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 [...]
If you have not been following the news, you might not know that ridesharing apps like Uber & Lyft have recently won a major victory in court. The courts upheld Proposition 22, a voter-approved California law stating that rideshare drivers like those working for these two companies and DoorDash and other food delivery services are [...]
The holidays are quickly approaching, with Thanksgiving just around the corner. Your company may want to spread some holiday cheer to your customers or employees. So, we thought a quick reminder on the tax rules related to holiday gifts and parties. Employee Holiday Gifts As a general rule, anything of value that a business transfers [...]
We get this question a lot. Unfortunately, you will not be so lucky when it comes to taxes. Gambling winnings are taxable income Winnings at a casino, on a scratch ticket, the bingo hall, or sportsbook are taxable income. The amount of income is the net winning on per wager. For example, if you bet [...]
As the country begins to climb out of the Covid-19 pandemic, business travel continues to increase. With that, we thought it would be a good time for a refresher on the deductibility of business travel expenses. Transportation, Lodging and Meals: The actual costs of travel, such as airfare, lodging, and ground transportation are deductible for [...]
Scam artists often pretend to be the IRS. The scammers impersonate the IRS to either intimidate someone into sending them a payment or to lure a person into providing personal information with the goal of stealing their identity. Here are some general rules to help you determine if it is the "real IRS" contacting you. [...]
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 [...]
A 529 College Savings Plan is a plan operated by a state or educational institution named after Section 529 of the Internal Revenue Code. 529 Plans have certain tax advantages that make it beneficial to save for college and other qualifying education expenses for a designated beneficiary, such as a child or grandchild. What are [...]
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 [...]
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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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