Prepared and Distributed by The Midwest Hardware Association, Inc.
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Legislature Shaping Up To Look Much Different Next Year
By Misha Lee, MHA Wisconsin Lobbyist
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The Wisconsin state legislature is shaping up to look considerably different next year due to a recent rash of legislative and leadership retirements ahead of the fall elections. A handful of incumbent retirements at the conclusion of every two-year session is nothing out of the ordinary, but the sheer volume of retirements this time around (22 in total at the moment), along with a few notable names, has been unexpected. Despite this, Republicans are expected to retain control of both chambers next year, but the caucuses will look much different when session kicks off next January.
Many of the changes facing the Legislature are from retirements with one potential departing lawmaker resulting from a state senator being adversely carved out of his current senate district because of a newly drawn district arising from reapportionment. The Wisconsin Supreme Court is currently reviewing the new districts and will likely render its decision sometime in April. Every ten years states conduct a process known as redistricting where new legislative district boundaries are drawn based on updated U.S. Census data. There are also nine legislators that are leaving their current positions to run for higher office. In total, 13 Republicans and 9 Democrats are either retiring or running for another office, and there may be a few more announcements yet to come.
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Illinois Considers Anti-Crime Legislation
By Alec Laird, MHA Illinois Lobbyist and Vice President, Government Relations for the Illinois Retail Merchants Association
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The Illinois Retail Merchants Association (IRMA) and Illinois Office of Attorney General (OAG) have collaborated to create a comprehensive legislative package to address organized retail crime (ORC) in Illinois. The Illinois General Assembly is set to consider the legislation package prior to the scheduled adjournment of April 8th. The package includes the following elements:
- Focuses on Organized Retail Crime The proposal creates and specifically defines a violation of organized retail crime (ORC). ORC is usually committed by an individual or individuals who work together to steal merchandise and resell the item(s) for profit to fund other illegal activities such as gun, drug, and human trafficking.
- Deters Smash-and-Grab Thefts Smash-and-grab thefts occur when a group of individuals rush into a retailer and destroy retail property or threaten retail team members while stealing a great amount of inventory in a short period of time. This sometimes involves the use of vehicles and other tools to gain entry into the retailer or to the merchandise.
- Deters Supply Chain Thefts Individuals are increasingly involved in stealing merchandise while it is in transit between the manufacture and distributor and the retailer or between the retailer and the consumer. This involves raiding delivery vehicles while packages are being delivered. It also includes raiding cargo containers on trains.
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Why Federal Taxes Are Potentially Different
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We are receiving several questions regarding federal withholding. More specifically, employees questioning why there were little or no federal withholding on their paychecks. What we are finding is that the answers lie within how employees have completed the redesigned Form W-4.
The Form W-4 was significantly redesigned in 2020. Prior to the redesigned form and depending upon your circumstance, you might have previously under-withheld and owed money, or over-withheld and received a larger refund than usual when you filed your taxes. That may no longer be the case with the redesigned Form W-4. In other words, it is possible that individuals who previously had federal tax withheld is no longer having tax withheld after completing the redesigned W-4. Some employees may have completed the redesigned W-4 correctly and some may completed the form incorrectly, causing them to owe money when filing taxes. What can employees do if they feel tax or more tax should be withheld from their paycheck?
In order to answer that question, we need to take a step back and understand why the form W-4 was redesigned. The Tax Cuts and Jobs Act in 2017 significantly changed how the federal income tax system works. Some of the changes included removing personal exemptions and increasing the standard deduction. In other words, you can no longer claim personal exemptions or dependency exemptions. However, the new tax changes didn’t work well with the previous version (prior to 2020) of Form W-4, which then led to the redesigned form. The redesigned form was simplified to include more straightforward questions so employee’s withholding would be more accurate. More accurate meaning, not owing a large amount of money nor getting a large refund when you file your tax return.
Now that we have a general understanding why the form was redesigned, where can employees find more information about how to complete the redesigned Form W-4 for their circumstance?
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Sales Trends January 2022
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Here are the most recent Illinois, Minnesota-Dakotas, and Wisconsin hardware store sales trends, gathered from association members using the MHA's monthly accounting services. The figures derived for each region include sales data from the following number of stores:
Illinois - 19 stores
Minn.-Dakotas - 12 stores
Wisconsin - 55 stores
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Bankcard Processing Service
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The Midwest Hardware Association has over 300 businesses using our Bankcard Processing program. We process Visa, MasterCard, Discover, and American Express offering the fastest possible turnaround time for payment of your funds.
With so many bankcard processors constantly after your business, why do dealers choose to process their credit and debit cards through the MHA? Here are just a few reasons:
- We understand the hardware business and the type of bankcard transactions that you accept. We price our service accordingly, thereby minimizing your costs.
- We have a dedicated staff with over 40 years of experience in processing bankcards for stores just like yours. You will have a specific contact person servicing your account. With other processors, you will most likely end up with an unfamiliar, different person every time you call.
- On a daily basis, your bankcard sales dollars are deposited straight into your bank account and become available for you to use, rather than being posted to your wholesaler’s billing statement as a credit towards future purchases.
- Without ongoing PCI compliance, your processing costs and risk go up. As a participating MHA member on our bankcard service, we will assist you in validating your annual PCI compliance. Most other bankcard processors do not provide this service.
- You can trust us. As your trade association, we owe it to you, our member, to fairly evaluate our bankcard program against competitors and honestly inform you of the best fit for your store.
- Our agreement does not have any termination fees or minimum requirements for the length of time that you must remain on the program.
As a member-driven organization, the Midwest Hardware Association is in business to help you become as successful as possible. Our bankcard program sets itself apart from other processors by merging together the best service with the lowest possible cost.
Testimonial
“Bankcard has grown so much over the past years that managing it has become a very important part of my business. I trust MHA and I am comfortable. I don’t want to change to anyone else.”
Wayne Cole
Cole Hardware Hank
Grand Rapids, MN
For more information about the MHA Bankcard Processing program, please contact Mac Hardin by phone at 1-800-999-4399 or by email at [email protected].
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