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.
The IRS recently released a completely revamped 2020 Form W-4, Employee’s Withholding Certificate. The new format requires businesses to change the way they determine the amount to withhold for Federal income taxes from an employee’s pay. These changes may significantly impact the way businesses handle payroll, including calculating withholding taxes, reporting it correctly on employee paystubs and W-2 Forms, and maintaining a dual payroll system that integrates the new withholding format alongs... Read More...
As another tax year comes to a close, it is time to consider your tax planning opportunities. The tax law passed at the end of 2017 continues to have a major impact on your business and personal income tax returns. Year-End Planning:Owners who operate their business as a pass-through entity such as partnerships and S Corporations are entitled to a deduction of up to 20% of their qualified business income (QBI). The deduction can be maximized through salary planning and entity aggregation.20... Read More...
As the end of the year approaches, it is a good time to think of planning moves that could help lower your tax bill for this year and possibly the next. Year-end planning for 2019 takes place against the backdrop of major changes in the rules for individuals and businesses. For individuals, these changes include lower income tax rates, a boosted standard deduction, and severely limited itemized deductions. Read More...
The US Department of Labor (DOL) has published its final overtime rule. The final rule will become effective on January 1, 2020. The new rule affects workers who serve in white-collar exempt roles (e.g. Read More...
Most companies know that their most important asset is their people, but many companies and organizations pay only “lip service” to proper selection, training, motivation, and management of their people. In this article we are going to focus on effective selection or hiring. Today’s very tight labor market requires extreme care in making the right hire. The cost of a bad hire is significant. Read More...
It is hard to believe that about 18 months have passed since President Trump signed into law the Tax Cuts and Jobs Act (TCJA)—the largest major tax reform in over three decades. As the IRS continues to release guidance on the new law, the following are a few planning opportunities that could provide current and future tax savings. Read More...
Illinois Announces a Tax Amnesty Program - Illinois enacted two tax amnesty programs that will be available from October 1, 2019 through November 15, 2019. This is the first tax amnesty Illinois has offered since 2010. Under both programs, the Illinois Department of Revenue waives applicable interest and penalties. Read More...
Included in a flurry of late legislative session activity, Illinois just enacted a new sales tax law to expand the manufacturing machinery and equipment exemption to include production-related, tangible personal property purchased on or after July 1, 2019.Effective July 1, 2019, manufacturers will no longer have to pay sales tax on most of the tangible personal property, supplies, and consumable goods purchased for direct or indirect use in the manufacturing process. Read More...
What we keep referring to as the new revenue recognition standard isn’t so “new” anymore, as the guidance was issued in 2014. However, considering the many amendments issued in the years following and the delay of the effective date, it is still “new” to many of us. The new revenue recognition guidance is contained in the FASB Codification, Topic 606: Revenue from Contracts with Customers. Read More...
The world has gotten a lot smaller than it used to be, figuratively speaking of course, because travel and communication have gotten so much better and affordable during the last decade. More people than ever travel to other countries for both business and leisure and more and more companies are finding it essential to expand operations or take advantage of other benefits of doing business beyond their home country. That said, many companies make the mistake of assuming that success at home will... Read More...
The Illinois Secure Choice program is a mandatory state run retirement plan. It will apply to your company if you meet the state mandated criteria (defined below) and if you do not currently offer a retirement plan to your employees. However, even if your company does offer a retirement plan (such as a 401-k or profit sharing plan) there is action you are required to take. Read More...
In July, we wrote to tell you about the results of a June 2018 Supreme Court decision that will impact interstate sales for years to come. In the Wayfair case, the Supreme Court ruled that a state can require any seller to charge sales tax regardless of any physical presence in that state by the seller, as long as the seller has a defined economic presence in the state.Interstate Sellers: Are You Ready for Sales Tax after Wayfair? Read More...
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.