Retail

Solutions Tailored to Your Business

 

MichaelSilver serves a broad range of retail clients. In addition to our traditional tax and accounting services, such as compilations, reviews, audits, and tax return preparation, we also provide consulting services tailored to address issues unique to the retail industry. Our vast experience and understanding of retail businesses put us in a unique position to help you and your company succeed.  We can address:

 

  • Inventory Issues
  • Cash Management
  • Financing
  • Profitability Analysis of Individual Product Lines
  • Payroll and Employee Benefit Issues
  • Proper Tax Reporting of Gift Certificates
  • Sales and Use Tax, Including Managing Tax Audits
  • Optimization of Accounting Income While Minimizing Tax Burden
  • Consulting on Issues Such as:
    – Assistance with Banking Relationships
    – Personnel and Human Resource Matters
    – Lease Negotiations
    – Organization Structure
    – Boards of Advisors
    – Marketing Strategies

We provide consulting services tailored
to address your unique business.

John Poulopoulos

John Poulopoulos

CPA, Partner



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Ryan Lubinski

Ryan Lubinski

CPA, Partner



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Silver Advantage Alerts

Illinois Sales and Use Tax Applies to Leased or Rented Tangible Personal Property

In 2025, Illinois is expecting changes to take effect, including easier gym membership cancellations and the introduction of digital driver’s licenses. One significant change that became effective on January 1, 2025, impacts those who lease or rent tangible personal property to others in the ordinary course of business. Lessors are now considered to be retailers subject to Illinois’ Sales and Use Tax, and are required to register with the Illinois Department of Revenue (IDOR) and pay tax on lease or rental receipts.

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The Importance of Due Diligence in Buying a Business

Buying a business is like picking a spouse from a dating app. The picture looks good, the bio reads well, and the prospects seem favorable. Then you sit back and think, “Hey, pictures can be doctored; that person authored his/her bio, and you have no idea if this person has lifetime friends, comes from a good family, is in debt up to their eyeballs, or has a history of stable relationships.”

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