630) 708-0694, or Nwhcc@wildapricot.org. Visit the Chamber website. You can learn more and register here.

IDOR Reminds Illinois Businesses of Minimum Wage Tax Credit Available This Year

The Illinois Department of Revenue (IDOR) is reminding small businesses they can utilize the Minimum Wage Credit starting January 1, 2020. The new tax credit is designed to help small businesses offset the state's minimum wage rate that will gradually increase to $15 an hour over the next six years. Businesses can claim now the credit on their quarterly Illinois Withholding Income Tax Returns.

Beginning this year, businesses and nonprofits with 50 full-time equivalent employees or less are eligible to offset a portion of the minimum wage increase cost from their withholding income taxes. The maximum credit amount allowed is 25 percent of the difference between the new minimum wage and what each employee was paid previously. The percentage allowed each proceeding year will decrease before sunsetting in 2026 for most small businesses. Eligible businesses can claim this credit by filing Form IL-941, Illinois Withholding Income Tax Return, and a new schedule.
 
Illinois' minimum wage was last raised in 2010 (to $8.25). Raising the wage to $15 an hour is estimated to impact 1.4 million Illinoisans, according to the Illinois Economic Policy Institute at the University of Illinois.
 
Visit IDOR's website  tax.illinois.gov for information on how to calculate this credit, as well as additional resources, including IDOR's withholding income tax Information Bulletin  FY2020-13  and Frequently Asked Questions (FAQs).

Professional Guidance for Business Growth at Village Hall

Illinois Small Business Development Centers are located throughout the state and provide information, confidential business guidance, training and other resources to start-up and existing small businesses.
Services Include:

• One-on-one business advice and management assistance. 
• Assistance with the development of business plans. 
• Help with accessing market information and the development of marketing plans. 
• Assistance with accessing business financing programs. 
• Assistance with financial analysis and planning. 
• Access to business education and training opportunities. 
• Specialized services in technology, innovation and entrepreneurial development.

     
The Village has partnered with the Women’s Business Center of Aurora, and offers on-site counseling at Village Hall, the 2^nd Tuesday of every month.

News for Exporters

NEW Exporting Skills Videos - The Complete List

Did you miss one or more of the new Exporting Skills videos? These new short videos from the Federal Department of Commerce will help you gain an understanding of key international trade topics. Here's the complete list with updated links.

• Protect your Sale and Customer Relationship. View "Negotiating an Export Sales Agreement with a Pro Forma Invoice."
• Selling to an FTA country? Watch "How to Qualify for FTA Tariff Preferences."
• The FTA Certificate of Origin Tutorial will help you meet the recordkeeping requirements.
• For sales to the European Union, learn about the CE Mark.
• Interested in exporting to China? Find out about the CCC Mark.
• Find out how to Determine the Total Export Price with Foreign Tariff and Taxes.
• Understanding Your Product's HS Code explains why the HS code is a powerful bit of information and how to identify your product's code.
• Look up foreign tariffs and taxes via export.gov access to the Customs Info Database. 

Employers: Take Advantage of Expanded Work Opportunity Tax Credit

The IRS urges employers to take advantage of a valuable tax credit designed to help those who hire long-term unemployment recipients and workers who face significant barriers to employment. The Work Opportunity Tax Credit  is available to employers for hiring individuals from certain targeted groups who have faced barriers to employment.

The Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) retroactively allows eligible employers to claim the Work Opportunity Tax Credit (WOTC) for all targeted group employee categories that were in effect prior to the enactment of the PATH Act, if the individual began or begins work for the employer after December 31, 2014 and before January 1, 2020. For tax-exempt employers, the PATH Act retroactively allows them to claim the WOTC for qualified veterans who begin work for the employer after December 31, 2014 and before January 1, 2020.

Click here for a list of targeted groups and more information.