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.
The American Rescue Plan Extends Relief Through 2021
President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARP) on March 11, 2021. The ARP provides relief funding to families and individuals, state and local governments, businesses and tax-exempt organizations.
Evaluating a Target’s Customer Base in a Potential Acquisition
Revenue and value are of paramount importance when considering whether to acquire a company. It is vitally important to evaluate the target’s customer base to be sure it can generate revenue or driving value as desired.
Accounting for Foreign Currency Transactions and Exchange Rates
The world as we know it has changed significantly within the last year with the spread of the COVID-19 virus and pandemic. Individual governments have reacted to the virus to protect the health and economic welfare of their citizens using different methods.
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.
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.
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!
$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.
Framework Summary of the Bipartisan COVID Relief Act of 2020
On December 9, 2020, legislators released a Framework Summary of the Bipartisan COVID Relief Act of 2020. The framework calls for an additional $300 billion to be released to the Small Business Administration, providing additional funding that would allow the hardest hit small businesses to receive a second forgivable Paycheck Protection Program (PPP) loan.
2020 Year-End Tax Planning Checklist
With the countless challenges we have faced this year, it is understandable that tax planning may not have been top of mind for many of us. The good news is there is still time to consider tax-saving opportunities and develop a plan to reduce your tax and financial burden for 2020.
Latest IRS Guidance on Non-Deductibility of PPP-Related Expenses
On November 18, 2020, the Internal Revenue Service doubled down on its position that businesses receiving PPP loan forgiveness cannot deduct the PPP-related expenses. Revenue Ruling 2020-27 addresses the timing of the non-deductibility of PPP related expenses.