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.
New IL Bill Unleashes Trio of Tax Amnesty Programs — Hall Pass Included
Fresh off the Governor’s desk in mid-June, House Bill 2755 (Public Act 104‑0006) rolled into law as part of Illinois’ fiscal year 2026 budget. Alongside sweeping tax changes, including the rollout of sports betting levies and the expansion of nexus definitions, the legislation authorizes three new amnesty programs for overdue taxes.
Top 5 Reasons Why Having Your Accounting in Order is Crucial for Business Success
In the dynamic and fast-paced world of business, maintaining accurate and organized financial records is paramount. Whether you are a small startup or an established company, the importance of having your accounting/bookkeeping in order cannot be overstated.
One Big Beautiful Bill: A New Era in Tax Policy Begins
The United States Senate passed the 2025 Tax Act, which would become the final version of what is referred to as One Big Beautiful Bill (OBBB) on July 1, 2025.
Software Update: Smarter Tools, Smoother Workflows
Each quarter, our team reviews the latest updates from the accounting software platforms we use to serve you better. These enhancements are designed to streamline your experience, boost accuracy, and help you make smarter, faster decisions.
Not All Taxes Are Income-Based: What Businesses Need to Know
When thinking about business taxes, federal and state income taxes often take center stage. But income tax is just one piece of the puzzle.
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).