Silver Advantage Alerts
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.

Tax Deadline for Individual (1040) Tax Returns Pushed to May 17, 2021

On Wednesday, March 17, 2021, the Treasury Department and IRS announced that the federal income tax filing due date for individuals (1040) for the 2020 tax year will be postponed from April 15, 2021 to May 17, 2021. Illinois and various other states have already followed the lead of IRS and are extending their due dates for 1040s to May 17th as well.

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Combatting Identity Fraud

You may have already heard the news that the Illinois Department of Employment Security (IDES) is reporting an increase in fraudulent unemployment claims in recent months.

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New Act Provides Relief for Struggling Businesses

On December 27, 2020, the President signed the Consolidated Appropriation Act (Act), which includes legislation offering $900 Billion in COVID-19 Relief. Many of the Act’s provisions were designed to help business owners who are struggling with the effect of the pandemic on their businesses.

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Happy New Year! It’s . . . 1099 Season!

Out with 2020 and in with 2021! It’s time to prepare 1099s!
That’s right, for us accounting geeks, we get to start focusing on getting those 1099s prepared and delivered – and we don’t need FedEx or UPS to get it done!

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$900 Billion COVID-19 Relief Bill Passed by Congress

GREAT NEWS! As part of the federal stimulus act that was passed in Congress last night, eligible business expenses paid with forgiven PPP loans are tax-deductible. As we previously discussed, the Treasury guidance had indicated the opposite. This latest legislation reverses that and allows deductions for these business expenses.

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