Reacting to sky-high fuel prices, the Internal Revenue Service announced that the optional business mileage reimbursement rate will increase from 50.5 cents per mile to 58.5 cents per mile on July 1, 2008. The new rate is scheduled through the end of the year, December 31, 2008. Workers who use their vehicles for business can use this standard mileage rate or deduct their actual expenses on tax returns. Many employers use the IRS standard rate when reimbursing workers who use their cars on the job. Besides the business mileage rate, the IRS also increased the mileage rate for deductible medical or moving expenses to 27 cents a mile, up 8 cents. The rate for providing services for charitable organizations, which is set by Congress, remains at 14 cents a mile.

Illinois' minimum wage increases to $7.75 per hour on July 1, 2008.

Indiana's minimum wage increases to $6.55 per hour on July 24, 2008.

On July 1, 2008, several taxing jurisdictions in Illinois have either imposed a tax or changed their tax rate on sales for home rule, non-home rule, county public safety or transportation, county school facility or business district sales taxes. The new state and local combined rate will be preprinted on Line 4a of your ST-1 Sales and Use Tax Return, as a total general merchandise rate.   One of the largest increases is in Cook County, which has a 1% sales tax increase, from .75% to 1.75% (bringing Chicago’s sales tax rate to 10.25% on July 1).  17 municipalities will increase their sales tax rates on July 1, including: Bloomington (+.25% to 7.75%), Crystal Lake (+.75% to 7.75%), DeKalb (.50% to 8.00%), Downers Grove (+.25% to 8.00%), Sycamore (+.50% to 7.50%), Volo (+1.00% to 8.00%) and West Chicago (+.50% to 7.75%). If you have any questions about what tax rate you should be charging, contact Joanne Rock at or 312-580-3032.

At its 6^th Annual Pinnacle Print Awards Gala held this past Tuesday, PII celebrated the exceptional print work originating in this two-state region.  PII’s Pinnacle Print Awards Competition recognizes outstanding craftsmanship in the creation, design and production of printed materials.  The competition promotes excellence in print communications and rewards companies and individuals who produce that excellence in print media.  During the evening, 59 Best of Category winners were awarded “The Pinnacle” in recognition of their towering achievements in print excellence.  Best of State – Illinois and Best of Show went to Darwill for their entry in the Directories and Source Books category and Best of State – Indiana went to Quality Printing for their entry in the Fashion/Popular Culture Magazines category.  All Best of Category winners are automatically entered into the global PIA/GATF Premier Print Awards competition.  See photos from the event by clicking here, and download the Pinnacle Awards Program here.  Our thanks to all who attended and participated and to PII’s Partners, Xerox, Heidelberg, Canon and Diversified Financial.