What’s that eerie silence all around us? It's back-to-school season! As summer comes to a close, many parents are focused on preparing their children for the upcoming school year. Here at ClarkSilva, we’re always tax-minded so this got us thinking: how can parents also integrate planning for their taxes during this time? We’ve compiled a [...]
Inflation has been a hot topic for politicians, CEOs and everyone who steps into a grocery store these days. It’s affected everything from halloween candy to holiday travel but a lesser discussed impact is on a wide variety of taxes. Each year, the IRS makes adjustments for different tax provisions based on inflation. They recently [...]
Tax mistakes happen everyday - the tax code is large and complicated after all - but what happens when the mistakes are made by your spouse? For many, getting married can be financially advantageous with lucrative tax breaks and joint tax filing. Occasionally though, mishaps can happen (whether intended or not) and that's where innocent [...]
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 [...]
If news about A.I. has been all over your LinkedIn timeline lately, you aren't alone. With its new accessibility through tools like ChatGPT, artificial intelligence has become all the rage for businesses. It's been heavily discussed for both its potential benefits and downsides, including its potential to engineer major medical breakthroughs and displace many job [...]
Something we like to tell our clients regarding tax write-offs and advice: “If it seems too good to be true, it probably is.” Such was the case when one man set the internet ablaze with his Tik Tok describing how he writes off all his business suits by turning them into “uniforms”. His advice was [...]
A lot of new changes have been taking place lately in regard to finances - the rise and fall of crypto empires, remote work testing the landscape of state income tax, and the uncertain future of many pandemic-era provisions. Not all of it is stressful and confusing though. New laws have brought some especially noteworthy [...]
The American Rescue Plan Act of 2021 added the Recovery Startup Provision to the employee retention tax credit ("ERTC") to allow recovery startup businesses to qualify for the ERTC. A recovery startup business for purposes of the Recovery Startup Provision is defined as a business who: Began operations after February 15, 2020 and Average annual [...]
Included within the Consolidated Appropriations Act, 2021, (CAA) was one important change, the temporary 100% meal deduction. Starting on January 1, 2021, through December 31, 2022, a business may claim as a deduction 100% of food or beverage expenses paid to restaurants. The provision requires that the business owner or an employee of the business [...]
We get this question a lot at ClarkSilva. Luckily, it’s one of the few tax inquiries that are easy to explain! Short answer: yes, you can potentially deduct medical expenses such as prescription drugs on your federal tax return. That said, it can be hard to qualify for this rule, but with proper planning, you [...]
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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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