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.
There Is A New Mandatory Retirement Program in Illinois. Does It Apply To Your Business?
There is a new Illinois retirement program that is mandatory for certain employers called Illinois Secure Choice Savings Program. If your company does not currently offer a retirement plan, you may be required to offer this new plan to your...
What Steps Do You Take When a Loved One Passes?
Your loved one has passed and you are the executor and/or trustee. Suddenly you’re confronted with a set of unfamiliar responsibilities at what is already a difficult time in your life. You will find that there are many helpful people to guide you...
European Union's General Data Protection Regulation – What You Should Know
Enforcement of the European Union's General Data Protection Regulation (GDPR) is a set of rules designed to give European Union (EU) citizens more control over their personal data. The GDPR applies to personal data relating to EU residents,...
Thinking About Expanding Your Business Abroad? We Can Help.
MichaelSilver is a member of GMN International (GMN), a well-established association of independent accounting firms that provide accountancy, assurance, tax advisory, and business consultancy services to businesses worldwide.GMN’s...
Here Come the New Lease Rules!!
Some of you may not have heard, but the Financial Accounting Standards Board (FASB)has issued new accounting requirements for leases (ASC 842) that become effective in 2019 for public companies and 2020 for nonpublic companies. The accounting rules...
International Tax Reform: You’re Not in Kansas Anymore
Tax reform has been making headlines for the past few months, but you may have overlooked the drastic changes it will have on international tax and foreign transactions. There are many significant changes that affect both individuals and businesses...
What Is The Qualified Business Income Deduction
The Tax Cuts and Jobs Act of 2017 was a sweeping tax package that has brought significant tax changes to individuals and corporations. A cornerstone of the Act is the new deduction for “qualified business income” (QBI), also referred to as the...
What's New? Illinois Tax
With tax filing season already upon us, there are many changes that Illinois tax filers may want to keep in mind when filing their 2017 tax returns and when planning for the 2018 filing season. This article highlights a handful of changes that will...
Tax Reform and Itemized Deductions
Tax reform has arrived with some changes that could have a big impact on your bottom line. Itemized deductions have changed drastically with all of the new limitations and eliminations and with the standard deduction increasing to $24,000 for...
Income Tax Withholdings & Mandatory Electronic Remittance of IL W-2’s
Beginning 2018, income tax withholdings have changed and employers should become familiar with the new Percentage Method Tables for Income Tax Withholdings. Please note there is a separate table for nonresident alien employees. Due to tax reform...