Just like Taylor Swift’s tour, the ERC era is still not over. The IRS has recently issued guidance that outlined five new warning signs that an ERC claim has been incorrectly filed, and announced a plan to reopen the voluntary disclosure program temporarily. To refresh your memory, the ERC, or Employee Reduction Tax Credit, is [...]
The IRS has been busy lately - updating its Free File program, going after high income tax evaders and now it has another thing to add to the list: updating the exceptions to penalties on early retirement plan distributions. This is especially timely as difficult economic times have people pondering whether they might need their [...]
You might have heard the news: this season is gearing up to be the most intense hurricane season we’ve seen yet. Coupled with the increase in major weather events, like tornadoes, wildfires and earthquakes, we’ve got disaster preparedness on our minds. When a devastating natural event occurs, your top priority is the safety of your [...]
Social media can get a pretty bad reputation, but it has helped us connect with family and friends in faraway places, learn new skills and recipes, and get up-to-date information about important events and breaking news. The IRS would also agree that social media can be a good thing, mostly in that it helps them [...]
2023 saw a record-breaking 5.5 million new applications for businesses filed in the United States, breaking previous records held in 2020, 2021, and 2022. Post-pandemic small business growth has helped a lot of people turn the tragedy of unexpected job loss into a new passion and purpose. But with these exciting new ventures comes a [...]
Health savings accounts (HSA’s) have grown in popularity in recent years as healthcare costs have continued to increase. They allow you to put money away and withdraw it pre-tax to use for qualified medical purposes. Banks and other financial institutions offer this account to those who have eligible healthcare plans, usually known as high-deductible health [...]
Tax influencers - they’re everywhere. They are particularly pervasive this time of year with tax season starting. Recently a particular "tax influencer" shared a questionable strategy for how they wrote off a horse they acquired. They simply made it a mascot for their tax strategy firm, genius right? Well, not exactly - before you round [...]
With the rise of freelancing, companies have enjoyed the benefits of getting important work done without the sometimes arduous process of setting up a new employee and managing their tax withholding. However, what happens when employees are misclassified as independent contractors? Although this is sometimes a purposeful choice on behalf of employers looking to exploit [...]
The holiday season is wonderful for so many reasons - special time with family and loved ones, cheerful festivities, gift giving and year-end work bonuses. If you are fortunate enough to receive a bonus at your work, you might be wondering how exactly it's taxed and what you’ll be left with afterwards. Before you share [...]
With a new year comes new goals, and for some that might mean starting a new business venture. Starting a new business can be an exciting and rewarding journey but there is a lot to consider when diving in. One question we often hear is "Does my business need an EIN?". An EIN (Employee Identification [...]
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ClarkSilva was formed in 2019 by Keith Clark and Benjamin Silva. Keith and Ben met while working for a large regional accounting firm. During that time, they dreamed of a different kind of accounting firm. An accounting firm built with technology not volumes of books and endless stacks of paper…
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