Silver Advantage Alerts
Keeping You Informed
We strive to keep you abreast of the latest news and emerging trends that may impact your business decisions through MichaelSilver’s Silver Advantage Alerts. Explore the latest finance and industry updates below and sign up to receive our alerts directly in your inbox.
Understanding the Approaching Changes to Estate and Gift Tax Exclusions
The lifetime estate and gift tax basic exclusions are set to undergo a significant reduction after 2025, a repercussion of the approaching sunset of the temporary provisions introduced by the Tax Cuts and Jobs Act (TCJA).
Illinois Imposes an Estate Tax for Residents and Nonresidents
Illinois is one of the eleven states that impose an estate tax on a portion of a person’s assets upon death. The Illinois estate tax has a significantly lower exemption and broader reach than the federal estate tax system.
MichaelSilver Bells! MichaelSilver Bells! It’s 1099 Time in the City!
Our Client Accounting/Advisory Services group at MichaelSilver is ready to prepare your 2023 1099s!
2023 Year-End Tax Planning Checklist
As 2024 draws near, it is an excellent time to review your tax planning strategies. This guide outlines various potential tax-saving opportunities.
More Incentives Available Related to Electric Vehicles
There is good news for individual consumers and businesses considering the purchase of an electric vehicle. The 2022 Inflation Reduction Act extended certain tax credits through 2032.
2023 Year-End Checklist For Dealers
It is time to consider your tax planning opportunities and year-end tasks as another tax year comes to a close.
Form 8300 Updated Filing Requirements
Starting January 1, 2024, the IRS is requiring most businesses to file Form 8300 electronically (e-file) instead of filing a paper return.
Will Your 401(k) Plan Require an Audit Under New Reporting Requirements?
Reporting requirements for employee benefit plans are changing, effective for plan years beginning on or after January 1, 2023. If you are a small business employer sponsoring a 401(k) plan for your employees, your plan may no longer require an audit for the plan years beginning on or after January 1, 2023.
Accounts Receivable Allowance – New Requirements Effective for 2023
In 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Several amendments were subsequently issued, and the effective dates were delayed. The time has now come for private companies to follow Accounting Standards Codification 326 (Standard).
Changes to Catch-Up Contributions: IRS Provides Administrative Transition Relief
Retirement plan administrators have received a reprieve from an upcoming deadline that has been causing frustration throughout the benefits industry. The SECURE 2.0 Act of 2022 (SECURE 2.0) affects how certain retirement account holders may make catch-up contributions.