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.
Chicago Lease Tax: What Businesses Need to Know in 2025
If there’s one thing Chicago loves (besides deep-dish pizza and unpredictable weather), it’s taxes. And starting January 1, 2025, the city has again turned up the heat—this time on leases. The Personal Property Lease Transaction Tax (PPLTT) has increased.
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.
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.”
Discover the Future of Financial Excellence: Explore Our New CAS Website
We are excited to unveil our newly designed Client Accounting/Advisory Services (CAS) website, crafted to provide you with unparalleled financial insights and strategic support.
Understanding State and Local Taxes for Businesses
In the business world, we all know Uncle Sam gets the spotlight when it comes to taxes, but let’s not forget about his quieter, sneakier cousins: state and local taxes (SALT).
Important Update: Beneficial Ownership Information Reporting is Back in Effect and FinCEN Extends Deadline
The previous nationwide injunction on Beneficial Ownership Information (BOI) reporting has been lifted following a February 18, 2025 court decision. BOI reporting requirements under the Corporate Transparency Act (CTA) are now back in effect.
A Guide to Hiring and Managing Household Employees: What You Need to Know
If you hire someone to help in your home—whether a nanny, housekeeper, or caregiver—you may be considered a household employer. Many people don’t realize that hiring domestic help comes with tax and legal responsibilities.
Introducing the “Illinois Gives” Tax Credit Program
A new Illinois income tax credit is now available for tax years ending on or after December 31, 2025 through December 31, 2029. The “Illinois Gives Tax Credit Act” provides a 25% tax credit to taxpayers who make qualified contributions to a permanent endowment fund held by a Qualified Community Foundation (QCF).
IRS Identity Protection Personal Identification Number (IP PIN) Opt-in Program
As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an identity protection personal identification number (IP PIN).
Time to Prepare for the 2024 1099 Filing Season
As we approach the end of the year, it’s time to start preparing for the 2024 1099 filing season. We aim to make this process as smooth and stress-free as possible for you.