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.
Major Developments Related to COVID-19 and the Impact on MichaelSilver and Our Clients
On March 20, 2020, the Treasury Department and the Internal Revenue Service extended the federal income tax filing deadline from April 15th to July 15th. This coincides with the federal tax payment deadline that was extended to July 15th earlier in...
Sick Pay, Medical Leave, and Payroll Tax Credits Provided
President Trump signed into law H.R. 6201 the Families First Coronavirus Response Act (“the Act”) on March 18, 2020. The Act provides emergency paid sick leave, expands the Family and Medical Leave Act, and provides payroll tax credits to certain...
Additional Guidance from the IRS on the Deferred April 15th Payments
The Internal Revenue Service formally provided more information yesterday on the deferred April 15th tax payments in Notice 2020-17. The 2019 tax return filing deadline of April 15th has NOT been extended.The Notice indicates that all taxpayers are...
Business During World Crisis
The world has not panicked yet, but the Corona Virus is bringing us close. The news media lets us know daily the number of Corona-related deaths and illnesses. The geographic spread changes by the hour. Newscasters report that many large...
IRS Defers Payment Date for 2019 Tax Returns by 90 Days
In a press conference yesterday, Treasury Secretary, Steven Mnuchin, announced that the IRS is giving individuals and businesses an additional 90 days to pay taxes on their 2019 tax returns without being subject to interest and penalties. The...
How Does the SECURE Act Affect Your Retirement Plans?
The SECURE Act was signed into law by President Trump on December 20, 2019. The bill was created to help Americans save for retirement. The following are key provisions related to retirement planning. Elimination of the Maximum Age for...
What You Need To Know About The Revamped 2020 Form W-4
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...
2019 Year-End Tax Planning Checklist For Dealers
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...
2019 Year-End Tax Planning Checklist
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...
New Overtime Rules Take Effect January 1, Add to Slate of New Employment Laws
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. executive, administrative and professional...