Our Silver Advantage Alerts provide timely updates on important accounting, tax, and consulting developments that impact our clients. Alerts are typically sent monthly unless tax law changes occur, driving additional communications.
As another tax year comes to a close, it is time to consider your tax planning opportunities. The tax law passed last December (TCJA) could have a major impact on your business and personal income tax returns.Year-End Planning:The C Corporation tax rate has been reduced to 21%. The tax rate for dividends paid from a corporation are taxed at the same rate as prior years which includes the qualified dividend rate of 15/20% plus the net investment income tax rate of 3.8. 2018 Year-End Planning... Read More...
As we approach the final weeks of 2018, there is still time to minimize your 2018 tax liability and get a jump start on your 2019 tax planning. As you may already know, 2018 saw one of the biggest overhauls to the tax code in decades, making tax planning an ever-more important tool for your financial health. This article highlights several potential tax-saving opportunities for you to consider.2018 Year-End Tax Planning Checklist Read More...
The idea of "Low Hanging Fruit” comes from the fruit producing industry. It is much easier to pick the fruit off the tree that can easily be reached than to use a ladder or other equipment. The concept is not a long-term, strategic program that should be used to solve major business problems. It is a short-term, tactical approach to provide almost instant gratification. If there is money sitting on the business table that can be ethically claimed, there is nothing wrong with picking it up. Read More...
Fall is back which means school is underway and recruiting season is heating up. Along with the excitement of recruiting season comes the anxiety of beginning a job search and finding the right job. Your first job after graduation is crucial and will impact your personal and professional development as you begin your career. Read More...
On August 8, 2018, the IRS issued new guidance on the 2017 Tax Reform Act, and more specifically, on the eligibility and limitations of the 20% deduction for Qualified Business Income (QBI), also referred to as the “20% pass-through deduction”. The recent guidance offers taxpayers some clarity for 2018 tax planning, though areas of uncertainty still remain. This article expands on our previous MichaelSilver News Alert that introduced the QBI deduction in February 2018. Read More...
The U.S. represents the world’s greatest buying population. How does a company take advantage of this opportunity? The right approach to doing business in the U.S.can separate those who succeed from those who do not. It is equally important to know how not to approach doing business in the U.S.
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On June 21, 2018, the U.S. Supreme Court issued its opinion in South Dakota v. Wayfair, a landmark sales and use tax nexus case that will have implications for many online sellers and multistate businesses. The Court ruled that a state can require an out‐of‐state seller to collect sales tax on sales shipped to customers in that state.
There is a new Illinois retirement program that is mandatory for certain employers called Illinois Secure Choice Savings Program. If your company does not currently offer a retirement plan, you may be required to offer this new plan to your employees.
Your loved one has passed and you are the executor and/or trustee. Suddenly you’re confronted with a set of unfamiliar responsibilities at what is already a difficult time in your life. You will find that there are many helpful people to guide you through this process:Your funeral director will assist you in getting copies of death certificates and notifying Social Security of your loss.Your loved one’s employer can assist you in claiming any available benefits to which you or your f... Read More...
Enforcement of the European Union's General Data Protection Regulation (GDPR) is a set of rules designed to give European Union (EU) citizens more control over their personal data. The GDPR applies to personal data relating to EU residents, regardless of where that data is processed and regulates the exportation of personal data outside the EU, as well as defines the scope of EU data protection legislation. Enforcement is scheduled to begin on May 25, 2018.European Unions General Data Protection... Read More...
MichaelSilver is a member of GMN International (GMN), a well-established association of independent accounting firms that provide accountancy, assurance, tax advisory, and business consultancy services to businesses worldwide. GMN’s initial meeting was held in 1977 in Munich, Germany with three members representing three countries. Today, the association has grown to include over 50 countries in 5 regions (Africa, Asia Pacific, Europe, North America, and South America) and m... Read More...
Some of you may not have heard, but the Financial Accounting Standards Board (FASB)has issued new accounting requirements for leases (ASC 842) that become effective in 2019 for public companies and 2020 for nonpublic companies. The accounting rules can be early applied and must be retroactively applied in comparative statements, so understanding the new lease rules and the impact on financial statements is imperative.As in previous standards, there are two types of leases, finance leases, which ... Read More...
Tax reform has been making headlines for the past few months, but you may have overlooked the drastic changes it will have on international tax and foreign transactions. There are many significant changes that affect both individuals and businesses and it is important to understand how you may be affected. Below are some key international highlights from the new tax law.International Tax Reform.pdf Read More...
The Tax Cuts and Jobs Act of 2017 was a sweeping tax package that has brought significant tax changes to individuals and corporations. A cornerstone of the Act is the new deduction for “qualified business income” (QBI), also referred to as the “pass-through deduction.” The new law provides individuals, as well as trusts and estates, with a deduction generally equal to 20% of qualified business income from a pass-through entity, such as a partnership, LLC, S-corporation, or sole proprietorship. Read More...
With tax filing season already upon us, there are many changes that Illinois tax filers may want to keep in mind when filing their 2017 tax returns and when planning for the 2018 filing season. This article highlights a handful of changes that will affect tax filers.Income Tax Rate IncreaseEffective July 1, 2017, the Illinois income tax rate for individuals, trusts and estates increased from 3.75 percent to 4.95 percent, while the income tax rate for corporations (excluding S corporations) incre... Read More...
Tax reform has arrived with some changes that could have a big impact on your bottom line. Itemized deductions have changed drastically with all of the new limitations and eliminations and with the standard deduction increasing to $24,000 for married individuals and $12,000 for all other taxpayers, it will become harder to meet the itemized deductions threshold than ever before. We have summarized some things you want may want to keep in mind on your tax returns beginning after December 31, 2017... Read More...
Beginning 2018, income tax withholdings have changed and employers should become familiar with the new Percentage Method Tables for Income Tax Withholdings. Please note there is a separate table for nonresident alien employees. Due to tax reform and income tax rate changes, The Department of Treasury strongly recommends implementing the 2018 withholding tables as soon as possible and no later than February 15, 2018. Read More...
January 2018 – The Tax Cuts and Jobs Act has altered many provisions related to a business's ability to deduct expenses incurred for travel, meals, and entertainment. The new provisions will apply to expenses incurred after December 31, 2017 and before January 1, 2026, barring any further action by congress, at which point additional provisions will take effect. Read More...
December 2017 – President Trump followed through with his promise of tax reform by year-end. This is the biggest overhaul of the code in more than 30 years and though public opinion hasn’t been overwhelmingly supportive of the bill, it is almost certain that all business and individuals will somehow be affected, so it is important to be educated and proactive when it comes to tax planning. Read More...
November 2017 – Congress is moving full steam ahead with their overhaul of the tax code. After the release of the House GOP tax proposal last week (for details on that proposal, please see our prior Tax Alert), the Senate has offered up their version of the Tax Cuts and Job Act. The Senate and the House must agree on a compromised Bill to be able to present it to President Trump to sign into law. Read More...