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.
Midyear Planning
As we continue to strive toward a post COVID-19 world, we hope that you and your loved ones find yourselves safe and well. We once again navigated a postponed tax filing season, albeit a shorter one, which brought with it its unique challenges as well as some tax saving opportunities provided by continued relief legislation.
Do You Know the Value of Your Manufacturing Business?
Owners of manufacturing businesses often wonder, “What’s my business worth?” This question is especially pressing if the business is the target of an acquisition, or if the owner is considering selling or transferring the business to heirs. Valuing your manufacturing business is a critical measure for you and your stakeholders who may include family members, shareholders, your management team, employees, and lenders.
Six Elements of a Successful Exit Plan
Developing an exit plan is the most important thing a business owner can do to protect the value of their business and avoid a “worst case” scenario. An exit plan is a comprehensive roadmap that addresses all the business, personal, financial, legal, and tax issues involved in selling a privately owned business.
Employee Retention Tax Credit Provides Additional Relief for Businesses
The Employee Retention Tax Credit (ERTC) encourages companies to maintain their workforce by providing eligible businesses with a fully refundable tax credit on qualified employee wages.
The Restaurant Revitalization Fund as Part of the $1.9 Trillion American Rescue Plan
One year ago today, as we are writing this, Governor Pritzker ordered all restaurants and related food service businesses to stop “on-premises” consumption. The original order was to last two weeks. The rest is history – without a doubt, the darkest year ever for the restaurant and bar industry.
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.
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.