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.
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. Our commitment is to empower your business with accurate, timely, and insightful reporting, ensuring compliance and fostering growth.
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.
Important Update: Federal Court Issues Nationwide Injunction Against Corporate Transparency Act
On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a preliminary injunction blocking enforcement of the Corporate Transparency Act (CTA) and its implementing regulations nationwide.
Get Your Business on Track for a Strong Start to 2025
As the year wraps up, now is the perfect time to organize your financial information and ensure your business is on track for a strong start to 2025. To support your year-end review, we’ve created a checklist of key tasks and reminders.
2024 Year-End Checklist For Dealers
As another tax year comes to a close, it is time to consider your tax planning opportunities and year-end tasks.