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.

Boost Your Organization’s Success – Proper Internal Controls

Internal controls are vital to every organization. These processes can be challenging for smaller organizations because of limited employee numbers and operating budget constraints. Management in small organizations takes on many duties that would ordinarily be separated in larger organizations.

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Business Continuation Planning – Is Your Company Prepared?

When COVID locked down the country, many companies had to scramble and implement a disaster recovery plan on the fly. What would the impact be on the business with the unexpected loss of a business owner due to disability or death? Having a proper plan in place when a business owner unexpectedly dies or becomes disabled can have a significant impact on both the survival and value of a company. Having a properly written Business Continuation Plan funded may help minimize the issues caused by the sudden loss of a business’s owner.

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Accounting and Tax Considerations for Expanding into the United States

MichaelSilver works with many international companies looking to start or expand their business in the United States. Typically, these companies are successful in their home country. The owners know the United States is the land of opportunity as well as the land of tax traps and legal problems. We share the common goal of wanting these businesses to succeed in their endeavors in the United States and we help them navigate the complexities of the United States’ business world.

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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.

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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.

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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.

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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.

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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.

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