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 IRS Provides RMD Rollover Relief
June 26, 2020 On June 23, 2020, the Internal Revenue Service released Notice 2020-51 that provides relief to taxpayers who had already taken their required minimum distributions (RMD) prior to the CARES Act that suspended the requirement for 2020....
Midyear Planning
By Judy Mason, CPA, CVA - Partner June 23, 2020 We hope that you and your loved ones are safe as you continue to manage with the current COVID-19 crisis. We know this has impacted both your business and personal lives. This most recent tax...
New SBA Guidance on Qualifications for a Payroll Protection Program Loan
By Janell Wilson, CPA - Partner and Harry A. Steindler, CPA - Partner May 6, 2020 On May 5, 2020, the SBA stated that it will extend the PPP safe harbor repayment date from May 7th to May 14th. Thus, any PPP borrower who repays the loan by May...
Payroll Protection Program: Best Practices for Loan Forgiveness
By Janell Wilson, CPA - Partner April 21, 2020 A couple of weeks ago, many of our small business clients were anxiously waiting for banks to begin accepting Payroll Protection Program (PPP) loan applications. Fast forward two weeks, and many of you...
Payroll Protection Program for the Self-Employed and Payroll Tax Updates
PAYROLL PROTECTION PROGRAM FOR THE SELF-EMPLOYEDOn April 14, 2020, the Small Business Administration (SBA) released another Interim Final Rule related to the Payroll Protection Program (PPP). This Rule provides guidance for individuals with...
$2 Trillion Rescue Package to Combat Coronavirus – Coronavirus Aid, Relief, and Economic Security (CARES) Act
$2 Trillion Rescue Package to Combat Coronavirus – Coronavirus Aid, Relief, and Economic Security (CARES) ActOn March 27, 2020, President Trump signed into law the CARES Act worth more than $2 Trillion to stimulate the economy from the effects of...
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...