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.
Intuit Will No Longer Support QuickBooks Desktop Pro 2021 as of May 31, 2024
We are providing you with some very important information from Intuit for users of QuickBooks Desktop and those considering new accounting software! As of May 31, 2024, Intuit will no longer support QuickBooks Desktop Pro 2021.
Important 2024 Compliance Reminder: Illinois Unclaimed Property
The Illinois Treasurer requires all businesses and not-for-profits to file annual unclaimed property reports. These reports are due May 1st. Even if an entity is not holding any unclaimed property, it must still file a negative (no unclaimed property) report.
Understanding the Approaching Changes to Estate and Gift Tax Exclusions
The lifetime estate and gift tax basic exclusions are set to undergo a significant reduction after 2025, a repercussion of the approaching sunset of the temporary provisions introduced by the Tax Cuts and Jobs Act (TCJA).
Illinois Imposes an Estate Tax for Residents and Nonresidents
Illinois is one of the eleven states that impose an estate tax on a portion of a person’s assets upon death. The Illinois estate tax has a significantly lower exemption and broader reach than the federal estate tax system.
MichaelSilver Bells! MichaelSilver Bells! It’s 1099 Time in the City!
Our Client Accounting/Advisory Services group at MichaelSilver is ready to prepare your 2023 1099s!
2023 Year-End Tax Planning Checklist
As 2024 draws near, it is an excellent time to review your tax planning strategies. This guide outlines various potential tax-saving opportunities.
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.