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.
More Incentives Available Related to Electric Vehicles
There is good news for individual consumers and businesses considering the purchase of an electric vehicle. The 2022 Inflation Reduction Act extended certain tax credits through 2032.
2023 Year-End Checklist For Dealers
It is time to consider your tax planning opportunities and year-end tasks as another tax year comes to a close.
Form 8300 Updated Filing Requirements
Starting January 1, 2024, the IRS is requiring most businesses to file Form 8300 electronically (e-file) instead of filing a paper return.
Will Your 401(k) Plan Require an Audit Under New Reporting Requirements?
Reporting requirements for employee benefit plans are changing, effective for plan years beginning on or after January 1, 2023. If you are a small business employer sponsoring a 401(k) plan for your employees, your plan may no longer require an audit for the plan years beginning on or after January 1, 2023.
Accounts Receivable Allowance – New Requirements Effective for 2023
In 2016, the FASB issued Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. Several amendments were subsequently issued, and the effective dates were delayed. The time has now come for private companies to follow Accounting Standards Codification 326 (Standard).
Changes to Catch-Up Contributions: IRS Provides Administrative Transition Relief
Retirement plan administrators have received a reprieve from an upcoming deadline that has been causing frustration throughout the benefits industry. The SECURE 2.0 Act of 2022 (SECURE 2.0) affects how certain retirement account holders may make catch-up contributions.
Augmented Reality Revolutionizes Manufacturing
The manufacturing industry is continually evolving as manufacturers strive for improvements both in efficiency and profitability while maintaining high precision requirements with increasingly complex processes to meet customer demands. One of the most promising technologies that has emerged in recent years is augmented reality (AR).
May 2023 Power Steering
Midyear Planning
As we approach the midpoint of the year 2023, it is the perfect time to assess your tax situation and explore strategies to optimize your financial position.
Tips and Best Practices for Nonprofit Cost Allocations
A significant challenge facing many nonprofit organizations involves determining how much of their resources and expenses go toward each of their programs. Nonprofits do not necessarily see returns on investment in the same way as for-profit businesses, so they must find other means for tracking the sustainability of their operations.